Shinhan Alpha REIT Co Ltd (293940) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Shinhan Alpha REIT Co Ltd stock KRW 2,507, price KRW 5,580, that is 55.1% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 4,118 KRW – 6,022 KRW · fair‑value band 1,424 KRW – 9,680 KRW · the 5,580 KRW price screens above the 2,507 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Founded in December 2017 and listed on the stock market in August 2018, Shinhan Alpha REIT Co., Ltd. is a real estate investment trust company.
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Shinhan REITs Management, which was established by Shinhan Financial Group as its first real estate asset management company and a financial holding company, invests in and manages various real estate properties.
Stock analysis
Shinhan Alpha REIT Co Ltd (293940) currently trades at 5,580 KRW, while our model-based Fair Value estimate is 2,507 KRW, 55% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 5,970 KRW per share, and 1 of the 11 models we run sit above the 5,580 KRW price.
Bear case: the DCF Models group reads lowest at 2,063 KRW, and 10 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: 1,424 KRW (bear) to 9,680 KRW (bull), the price of 5,580 KRW sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Shinhan Alpha REIT Co Ltd reported revenue of 85.3B KRW in FY2025 versus 44.0B KRW in FY2021, a compound +18.0%/yr. Reported net income was 11.6B KRW in FY2025.
Key figures
Market cap 675B KRW (≈ $499M) Small · P/E ratio 34.0 · P/S ratio 3.95 · EPS (TTM) 163.98 KRW · Dividend yield 6.5% · Net margin 13.6% · Return on equity 3.8% · Return on assets (EBIT) 1.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at −55%, 293940 screens richer than that median.
Fair Value models
Bear1,424 KRWFair Value 2,507 KRWBull9,680 KRW
Price 5,580 KRW · Downside -55.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+24.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.7%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+27.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)6.5%
Per share before 2022divided by the spin-off factor 1.0245
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.51% → 67%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+46.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +43.1% a year for the price.
Compare Shinhan Alpha REIT Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 63 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−55.1% · Bottom 25%
Profitability
Return on equity (12 months)3.8% · Above median
Return on assets0.4% · Below median
Net margin (12 months)13.6% · Below median
Operating margin (12 months)58.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.0% · Below median
Dividend yield (12 months)6.5% · Above median
Balance sheet
Debt / equity1.96× · Highest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Shinhan Alpha REIT Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/293940
Frequently asked questions
Is Shinhan Alpha REIT Co Ltd (293940) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 2,507 KRW versus a price of 5,580 KRW, about 55% lower (overvalued).
What is the fair value of 293940?
Our model-based fair value for Shinhan Alpha REIT Co Ltd is 2,507 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 5,580 KRW.
What is the quality score of 293940?
Shinhan Alpha REIT Co Ltd has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Shinhan Alpha REIT Co Ltd (293940)?
Our model-based price target is the fair value of 2,507 KRW (as of Nov 9, 2026) from 13 valuation models. Cautious scenario 1,424 KRW, optimistic scenario 9,680 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Shinhan Alpha REIT Co Ltd stock forecast for 2026?
Our models put fair value at 2,507 KRW, about 55% lower versus a price of 5,580 KRW (overvalued). Cautious scenario 1,424 KRW, optimistic scenario 9,680 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Shinhan Alpha REIT Co Ltd (293940)?
Shinhan Alpha REIT Co Ltd reported trailing-twelve-month revenue of about 171B KRW (latest available figure, as of Nov 9, 2026).
Does Shinhan Alpha REIT Co Ltd pay a dividend?
Shinhan Alpha REIT Co Ltd currently shows a dividend yield of 6.47% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Shinhan Alpha REIT Co Ltd (293940) and when is the ex-dividend date?
Shinhan Alpha REIT Co Ltd pays a dividend of 361.00 KRW per share a year, a dividend yield of 6.5%. The next ex-dividend date is Dec 11, 2026. A dividend has been paid every year since at least 2018. Free cash flow covers the dividend 0.56 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Shinhan Alpha REIT Co Ltd (293940)?
For today's price to be fair in a discounted-cash-flow model, Shinhan Alpha REIT Co Ltd would have to grow free cash flow by +46.1 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.5 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 293940 use?
Our models discount Shinhan Alpha REIT Co Ltd at 10.2 %: a base by market capitalisation (small), damped by beta 0.10, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Shinhan Alpha REIT Co Ltd that is +46.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Shinhan Alpha REIT Co Ltd (293940) delivered so far?
