NH All-One ReitNH올원리츠

NH All-One Reit's shares have fallen sharply over the past year, while its trailing profit is thin and debt is high relative to equity.

NH All-One Reit is a Korean REIT holding offices, logistics centers and related assets, with a trailing twelve-month operating margin of 70.5% but net margin of only 7%. The share price is ₩2,645, near its 52-week low of ₩2,580 and well below its 52-week high of ₩3,615, and the data shows a 6.4% dividend yield. Borrowings of ₩535B are large against cash of ₩9.0B, and trailing return on equity is about 1%.

What stands out

• Trailing revenue is ₩26.8B and operating income is ₩18.9B, but net income is only ₩1.9B, so most operating profit does not reach shareholders after financing and other costs.
• Liabilities are 373.8% of equity, and borrowings total ₩535B, which is a key balance-sheet feature for this REIT.
• The 2025 annual revenue grew 44.5% to ₩27.9B, but 2024 net income was negative at about -₩1.1B, so earnings have been volatile.
• Valuation metrics are high on earnings: P/E is 76.9 and P/B is 0.8, while the data shows a dividend yield of 6.4%.
• Shares are down 22.3% over one year and 12.3% over three months, and the 20-day flows show retail net buying of about ₩604M against foreign net selling of about ₩200M; foreign ownership rose from 1.7% to 2.2% over 60 days.

What to watch

• The next half-year or annual results, to see whether net income and the net margin improve from the current thin level.
• Upcoming filings on debt, refinancing or property transactions, given the high liabilities-to-equity ratio.
• The discounted cash flow fair value estimate in the data ranges widely (₩0 to ₩8,556) and sits far below the current price at its base case of ₩820, so the valuation view is uncertain. No news headlines were included in the data.