Why so below NTA?, page-7

I think it is a general fear about apartment supply that is holding the price down as opposed to anything more specific in relation to SDG. These guys have a very strong track record of managing the property cycles - they not only managed to avoid raising equity during the GFC but have since used buy-backs to halve the number of shares outstanding over the last 10 years. They also sell a higher end product that is going to be less exposed to a glut of mass market apartments.

Can anyone explain why SDG is trading at a much great discount to NTA relative to their peers?