Can assets drive the stock price?

Since I start to become a fundamentalist since 2016, I always curious that what really is that driven the stock price movement. 

I really remember what Lo Kheng Hong said when he bought PT Bumi Resources Tbk (BUMI) stock, that we can value stock not only by Price Earning Ratio (PER) or Book Value, but we can measure it's assets. We knew that Lo Kheng Hong is a famous investor some people might called him Warren Buffett of Indonesia. 

You can see the detail in this link : Lo Kheng Hong meraup angpao besar dari BUMI

because not only the PER is negative, bumi has negative equity with negative cash flow in 2015.
So why Lo Kheng Hong buy something that really risky?

In that article, Lo Kheng Hong estimate BUMI by it's coal reserves by US$240 billion which really far from it's BV.

So, I want to try the same thing. I would like to buy PT Sentul City Tbk., who have 14.713 hectare - ha or 147.130.000 m^2 . You can search at any property website and knew that land price in Sentul City is Rp4,5 million to Rp5 million per m^2. So the value of landbank of Sentul City Tbk., Rp662.085 billion or Rp11.981 per share. let's make it more conservative that the land price would be Rp2,5 million per m^2 with assumption that PT Sentul City Tbk. have to be liquidate.the price would be Rp367.825 billion or Rp6.656 per share.

I would like to try buy it for research purpose. and just buy it with small portion. Because i just want to learn that it's true that the assets can drive the stock price?

I buy with estimate that the Loan to Value (LTV) will be regulate and will be benefit for low-middle class. but the property sector will not grow to fast because the interest rate will be fluctuate because of The Fed Rate.

Disclaimer:
This post only for study purpose, profit or loss you have from this post basically because of market volatility.