err.. how about factors like lelong/value in the sense of (current market price / NAPS)?
eg. say market price is $0.75 & NAPS is $1, thus there is a discount of 25%.
The next Q would at what discount would it be worthwhile to buy-in

Like what bro Gark puts it earlier somewhere (hehe sorry ar Gark, forgot where lar) - "it's like buying stocks at last time's prices", assuming last time most stocks crashed and now it's up. I like time travelling with stats . Remember - ICAP holds stocks as its assets.
Personally, for me it's a minimum of 25% discount.
BTW, i was aiming for similar discount for CIMBC25 hehe - saw the market price $ lower than NAPS by about 17%+ earlier but it has reduced now
Ya ya, that's an ETF.
Just similar thoughts on discount / lelong buying thinking, applicable to most stocks, REITs and even physical properties too mar.

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Added on August 1, 2012, 5:31 pm

Last time I bought, the gap is about 37%, once the gap closed off, I have already disposed of the share and made a bundle. Not interested to go in again unless the gap widens once more. For CIMBC25, CIMB acts as market maker, so it is impossible to have a 17% gap. If it does quickly buy as the bank will have to buy back from you at NAV.