Hanwha Reit한화리츠

Hanwha Reit is a Seoul office REIT whose profits are rising from a low base, but its shares are down 4.4% over the past month and it carries heavy debt.

Hanwha Reit owns six Seoul-area office buildings, mainly leased to Hanwha Group affiliates, and passes rental income to shareholders as dividends. Trailing results to H1 2026 show revenue of ₩57.7B...

What stands out

• Trailing twelve-month revenue is ₩57.7B with operating income of ₩34.0B and net income of ₩14.1B, versus ₩11.6B net income for 2025.
• Net income in 2024 and 2023 was only about ₩2.8B each, so profit has grown sharply from a small base.
• Borrowings are ₩904.2B against cash of ₩8.9B, and liabilities are 182.8% of equity.
• Return on equity is 2.8%, and the shares trade at about 66x trailing earnings and 1.4x book value with a 2.6% dividend yield.
• The shares closed at ₩5,220, 30% higher over one year but 25% below the 52-week high of ₩6,980; the data includes a DCF base value of ₩1,182 and a bull value of ₩4,759.

What to watch

• The next half-year or quarterly results and whether rental income and margins hold up given the high debt load.
• Upcoming shareholder register closure and dividend details, which the recent filings suggest are being set.
• Concentration on Hanwha Group tenants, which the data does not analyse further; no recent news headlines were available.