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Koramco Life Infra Reit · 357120 · Real estate

Koramco Life Infra Reit: Model Fair Value Estimate Rises 21% to ₩4,556 as Share Price Falls

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved +21% (₩3,768 → ₩4,556 per share)Oct 28, 2026

Our model estimate of fair value for Koramco Life Infra Reit rose 21% to ₩4,556 per share in the base case, while the share price fell to ₩3,640. The share now trades below the base estimate, reversing the position in the previous report, but the reasons for the model change are not shown in the data.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

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

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What happened

The model estimate of fair value moved from ₩3,768 to ₩4,556 per share on 2026-10-28, a rise of 21%. The estimate still uses a 5-year discounted cash flow on the twelve months to H1 2026, with the rate at 6.8% against 6.7% before. The data does not say which inputs drove the change.

The share closed at ₩3,640 on 2026-10-26, down 15.2% over one month and 16.4% over one year. The 52-week low is ₩3,600 and the high is ₩4,950.

As background, a news report on 2026-10-27 says the company acquired an Anyang logistics center for ₩270B. Filings on 2026-10-26 show an acquisition of shares in another company, with no size available, and a disposal of real estate, with no details in the data. The 19 gas station sale reported earlier in October remains unquantified.

What it changes for the thesis

The previous report described a REIT with a high operating margin but low net profit, with the data unable to show the effect of the gas station sale and the debt activity. That picture is unchanged: the latest twelve months still show an operating margin of 60.9%, a net margin of 12.5% and return on equity of 1.0%. Liabilities are 207.1% of equity.

The new logistics center purchase and the share acquisition could change the asset base, but the data gives no financing terms, yields or earnings effect, so we cannot judge them. The open questions from the previous report remain open.

What it changes for the valuation

The model now gives a model estimate based on the assumptions shown of ₩4,556 per share in the base case, ₩3,254 in the bear case and ₩6,682 in the bull case. The previous report had ₩3,768 base, ₩2,317 bear and ₩6,164 bull.

The previous price of ₩3,935 was about 4.4% above the old base estimate. The current price of ₩3,640 is about 20.1% below the new base estimate and just above the new bear case of ₩3,254, within the bear-to-bull range. The estimate is not a target.

Current multiples are a price-to-book of 0.8, a price-to-earnings ratio of 71.1, an EV/EBITDA of 14.5 and a dividend yield of 4.5%. The multiples differ from the previous report mainly because the price has fallen.

Closing view

The gap between price and model estimate has widened, but the estimate comes from a single model with a 6.8% discount rate, and the data does not explain the 21% rise. Earnings remain weak, and the effects of the asset sale, the new logistics purchase and the borrowing are not quantified. The evidence is mixed: the lower price and higher model estimate point one way, while low profitability and high leverage point the other. This note does not give a recommendation.

Model estimate of fair value

Bear
₩3,254
-11%
Base
₩4,556
+24%
Bull
₩6,682
+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 6.8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026Update noteModel fair value changeKoramco Life Infra Reit: Model Fair Value Estimate Rises 21% to ₩4,556 as Share Price Falls
  2. Oct 19, 2026InitiationStart of coverage (reader request)Koramco Life Infra Reit: Falling Profit, Low Return on Equity and a Share Price Near the Model Estimate

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