REFINE Co (377450) Fair Value & Analysis
Real Estate · KR · Market cap 190B KRW
Fair value as of: Jul 22, 2026
From 24 valuation models · updated 19 days ago
Share price +36.6% over the past month.
A solid business, but screening 55% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (7,778 KRW). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) 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 22, 2026.
How to read this chart
57‑month range 6,786 KRW – 18,293 KRW · fair‑value band 4,667 KRW – 7,778 KRW · the 13,910 KRW price screens above the 6,222 KRW fair value. Dashed = 300-day average. As of Jul 22, 2026.
Analysis
REFINE Co (377450) currently trades at 13,910 KRW, while our model-based Fair Value estimate is 6,222 KRW, implying the stock looks roughly 55.3% overvalued today. The Quality Score stands at 56/100 (solid 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: high).
Over the trailing twelve months, REFINE Co generated revenue of 58.0B KRW at a net margin of 28.0%. Revenue declined 5.0% year over year. It earns a return on equity of 19.3%. Fundamentals as of Jul 22, 2026
Our scenario range runs from 4,667 KRW (bear case) to 7,778 KRW (bull case); at 13,910 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 25% below its 52-week high and 55% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -9% fair-value upside, at -55%, 377450 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 24 models by family
Widest divergence: DCF Models (9,613 KRW) versus Dividend Discount (46.67 KRW). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 46
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
REFINE Co., Ltd. provides real estate services in South Korea. The company offers secure real estate transactions; real estate mortgage loans rights investigation; non face to face surety insurance and mortgage loan related services; after care services; investigation of moveable property loan right; and title insurance underwriting for title investigations …
Full company description
REFINE Co., Ltd. provides real estate services in South Korea. The company offers secure real estate transactions; real estate mortgage loans rights investigation; non face to face surety insurance and mortgage loan related services; after care services; investigation of moveable property loan right; and title insurance underwriting for title investigations services. It serves financial institutions, public institutions, insurance companies, credit information companies, and cooperating institutions. The company was founded in 2002 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
REFINE Co reported revenue of 61.6B KRW in FY2025 versus 58.8B KRW in FY2021, a compound +1.2%/yr. Reported net income was 9.1B KRW in FY2025, compounding −14.4%/yr from FY2021.
377450 screens 55% overvalued. Compare with Vingroup Joint Stock Company →
Peer Group
Real Estate Services · 520 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 Real Estate Services 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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 223,000 VND | 25,731 VND | -88% |
| KE Holdings 2423 | HK$44.76 | HK$18.03 | -60% |
| Swire Properties Limited 1972 | HK$23.90 | HK$18.75 | -22% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.92 | HK$34.92 | -13% |
| Plaza S.A MALLPLAZA | 3,725 CLP | 5,571 CLP | +50% |
| SAGAA SAGAA | kr 170.00 | kr 75.55 | -56% |
| Cencosud Shopping S.A CENCOMALLS | 2,324 CLP | 2,976 CLP | +28% |
| PT Sarana Menara Nusantara Tbk. owns and TOWR | 372.00 IDR | 1,208 IDR | +225% |
| PT Metropolitan Kentjana Tbk MKPI | 20,975 IDR | 19,160 IDR | -9% |
| PT Bangun Kosambi Sukses Tbk, CBDK | 3,530 IDR | 3,464 IDR | -2% |
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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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