One thing you forgot to add...........
CNP don't really own 100% of the shopping centers they manage. What they do have is a leveraged exposure to assets held in CER and the unlisted syndicates. One could therefore expect that CER must have a sure-bet NTA. CNP on the other hand has a leveraged exposure to assets held by other syndicates and CER. At the same time past valuations were heavily based on the companies success in growing FUM.
