Help was previously a wholly own subsidiary of Selangor Properties, after listing of Help, Selangor properties still is the major shareholder of Help, not the other way round.
Another point to make is that as just like you mentioned if Selangor Properties (should be the other way round), is owned by Help, all the profit made by Selangor Properties must be included in the P&L of Help under associated company or minority interest (depends how much is the stake is). This is the general standard accounting practice.

Yes, a company share is not evaluated based on NTA alone. It is the earning/profit potential that matter the most as if company is making losses, NTA will be reducing while if profit will rise significantly then future NTA will be rising. Having said that, NTA is part of figure that can be useful to evaluate a stock as well, just it doesn't telling the whole picture, one must not totally ignore it. The more influnced figure is PE as it means potential return rat for the future.

Gen-X is right, tied up mean nothing much, it can be just a cooperation or having crossing business between them.

Not mean to recommend to buy or sell on this stock or putting comments on it. Just to clarify some issues.