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You're reading an earlier report from Oct 19, 2026. See the latest report

Shinhan Alpha REIT · 293940 · Real estate

Shinhan Alpha REIT: Steady Rental Scale, Thin Net Profit and a Model Estimate Near the Share Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Shinhan Alpha REIT closed at ₩5,500 on 2026-10-16, up 6.4% over three months and down 1.1% over one year, with a market cap of ₩665.2B. Filed statements show a 56.7% operating margin but only an 8.2% net margin, because borrowings of ₩1.36T absorb much of operating profit.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a growing real estate investment company with a high operating margin. Revenue rose 42.1% in 2025 to ₩82.9B, and trailing revenue to H1 2026 is ₩86.5B. The data does not show that this growth reaches shareholders: trailing net income is ₩7.1B, return on equity is 1.3%, and liabilities are 301% of equity. The P/E of 93.9 looks high, but it is distorted by low net income and by large swings in past profits, such as 2023 net income of ₩69.5B. Price to book of 1.1 is in line with Lotte Reit and below Hanwha Reit and SamsungFN Reit. Dividend yield is 3.1%. Investor flows over 20 days are small: institutions net bought about ₩2.8M, retail net sold about ₩2.1M and foreigners net sold about ₩0.4M. Short balance is 0.1%.

Business overview

Shinhan Alpha REIT is a real estate investment company listed on the KOSPI since 2018-08-08, founded on 2017-12-18, with 120,940,123 listed shares. The CEO is listed as 이준구. Revenue grew from ₩41.8B in 2021 to ₩82.9B in 2025, with a dip of 5.3% in 2023. The 52-week price range is ₩5,040 to ₩6,270, and the shares are currently closer to the middle of that range. Foreign ownership is 11.1%, little changed from 11.2% sixty days ago. The data does not describe the property portfolio or tenants.

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Model estimate of fair value

Bear
₩143
-98%
Base
₩5,854
+2%
Bull
₩17,182
+200%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 5.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeShinhan Alpha REIT: Model Fair Value Estimate Cut to ₩1,412 per Share from ₩5,854
  2. Oct 19, 2026InitiationStart of coverage (reader request)Shinhan Alpha REIT: Steady Rental Scale, Thin Net Profit and a Model Estimate Near the Share Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information