A stock market expression for a stock whose market price is way below its asset-based value. This stock may be attractive to investors because they can pay much less for the stock and receive much more value in return. In this sense, investing in an asset play stock is a form of value investing. For example, a sharp-eyed analyst may be able to infer the actual value of a given firm that is currently making meager profits, while its asset base is made up of quality assets that justify a considerably higher intrinsic value for its stock.