From adele ferguson...

From adele ferguson today

http://www.theaustralian.news.com.au/business/story/0,28124,25122900-5012439,00.html

excerpt

"Justin Blaess, who manages $US2 billion ($3.1 billion) in property stocks at ING Investment Management in Sydney, estimates there is another 38 per cent implied asset correction required in the LPT sector.

Based on a spreadsheet of LPT stocks, Blaess believes the market is valuing the equity of companies such as Valad Property, Goodman Group, Macquarie Countrywide, ING Industrial Fund and Centro Properties Group, as worthless as measured on a net debt to enterprise value.

On his calculations, Valad still has a 92 per cent implied asset correction, followed by GMG with a 73 per cent correction, Macquarie Countrywide and ING Industrial Fund with a 67 per cent asset correction and Mirvac Group with 58 per cent. "

Am i reading this right? that based on his calculations,because the sp is at such and such a level that implies the asset correction should be around that level too?