The world's second-largest shipping and logistics company is putting down some inland port roots in the Waikato, helping feed its key maritime ports.
NZX-listed real estate companies are trading at an average of about a 20% discount to net tangible assets.
While Steel & Tube's revenue was up 25% in the 10 months ended April on the same months a year earlier, volumes were up just 8%.
Macquarie analyst Nick Mar wrote a note before the MSCI decision came out, but still said he expects Ryman shares to outperform.