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You're reading an earlier report from Oct 21, 2026. See the latest report

Shinhan Alpha REIT · 293940 · Real estate

Shinhan Alpha REIT: Model Fair Value Estimate Cut to ₩1,412 per Share from ₩5,854

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -76% (₩5,854 → ₩1,412 per share)Oct 22, 2026

Our model estimate of fair value for Shinhan Alpha REIT fell 76% to a base of ₩1,412 per share from ₩5,854. The share price of ₩5,600 now sits well above this base estimate, but no new filing explains the change and the underlying business data is little changed.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

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

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What happened

On 2026-10-22 the model estimate of fair value moved from ₩5,854 to ₩1,412 per share, a fall of 76%. No company filings or news accompany this event, and no smaller recent events are listed as background. The model is still a 5-year discounted cash flow at a 5.3% rate, based on trailing figures to H1 2026, so the discount rate and the reporting period are the same as before. The bear case moved from ₩143 to ₩0, and the bull case from ₩17,182 to ₩10,452. The data does not say which input changed. The financial data we hold for the trailing period is the same as in the previous report: revenue of ₩86.5B, operating income of ₩49.0B, net income of ₩7.1B and borrowings of ₩1.36T.

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Model estimate of fair value

Bear
₩0
-100%
Base
₩1,412
-75%
Bull
₩10,452
+82%

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 28, 2026Update noteEarnings · Model fair value changeShinhan Alpha REIT: Net Profit Falls 36.6% in Fiscal Year to September; Model Estimate Rises to ₩1,514
  2. Oct 21, 2026Update noteModel fair value changeShinhan Alpha REIT: Model Fair Value Estimate Cut to ₩1,412 per Share from ₩5,854
  3. 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