Mirae Asset Global REIT Co (396690) Fair Value & Analysis
Real Estate · KR · Market cap 66.9B KRW
Fair value as of: Jul 24, 2026
From 6 valuation models · updated 17 days ago
Fair value updated Jul 24, 2026, revised from 855.65 KRW to 225.59 KRW (−73.6%) since Jun 26, 2026. Share price +1.5% over the past month.
Below-average quality, and screening another 86% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (435.49 KRW). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (225.59 KRW to 435.49 KRW) leaves room in how you read the outcome.
- 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
56‑month range 1,330 KRW – 4,715 KRW · fair‑value band 225.59 KRW – 435.49 KRW · the 1,645 KRW price screens above the 225.59 KRW fair value. Dashed = 300-day average. As of Jul 24, 2026.
Analysis
Mirae Asset Global REIT Co (396690) currently trades at 1,645 KRW, while our model-based Fair Value estimate is 225.59 KRW, implying the stock looks roughly 86.3% overvalued today. The Quality Score stands at 48/100 (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).
Net debt stands at 197B KRW. Fundamentals as of Jul 24, 2026
Our scenario range runs from 225.59 KRW (bear case) to 435.49 KRW (bull case); at 1,645 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 36% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -86%, 396690 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 6 models by family
Widest divergence: Asset-Based (2,436 KRW) versus DCF Models (225.59 KRW). Highest evidence: Growth DCF (80).
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Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 29
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
Mirae Asset Global REIT Co., Ltd. operates as a real estate investment trust. The company is based in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Mirae Asset Global REIT Co reported revenue of 11.8B KRW in FY2026 versus 8.3B KRW in FY2022, a compound +9.4%/yr. Reported net income was −2.4B KRW in FY2026.
396690 screens 86% overvalued. Compare with Goodman Group →
Peer Group
REIT - Diversified · 165 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 - Diversified 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 - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$29.11 | A$7.37 | -75% |
| VICI Properties Inc VICI | $26.73 | $41.74 | +56% |
| W. P. Carey Inc WPC | $76.69 | $35.59 | -54% |
| Charter Hall Group CHC | A$21.90 | A$11.46 | -48% |
| Fibra Uno FUNO11 | 31.10 MXN | 63.56 MXN | +104% |
| COV COV | €52.55 | €62.39 | +19% |
| The GPT Group GPT | A$4.89 | A$3.49 | -29% |
| Mirvac Group MGR | A$1.70 | A$0.5700 | -66% |
| KLCC Property Holdings 5235SS | 8.85 MYR | 6.91 MYR | -22% |
| CRRUN CRRUN | C$17.65 | C$17.89 | +1% |
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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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