Shinhan Alpha REIT Co Ltd (293940) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Shinhan Alpha REIT Co Ltd KRW 1,625, price KRW 5,600, upside -71.0%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Shinhan Alpha REIT Co Ltd for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 4,118 KRW – 6,022 KRW · fair‑value band 1,625 KRW – 6,500 KRW · the 5,600 KRW price screens above the 1,625 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow Shinhan Alpha REIT Co in your weekly email
Every Wednesday you see whether Shinhan Alpha REIT Co is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Stock analysis
Shinhan Alpha REIT Co Ltd (293940) currently trades at 5,600 KRW, while our model-based Fair Value estimate is 1,625 KRW, implying the stock looks roughly 244.6% overvalued today.
Show more
Valuation
Bull case: the Asset-Based group reads highest at a median of 3,456 KRW per share, and 1 of the 10 models we run sit above the 5,600 KRW price.
Bear case: the DCF Models group reads lowest at 1,401 KRW, and 9 of the 10 models stay below the price. Evidence for this calculation is medium.
Scenario range: 1,625 KRW (bear) to 6,500 KRW (bull), the price of 5,600 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 49/100 (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 677B KRW (≈ $498M) · Dividend yield 6.5% · Net margin 13.5% · Return on equity 287% · Return on assets (EBIT) 1.6% · Operating margin 58.0% · Free cash flow 24.3B KRW · Net debt 2.1T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 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 2% fair-value upside, at −71%, 293940 screens richer than that median.
Fair Value models
Bear 1,625 KRWFair Value 1,625 KRWBull 6,500 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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%
Revenue growth 5 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.
+26.5%
Start year 2020 (pandemic)
Revenue growth 7 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.
+32.8%
’18
’19
’20
’21
’22
’23
’24
’25
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.
+27.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.5%
Dividend (yield on the price)6.5%
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).
+50.8%
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 +47.7% a year for the price.
Compare Shinhan Alpha REIT Co Ltd with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 68 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−71% · Bottom 25%
Profitability
Return on equity (TTM)287% · Top 25%
Return on assets0% · Bottom 25%
Net margin (TTM)14% · Above median
Operating margin (TTM)58% · Above median
Growth and dividend
Revenue growth0% · Above median
Dividend yield (TTM)6.5% · Above median
Balance sheet
Debt / equity1.96× · Highest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
P/FCF0.0× · Cheapest 25%
EV/EBITDA31.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)0· sector 0
PAST (return on equity)100· sector 11
HEALTH (low debt)2· sector 66
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
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 Sep 24, 2026, our model estimates a fair value of 1,625 KRW versus a price of 5,600 KRW, about −71% upside (overvalued).
What is the fair value of 293940?
Our model-based fair value for Shinhan Alpha REIT Co Ltd is 1,625 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 5,600 KRW.
What is the quality score of 293940?
Shinhan Alpha REIT Co Ltd has a Quality Score of 49/100. 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 1,625 KRW (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 1,625 KRW, optimistic scenario 6,500 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 1,625 KRW, about −71% upside versus a price of 5,600 KRW (overvalued). Cautious scenario 1,625 KRW, optimistic scenario 6,500 KRW. The calculation is refreshed regularly with new filings.
Does Shinhan Alpha REIT Co Ltd pay a dividend?
Shinhan Alpha REIT Co Ltd currently shows a dividend yield of about 6.50% relative to its recent price (as of Sep 24, 2026).
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 +50.8 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 293940 use?
Our models discount Shinhan Alpha REIT Co Ltd at 11.6 %: a base by market capitalisation (small), 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 +50.8 % per year a year over ten years, using the same discount rate (11.6 %) 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 +50.8 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into Shinhan Alpha REIT Co Ltd (+50.8 % per year a 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 3.59 %: 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 (11.6 %), 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 1,625 KRW per share (as of Sep 24, 2026), against a price of 5,600 KRW. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Shinhan Alpha REIT Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 293940 trades above its calculated fair value: price 5,600 KRW, fair value 1,625 KRW, a gap of about −71% (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 (5,600 KRW); the fair value is what the company's own numbers justify (1,625 KRW). For Shinhan Alpha REIT Co Ltd the two are 3,975 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 677B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 5,600 KRW; our models calculate a fair value of 1,625 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 1,625 KRW, base 1,625 KRW, optimistic 6,500 KRW per share (as of Sep 24, 2026, price 5,600 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shinhan Alpha REIT Co Ltd (293940)?
Balance-sheet figures for Shinhan Alpha REIT Co Ltd (as of Sep 24, 2026): return on equity 287.3%, debt of 1.96 per unit of equity. They feed the Quality Score of 49/100, 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 5,600 KRW, about 7% below its 52-week high of 6,022 KRW and 11% above the low of 5,038 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,625 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, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, 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 Sep 24, 2026: price 5,600 KRW, calculated fair value 1,625 KRW (−71%), Quality Score 49/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1,625 KRW, 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 14.0 % 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 Sep 23, 2026 was 5,600 KRW. Our model-based fair value is 1,625 KRW, about −71% upside (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?
The model range is unusually wide (1,625 KRW to 6,500 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.
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 677B KRW (≈ $498M). 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 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 13.5% (fiscal year 2025). 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 287% (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.
Free · no account needed
Watch Shinhan Alpha REIT Co Ltd in the live analysis
One click puts Shinhan Alpha REIT Co Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
