Is trading below book value good investment?

Many investors believe trading below book value is great investment as companies' market capitalisations are not be lower than companies' asset values in general. However, market capitalisation lower than asset value could be sensible. For example, some Japanese companies have such situations. To be honest, the most direct and absolute profitable way is to sell such companies then split the money between shareholders. However, this is not realistic, as sometimes because of many reasons, we cannot close or sell a company easily. The government may ask to solve the workers' job problems before closing down companies. Therefore, this absolute profitable way cannot practiced, so there is no absolute profitable way in reality. When a company is not likely to sell assets for financing and people expect a company's asset structure cannot generate more profits but is highly likely to increase its financing costs. To conclude, trading below book value is not always a good investment, especially when it happens to a large company, as it could be too large to adapt any change.