Miraeasset Maps REIT 1미래에셋맵스리츠

Miraeasset Maps REIT 1 is a small Seoul-area property REIT with thin net profit, heavy borrowing and a share price down 36% over the past year.

The company earns rental income from a Suwon commercial facility, a Gangnam office building and an interest in Majesta City Tower 1 in Seocho. Trailing results to H1 2026 show revenue of ₩6.9B and operating income of ₩4.1B, but net income of only ₩195M, and borrowings of ₩153.8B against modest cash of ₩3.6B. The shares closed at ₩1,790, near the 52-week low of ₩1,750 and well below the high of ₩2,810.

What stands out

• Operating margin is high at about 58.6%, but net margin is only 2.8% after financing and other costs, leaving ROE near 0.2%.
• Liabilities are 228.1% of equity, and borrowings are very large relative to trailing revenue.
• The DCF fair value model gives a base of ₩188 and a bull case of ₩5,156, with a bear case of ₩0; the spread is very wide, so the model offers little clear guidance.
• Valuation is stretched on earnings, with P/E at 229.4, though P/B is about 0.5 and the company pays no dividend in the data.
• Foreign ownership is 0.5% and unchanged over 60 days; 20-day flows show institutions net selling about ₩182M and retail net buying about ₩102M.

What to watch

• The full-year 2026 results and the H1 2026 half-year report (filed 15 October 2026) for changes in net income and borrowing levels.
• Insider shareholding reports and the 5%+ holding report filed in September and October 2026 for any ownership shifts.
• The news flow is empty in the data, so no recent press coverage is available to judge; the data does not say whether any dividend is planned.