K-Top Reits케이탑리츠

K-Top Reits trades near the low end of its 52-week range, with high reported margins but a sharp drop in revenue in 2024 and a 1-year share price decline of 15%.

K-Top Reits is a self-managed Korean REIT that owns and manages office, commercial and mixed-use buildings, mainly in Seoul and other parts of Korea. On trailing twelve-month figures to H1 2026 it reported revenue of ₩15.6B, operating income of ₩11.2B and net income of ₩7.9B, with cash of ₩15.8B and no borrowings reported. The shares closed at ₩806 on 19 October 2026, about 17% above the 52-week low of ₩726 and 17% below the high of ₩974.

What stands out

• Reported trailing operating margin is 71.7% and net margin is 51.1%, but annual revenue is volatile: down 55.1% in 2024 and up 24.8% in 2025.
• The model's base-case fair value is ₩2,544 against the ₩806 close, with bear and bull values of ₩1,913 and ₩3,536; these are model outputs, not forecasts, and depend on a 7.5% discount rate.
• Valuation metrics shown are P/E 4.9, P/B 0.4 and a 6.2% dividend yield, well below the listed peer P/E range of about 49 to 1,216.
• Recent filings are mostly shareholder holding changes and fund-borrowing notices, including an amended borrowing filing on 2 October 2026.
• Foreign ownership is 11.8% and unchanged over 60 days; 20-day flows show retail net selling of about ₩121M and institutional net buying of about ₩67M.

What to watch

• The next half-year or annual results and whether revenue and margins hold near trailing levels.
• Further largest-shareholder holding change filings and the borrowing filings, which the data does not explain in detail.
• The data contains no recent news headlines, so the reasons behind the share price move and the fund-borrowing activity are not covered here.