Can a Graham Net Net be a value trap eg Eksons

The Graham Net Net is a valuation metrics used by Graham and Warren Buffett (when he first started out). It is derived by deducting total liabilities from the current assets. Many consider this a proxy for the liquidation value. So when you have a stock trading below its Net Current Asset value it is supposedly a good margin of safety.

Eksons is a Bursa plywood company with a property segment. Its plywood business got into trouble years ago with its log supply and it is still trying to get this business to turnaround. The Malaysian property sector got soft some time in 2016/17 and is probably at the bottom a year or two ago.

The Chart below shows the valuation of Eksons over the past 8 years based on its Price to Net Current Asset value. A ratio of less than 1 meant that it is a Graham Net Net. You can see it being a Net Net from 2015.

Unfortunately its performance as indicated by the EBITDA during the past 8 years were terrible. But is was a "steady" loss and not a declining one.

Based on the Graham Net Net, there is a margin of safety. We know that it is cheap because of the problems with the plywood and property businesses. But the "liquidation value" is higher than the stock price.

So is this a value trap or a bargain?