293940 Fair Value & Analysis
Real Estate · KR · Market cap 642B KRW
Fair value as of: Jul 24, 2026
From 7 valuation models · updated 18 days ago
Share price +0.8% over the past month.
Below-average quality, and screening another 84% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (2,777 KRW). The favourable scenario is already priced in.
- The model range is unusually wide (635.01 KRW to 2,777 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.
How to read this chart
60‑month range 4,118 KRW – 6,022 KRW · fair‑value band 635.01 KRW – 2,777 KRW · the 5,290 KRW price screens above the 846.68 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.
Analysis
293940 (293940) currently trades at 5,290 KRW, while our model-based Fair Value estimate is 846.68 KRW, implying the stock looks roughly 84.0% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
It earns a return on equity of 287.3%. Net debt stands at 2.1T KRW. Fundamentals as of Jul 24, 2026
Our scenario range runs from 635.01 KRW (bear case) to 2,777 KRW (bull case); at 5,290 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at -84%, 293940 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 7 models by family
Widest divergence: Economic Profit (3,490 KRW) versus Multiples (846.68 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
293940 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.
293940 screens 84% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Peer Group
REIT - Office · 75 stocks
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.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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