SamsungFN Reit삼성FN리츠

SamsungFN Reit is a small office-focused REIT with high margins, a thin 2025 profit relative to its valuation, and a share price well below its 52-week high.

SamsungFN Reit owns five office buildings in Seoul and Gyeonggi Province and earns rental income from tenants such as Samsung Life Insurance. In FY 2025 it reported revenue of ₩12.2B growth of 20.1% and an operating margin of 60.5%, with net income of ₩3.1B. At a close of ₩5,200 the market value is about ₩473B, with a trailing P/E of 154.3 and a dividend yield of 1.4%.

What stands out

• Revenue rose 20.1% in FY 2025 to about ₩12.2B, and operating income reached ₩7.4B, though the figures are in won and the company is small, so ₩12.2B is best read as ₩12.2 billion.
• Net income of ₩3.1B in FY 2025 was far above the ₩0.36B in FY 2024, while ROE is only 0.7%, so returns on equity remain very low.
• Borrowings of about ₩429B against cash of ₩30B give liabilities-to-equity of 113.5%, so leverage is a significant feature of the balance sheet.
• Valuation looks high on earnings: P/E of 154.3 compares with peer P/E figures of roughly 49 to 65 for most listed Korean REIT peers, and one peer is far higher at 1,198.
• The share price returned 8.4% over one month but fell 7.1% over three months, and sits well below its 52-week high of ₩7,620. Foreign ownership rose from 0.4% to 0.7% over 60 days, though foreign investors were net sellers over the last 20 days.

What to watch

• The company has not provided fair value estimates, analyst ratings or forecasts in the data, so future earnings and dividend levels are not known.
• Upcoming filings include an amended prospectus and a securities registration statement from 19 October 2026, which may relate to new share issuance and could affect the share count.
• Tenant concentration and office leasing conditions in the data are not described in detail beyond named major tenants, so occupancy and lease expiry risk are not clear from the data.