Over the past 5 years revenue at Shinhan Alpha REIT Co Ltd grew +26.5 % a year. The price currently implies free-cash-flow growth of +46.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Shinhan Alpha REIT Co Ltd (293940) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into Shinhan Alpha REIT Co Ltd (+46.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Shinhan Alpha REIT Co Ltd (293940)?
The free-cash-flow yield on the price is 3.60 %: that much free cash flow Shinhan Alpha REIT Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shinhan Alpha REIT Co Ltd (293940)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shinhan Alpha REIT Co Ltd it is 2,507 KRW per share (as of Nov 9, 2026), against a price of 5,580 KRW. It is the blended result of 13 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Shinhan Alpha REIT Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 293940 trades above its calculated fair value: price 5,580 KRW, fair value 2,507 KRW, a gap of about −55% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 293940?
No. The price is what the market pays today (5,580 KRW); the fair value is what the company's own numbers justify (2,507 KRW). For Shinhan Alpha REIT Co Ltd the two are 3,073 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Shinhan Alpha REIT Co Ltd worth?
The market values Shinhan Alpha REIT Co Ltd at about 675B KRW (market capitalisation, as of Nov 9, 2026). Per share that is 5,580 KRW; our models calculate a fair value of 2,507 KRW per share.
What do the bullish and bearish scenarios say about 293940?
Our models span a range for Shinhan Alpha REIT Co Ltd: cautious scenario 1,424 KRW, base 2,507 KRW, optimistic 9,680 KRW per share (as of Nov 9, 2026, price 5,580 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 293940?
Shinhan Alpha REIT Co Ltd trades at a price-to-earnings ratio of 34.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,507 KRW is built from several models across several years. Other multiples: P/B 1.1, P/S 4.0, EV/EBITDA 13.8.
How solid is the balance sheet of Shinhan Alpha REIT Co Ltd (293940)?
Balance-sheet figures for Shinhan Alpha REIT Co Ltd (as of Nov 9, 2026): return on equity 3.8%, debt of 1.96 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 293940 from its 52-week high?
Shinhan Alpha REIT Co Ltd trades at 5,580 KRW, about 7% below its 52-week high of 6,022 KRW and 11% above the low of 5,038 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,507 KRW is for.
Which stocks are comparable to Shinhan Alpha REIT Co Ltd?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Alexandria Real Estate Equities, Inc, Vornado Realty Trust, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Shinhan Alpha REIT Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 5,580 KRW, calculated fair value 2,507 KRW (−55%), Quality Score 46/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 293940 calculated?
We run Shinhan Alpha REIT Co Ltd through 13 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2,507 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Shinhan Alpha REIT Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Shinhan Alpha REIT Co Ltd (293940)?
The closing price on Nov 6, 2026 was 5,580 KRW. Our model-based fair value is 2,507 KRW, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shinhan Alpha REIT Co Ltd right now?
Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (1,424 KRW to 9,680 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Shinhan Alpha REIT Co Ltd
How large is the market capitalisation of Shinhan Alpha REIT Co Ltd (293940)?
The market capitalisation of Shinhan Alpha REIT Co Ltd is 675B KRW (≈ $499M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Shinhan Alpha REIT Co Ltd (293940)?
The price-to-sales ratio of Shinhan Alpha REIT Co Ltd is 3.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shinhan Alpha REIT Co Ltd (293940)?
Earnings per share at Shinhan Alpha REIT Co Ltd are 163.98 KRW (price ÷ EPS = P/E 34.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shinhan Alpha REIT Co Ltd (293940)?
The dividend yield of Shinhan Alpha REIT Co Ltd is 6.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Shinhan Alpha REIT Co Ltd (293940)?
The net margin of Shinhan Alpha REIT Co Ltd is 13.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Shinhan Alpha REIT Co Ltd (293940)?
The return on equity (ROE) of Shinhan Alpha REIT Co Ltd is 3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Shinhan Alpha REIT Co Ltd (293940)?
On an EBIT basis the return on assets of Shinhan Alpha REIT Co Ltd is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Shinhan Alpha REIT Co Ltd (293940)?
The operating margin of Shinhan Alpha REIT Co Ltd is 58.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much net debt does Shinhan Alpha REIT Co Ltd (293940) carry?
The net debt of Shinhan Alpha REIT Co Ltd is 2.1T KRW (fiscal year 2025, ≈ 88.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026