what is the story: is this a buy

hi vpg followers,

a very well informed trader friend of mine put me onto VPG about two weeks ago and i've been following it since then. i myself am an equity analyst and have started looking into the story more closely. from what i see VPG has a large portfolio of assets (similar to centro), giving a good NTA, well above wat the stock is trading at. alot of their income is derived from passive portfolio management so therefore with economic downturn, this income source may decrease somewhat. asset values have obviously also taken a hit.

is there anything i am missing (which is definitely the case) - and can ppl fill me in, as well as others, on the blue sky story for VPG? any sort of information would be great. i liken vpg to centro? but vpg has about half the debt - correct me if anything i've said is wrong.

cheers.