At current levels, the market is valuing Cape EMS at a steep discount to its tangible assets, with price-to-book hovering around 0.6 times against an estimated net tangible asset of approximately RM0.44 per share. Even a modest reversion to 0.9 times book value, still well below the sector average of around 1.5 times, would imply a share price close to RM0.40.