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I would think that the mkt depth has little to do with this stock. Anyone who wants to buy or sell in size would not show. Actually, if you wanted to buy any sort of "real" size aka. fund position size you would do your best not to the push price up (I was actually an execution/sales trader for many years). Interestly, I noticed a few blocks going through tdy .. not big stuff but obviously some player moving in and another moving out/reducing.
I trade Japan as well and the Real Estate sector there was pretty subdued tdy. That may have stopped buyers from showing their hands to quickly. However, as you say this stock is way undervalued at first glance - only the Babcock name is keeping it down - and that may change soon ... maybe ...