Israeli banks selling at half price

The TASE valuation of Discount and Leumi banks covers about 60% of its own equity. TASE thinks that they have many dubious loans outstanding that will not be repaid in the coming crisis. Beinleumi and Mizrahi are selling at market capitalization / equity of about one.  I have bought some today. The P/B ratio should not be used as a single evaluation of a stock because, while a low P/B may mean an undervalued company, it can also be a result of serious underlying problems within that company. 

In short, they are under priced.