Ann: UOA Development Bhd - Profit Result (2nd Qtr 2023), page-6

I'm not necessarily seeing this as a discount to fair value at least based on what they are valuing their assets on their balance sheet (I'd rather they reflect this value conservatively or at cost else easy to manipulate valuation), but rather that some of that 'trapped' value needs to be realised quicker......they seem to be holding the assets longer and as investments (rented out) rather than selling them maybe due to a weaker market. I believe they will still make decent profit from sales, but perhaps they believe they can make more when the market fully recovers.

Based on UOA accounts, Net Asset per share is MYR 2.3 which translates to ~AUD 75c and 71% of that is ~AUD 53c....so perhaps you can argue no value assigned to the business and it is just being valued at assets.

Anyway, my bigger issue the fall in EPS (this is from the UOS annual return for FY2022), RoE and therefore it is natural that the share price is where it is at......just sell more apartments as the rental returns as less than development/sales returns