JONBUR Research · Initiation
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SK Reit · 395400 · Real estate
SK Reit: Rising Revenue and Profit From a Low Base, Heavy Borrowings, and a Model Estimate Far Below the Share Price
Why this report
Start of coverage: one of the 300 largest companies, written once its financial statements were in.
SK Reit closed at ₩5,240 on 2026-10-12 with a market cap of ₩1.4T, down 7.7% over three months. Filed FY 2025 statements show revenue up 34.2% and net income of ₩32.4B, but a return on equity of only 2.1% and borrowings of ₩3.1T.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of a growing real estate investment company: revenue rose from ₩18.6B in 2021 to ₩70.4B in 2025, and the operating margin reached 91.7% in 2025. Net income jumped from ₩1.1B in 2024 to ₩32.4B in 2025. What the data does not support is a clear earnings track record. Net income was ₩8.8B in 2021 and between ₩1.1B and ₩3.7B in 2022-2024, so the 2025 jump is a single year. ROE of 2.1% is low. The shares trade at 0.7 times book value but at 44.4 times earnings, so the two measures point in different directions. The model estimate of ₩480 per share is far below the market price and rests on assumptions that are sensitive to the inputs, as the bear case of ₩0 and bull case of ₩16,105 show. Investor flow, foreign ownership, short balance and news data are not available.
Business overview
SK Reit is listed on KOSPI in the real estate sector. It was founded on 2021-03-15 and listed on 2021-09-14, with 274,063,828 listed shares. Its manager is listed as 에스케이리츠운용 주식회사. Market cap is ₩1.4T and enterprise value is ₩4.5T, which shows how much of the capital structure is debt. The 52-week range is ₩4,760 to ₩7,200, so the current price is about 27.2% below the high. Listed peers by market cap include Lotte Reit (₩1.2T), Hanwha Reit (₩966.2B), Shinhan Alpha REIT (₩662.8B), ESR Kendall Square Reit (₩647.8B) and SamsungFN Reit (₩468.9B). The data does not describe the property portfolio.
Every earlier JONBUR Research report and update note on SK Reit, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩0
- -100%
- Base
- ₩480
- -91%
- Bull
- ₩16,105
- +201%
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 FY 2025; discount rate 4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Investor relations (IR) eventOct 13, 2026
- Insider shareholding reportOct 8, 2026
- 5%+ holding reportOct 2, 2026
- Real Estate Investment Company Borrowing of FundsOct 1, 2026
- Insider shareholding reportOct 1, 2026
- Insider shareholding reportSep 23, 2026
- Securities Issuance Results ReportSep 22, 2026
- ProspectusSep 22, 2026
- [Amended Filing] Real Estate Investment Company Borrowing of FundsSep 21, 2026
- Terms set: Securities registration statementSep 21, 2026
- Annual general meeting resultsSep 17, 2026
- [Amended Filing] Real Estate Investment Company Borrowing of FundsSep 16, 2026
- Daily prices up to 2026-10-12
- Financial statements, trailing 12 months as of FY 2025
- Our fair value model, statements as of FY 2025
Report history
- Oct 21, 2026Update noteModel fair value changeSK Reit: Model Fair Value Estimate Rises to ₩1,491 per Share After Discount Rate Change
- Oct 13, 2026InitiationStart of coverage (300 largest)SK Reit: Rising Revenue and Profit From a Low Base, Heavy Borrowings, and a Model Estimate Far Below the Share Price
Source: KRX statistical information