NH Prime ReitNH프라임리츠

NH Prime REIT's trailing profits are strong on paper, but the share price has fallen 22.8% over the past year and the REIT pays no dividend in the data.

NH Prime REIT is a Seoul-focused office REIT that holds four properties through other vehicles, including ARC PLACE, Pangyo TECH 1 Tower, Center Point Gwanghwamun and Signature Tower. For the twelve months to H1 2026, filings show revenue of ₩3.4B, operating income of ₩2.1B and net income of ₩2.6B, with cash of ₩29.3B and no borrowings reported. The shares closed at ₩3,690, a market cap of about ₩68.9B, below the 52-week high of ₩4,975.

What stands out

• Trailing operating margin is 61.3% and net margin is 75.5%, but 2025 showed an operating loss of ₩0.2B on revenue of ₩4.0B, so earnings have been volatile year to year.
• Revenue fell 72.8% in 2025 after much higher levels in 2022 to 2024, and the trailing figures are well below those years.
• The DCF fair value model gives a base of ₩2,879, a bear case of ₩2,515 and a bull case of ₩3,457; these are model outputs, not forecasts, and the share price sits above the base and bull values.
• Trailing P/E is 27x and P/B is 0.7x, while the dividend yield is shown as 0%, and peers' P/E ratios range from about 51x to over 1,000x.
• A July-to-October 2026 news item describes a 7% dividend and possible gains on selling Gangnam and Euljiro offices, but the data does not confirm a current payout.

What to watch

• The next results and any updated filings on property sales or acquisitions, including the September 2026 filings on acquiring real estate investment company securities.
• Whether the company confirms the dividend mentioned in the news, since the data shows no current yield.
• Foreign ownership fell from 0.8% to 0.6% over 60 days; the data does not explain the reason.