KOSPI · 357430 · Real estate · ₩357430

Mastern Premier Reit 1마스턴프리미어리츠

357430 · KOSPI · ₩357430 · 마스턴프리미어리츠

₩735▲ ₩5 (0.68%)End-of-day · Oct 26, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩423

vs the current price (₩735)

Enterprise value: ₩56B
Equity value: ₩13B
WACC: 5.2%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 42% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩735, the model needs an operating margin of 46.1% every year (it uses 39.3%).
Or revenue growth +3.6 points a year higher than assumed in each of the 5 years.
Margins ranged from −133.6% to 66.9% over the last 4 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: —
Base: ₩423; −42.4%
Bull: ₩1,759; +139.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (39.3%).

Revenue growth

Revenue growth, year 16.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin39.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation15.3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital-10%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.15, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩5.3B
Net debt (borrowings and leases − cash and deposits): ₩43B
Shares: 30,505,307
Share price: ₩735
Market cap: ₩22B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩4.1B	₩4.3B	₩4.1B	₩5.6B	₩5.9B	₩6.2B	₩6.4B	₩6.6B
Growth	18.9%	6.4%	−5.0%	6.3%	5.5%	4.7%	3.8%	3.0%
EBIT	−₩5.5B	₩1.7B	₩2.8B	₩2.2B	₩2.3B	₩2.4B	₩2.5B	₩2.6B
EBIT margin	−133.6%	39.1%	66.9%	39.3%	39.3%	39.3%	39.3%	39.3%
After-tax EBIT	−₩4B	₩1.2B	₩2B	₩1.6B	₩1.7B	₩1.8B	₩1.8B	₩1.9B
+ Depreciation	₩658M	₩659M	₩609M	₩854M	₩901M	₩944M	₩980M	₩1B
− Capital spending	—	—	—	₩223M	₩236M	₩247M	₩256M	₩264M
− Working capital	−₩8.7B	−₩590M	−₩384M	−₩33M	−₩31M	−₩28M	−₩23M	−₩19M
Free cash flow	—	—	—	₩2.3B	₩2.4B	₩2.5B	₩2.6B	₩2.6B
Discount factor	—	—	—	0.951	0.904	0.860	0.818	0.778
Present value	—	—	—	₩2.1B	₩2.1B	₩2.1B	₩2.1B	₩2.1B

Terminal value ₩58B, worth ₩45B today: 81% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩3,060 a share)Now 0.24×	₩9220.30×	₩1,9150.63×	₩2,5120.82×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
4.2%	₩485	₩785	₩1,226	₩1,933	₩3,255
4.7%	₩239	₩453	₩749	₩1,182	₩1,877
5.2%	₩52	₩212	₩423	₩714	₩1,139
5.7%	—	₩28	₩186	₩393	₩679
6.2%	—	—	₩6	₩160	₩364

Now (TTM)

Market cap: ₩22B
Enterprise value: ₩65B
P/E: 6.6×
P/B: 0.2×
P/S: 4.3×
EV/EBITDA: 12.7×
Dividend yield: 8.3%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩1,647	₩1,535	₩2,725	₩3,715
Market cap	₩50B	₩47B	₩83B	₩113B
P/E	25.3×	31.8×	—	139.4×
P/B	0.5×	0.4×	0.7×	0.8×
P/S	12.2×	10.8×	20.4×	33.0×
EV/EBITDA	26.7×	38.0×	—	161.5×
Dividend yield	3.7%	2.9%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Mastern Premier Reit 1	6.6×	0.2×	4.3×	12.7×	8.3%
SK Reit	49.8×	0.8×	22.9×	—	1.3%
Lotte Reit	59.5×	1.1×	16.4×	—	2.8%
Hanwha Reit	66.2×	1.4×	16.2×	44.7×	2.6%
ESR Kendall Square Reit	1,178.4×	0.7×	11.6×	73.4×	4.6%
Shinhan Alpha REIT	97.6×	1.2×	8.0×	34.3×	3.0%
SamsungFN Reit	153.4×	1.2×	38.5×	—	1.4%
Similar companies (median)	81.9×	1.1×	16.3×	44.7×	2.7%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Mastern Premier Reit 1 / 마스턴프리미어리츠 / 357430 / KRX:357430

Source: KRX statistical information