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    Real estate investment trusts
Shinhan Alpha REIT Co., Ltd.

Shinhan Alpha REIT Co., Ltd.

KKRX:293940
5,650.00
KRW
+50.00
(+0.89%)
70.21EPS
122.20P/E
621.63BMarket Cap
Shinhan Alpha REIT Co., Ltd.
KRX:293940
(Korea Stock Exchange)

Recent

price

5,650.00

P/E

ratio

122.20

div

yld

- -

ROIC.AI

2020
2021
2021
2021
2021
2022
2022
2022
2022
2023
2023
2024
2024
2025
2025
2026
TTM
KRW
191.69
485.2
480.35
22.78
23.97
584.89
597.4
442.39
446.67
493.25
538.29
474.45
318.16
497.98
515.37
605.3
650.15
Revenue per Share
19.58
74.57
-16.8
0.93
-0.59
58.37
45.93
43.06
62.82
102.67
764.08
71.08
17
71
42
82
42.06
Basic EPS, GAAP
63.85
410.24
383.92
11
11.41
258.93
256.74
140.22
165.73
187.21
76.83
181.35
62.36
154.79
139.59
172.46
- -
Free Cash Flow per Basic Share
63.98
123.94
263.11
5.57
12.53
147.64
304.83
113.35
264.71
189.86
193.51
173.9
326.06
147.27
156.84
197.63
- -
Dividend per Share
5,344.94
5,288.3
- -
5,125.36
- -
5,012.96
- -
5,475.82
- -
5,560.04
6,069.74
5,957.28
5,339.91
5,351.38
5,220.59
5,124.87
4,934.85
Book Value per Share
5,344.94
5,288.3
- -
5,125.36
- -
5,012.96
- -
5,475.82
- -
5,560.04
6,069.74
5,957.28
5,339.91
5,351.38
5,220.59
5,124.87
4,934.85
Tangible Book Value per Share
137
78
78
1,837
1,837
82
82
114
114
91
89
113
183
138
161
141
133
Basic Weighted Avg Shares
26,357
37,796
37,418
41,845
44,038
48,207
49,239
50,564
51,053
44,944
47,859
53,420
58,306
68,630
82,852
85,331
86,169
Sales/Revenue/Turnover
50.65
60.36
48.48
52.75
50.49
59.69
54.25
52.32
56.12
60.35
52.53
60.23
57.93
65.69
61.66
66.65
61.04
Operating Margin (%)
3,903
5,314
5,406
5,608
5,935
6,371
6,427
6,548
6,551
6,568
6,361
6,169
6,573
7,358
8,291
8,427
- -
Depreciation Expense
2,692
5,809
-1,309
1,712
-1,084
4,811
3,786
4,921
7,180
9,355
67,934
8,003
3,115
9,785
6,752
11,560
5,575
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
10.21
15.37
-3.5
4.09
-2.46
9.98
7.69
9.73
14.06
20.81
141.95
14.98
5.34
14.26
8.15
13.55
6.47
Profit Margin (%)
-114,625
-173,954
- -
-125,779
- -
-170,868
- -
-357,303
- -
-461,137
-3,341
87,203
-356,599
-421,171
-1,020,158
-948,716
-834,856
Working Capital
838,373
941,696
- -
1,340,585
- -
1,297,657
- -
986,991
- -
884,983
1,053,132
1,336,099
1,150,562
1,249,561
1,142,158
1,220,389
1,355,074
LT Debt
356,902
353,506
- -
343,827
- -
337,407
- -
485,770
- -
479,358
605,225
595,190
540,088
827,841
813,938
801,575
776,124
Total Equity
1.27
1.65
- -
- -
- -
- -
- -
- -
- -
- -
1.39
1.74
1.68
1.94
1.82
1.87
1.74
Return on Invested Capital (%)
1.33
1.5
- -
- -
- -
- -
- -
- -
- -
- -
4.65
1.7
1.6
1.79
1.55
1.69
0.79
Return on Capital (%)
0.95
2
- -
- -
- -
- -
- -
- -
- -
- -
14.19
1.49
0.62
1.74
1.06
1.85
0.91
Return on Common Equity (%)

Capital Structure

KRW

•

in mil. unless spec.
Jun'25
Dec'26
Jun'27
ST Debt
1,153,072
908,603
874,458
LT Borrowings
1,071,620
1,322,527
1,355,074
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
4,000
4,000
4,000
Shares Outstanding
121
121
121
Market Capitalization
682,102
676,055
621,632

Working Capital

KRW

•

in mil. unless spec.
Jun'25
Dec'26
Jun'27
Total Current Assets
91,229
85,201
83,252
Cash, Cash Equivalents & STI
83,803
81,997
79,035
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
1,189,773
943,819
918,108
Payables & Accruals
- -
- -
- -
ST Debt
1,153,072
908,603
874,458
Deferred Revenue
- -
- -
- -

Growth Rates

KRW

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
7.83%
-1.52%
Free Cash Flow
17.82%
51.02%
8.34%
Net Income, GAAP
81.61%
21%
71.21%
Sales/Revenue/Turnover
6.25%
12.44%
2.99%
Total Cash Common Dividend
33.59%
37.54%
10.49%

Quarterly Revenue

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
30,559
- -
38,981
- -
82,852
2026
- -
- -
41,279
- -
85,331
2027
44,890
- -
- -
- -
- -

Quarterly Earnings Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
39.83
- -
7
- -
42
2026
- -
- -
34
- -
82
2027
5.58
- -
- -
- -
- -

Quarterly Dividends Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
156.84
2026
- -
- -
- -
- -
197.63
2027
- -
- -
- -
- -
- -
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Business
Shinhan Alpha REIT Co., Ltd. (293940.KS) operates as a closed-end real estate investment trust primarily engaged in the acquisition, development, management, leasing, and disposal of high-quality office properties in South Korea; its portfolio includes premium assets such as Greytz Pangyo, Greytz Cheonggye, Twin City Namsan, Shinhan L Tower, Samsung Fire & Marine Insurance Yeoksam Building, Greytz Sungnae, Cambridge Building, Yongsan Asterium, HSBC Building, GS Seocho Tower, Citi Square, and BNK Digital Tower, concentrated in key locations like Pangyo, Gangnam, Yongsan, and downtown Seoul with a total floor area exceeding 83,000 pyeong. Founded in December 2017 and listed on the Korea Stock Exchange in August 2018, the company is headquartered at 136 Sejong-daero, Jongno-gu, Seoul, and is managed by Shinhan REITs Management, a subsidiary of Shinhan Financial Group. Recent developments include the acquisition of Citi Square, a net-leased office near Seoul City Hall, through a 2024 capital raise of 200 billion won via third-party allotment and equity investment in Shinhan Alpha Seomun REIT; the purchase and subsequent sale of BNK Digital Tower in Gangnam to BNK Gangnam Core Office REIT for approximately 460 billion won in June 2025; funding provided to subsidiaries like Shinhan Alpha Gangnam REIT (119 billion won in 2025) for asset management; and an ongoing ESG initiative targeting LEED certification for over 50% of assets within three years to enhance investment appeal and reduce operating costs.