Ann: MHI 2015 Annual Report - 30Jun2015, page-7

From note 31 the share of net profit was $1.1m and the share of net assets was $10.4m. So the associates are achieving about 10% roe. That does not shout out that net assets are under valued. Associates net asset values could be understated if they include property but it is not clear from the notes.
The other point from note 31 is MHI P&L included $1.1m of associates profit but the associates paid no divs in 2015, they paid $1.25m in 2014.
Cashflow from operations was $0.9m but they spent $0.8m on plant & equipment so there was not much spare cashflow. If associates pay divs next year we can expect much higher cashflow.
The decision not to pay divs this year may reflect the tight cashflow but it ignores the $19m pile of cash. A question for management - what plans do they have for the cash if it is not for divs ?