Shinhan Alpha REIT Co., Ltd. (293940) AI Stock Analysis

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Shinhan Alpha REIT Co., Ltd.

(Korea Exchange:293940)

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Rating:60Neutral

Price Target:KRW 6,006.00▲(5.00% Upside)

Action:initiatedcoverage

Date:10/28/26

The score is driven primarily by mixed financial fundamentals: strong operating performance and improving cash generation are offset by high leverage and weak ROE. Technicals are supportive with a clear uptrend and positive momentum, while valuation remains a key drag due to the very high P/E despite an attractive dividend yield.

Positive Factors

Revenue and Operating ProfitabilityStrong revenue growth combined with consistently high operating margins indicates that the REIT is converting property-related activity into durable operating earnings. This supports recurring cash generation and provides a foundation for maintaining portfolio operations and pursuing future growth.

Negative Factors

High Financial LeverageElevated leverage leaves the REIT more exposed to refinancing conditions and interest-rate changes, particularly because office assets are financed with substantial debt. High debt also reduces financial flexibility and can limit capacity to absorb weaker property income or fund new investments.

Shinhan Alpha REIT Co., Ltd. (293940) vs. SPDR S&P 500 ETF (SPY)

Market Cap: KRW 691.78B
Dividend Yield: 6.31%
Average Volume (3M): 114.68K
Price to Earnings (P/E): 136.2
Beta (1Y): 0.07
Revenue Growth: 45.04%
EPS Growth: 43.48%
Country: KR
Employees: ―
Sector: General
Sector Strength: 55
Industry: Asset Management

Shinhan Alpha REIT Co., Ltd. Business Overview & Revenue Model

Company Description

Shinhan Alpha REIT Co., Ltd. functions as a specialized entity for indirect real estate investment, pooling capital from diverse investors. This capital is then strategically deployed into, and actively managed across, both physical real estate asset...

Shinhan Alpha REIT Co., Ltd. Financial Statement Overview

Summary

Operations are solid with strong latest revenue growth (~19%) and robust EBIT/EBITDA margins, plus a recovery to sustained profitability after 2021. The score is held back by very high leverage (debt-to-equity ~3.5x) and low ROE (~1.1%), while improving free cash flow still covers only a small share of total debt (~2% OCF-to-debt), increasing refinancing/rate sensitivity.

Income Statement

74Positive

Balance Sheet

43Neutral

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Sep 2025	Mar 2024	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	82.85B	82.85B	53.42B	58.31B	50.47B	51.05B
Gross Profit	82.85B	82.85B	53.42B	58.31B	18.80B	21.71B
EBITDA	60.90B	61.04B	40.31B	41.68B	41.33B	39.20B
Net Income	6.75B	6.75B	8.00B	3.12B	9.35B	7.18B
Balance Sheet
Total Assets	3.14T	3.14T	2.00T	2.16T	1.92T	1.93T
Cash, Cash Equivalents and Short-Term Investments	103.07B	103.07B	103.63B	48.50B	48.79B	52.82B
Total Debt	2.23T	2.23T	1.34T	1.54T	1.37T	1.37T
Total Liabilities	2.33T	2.33T	1.41T	1.62T	1.44T	1.44T
Stockholders Equity	635.38B	635.38B	535.65B	480.55B	419.83B	426.52B
Cash Flow
Free Cash Flow	22.44B	22.44B	20.42B	11.43B	17.06B	18.94B
Operating Cash Flow	22.44B	22.44B	20.42B	11.43B	17.06B	18.94B
Investing Cash Flow	-483.82B	-483.82B	32.74B	-217.88B	-4.05B	-3.99B
Financing Cash Flow	467.33B	467.33B	-4.47B	149.77B	-15.95B	-22.50B

Shinhan Alpha REIT Co., Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price5720.00

Price Trends

50DMA5489.80Positive

100DMA5368.63Positive

200DMA5455.31Positive

Market Momentum

MACD70.16Negative

RSI64.06Neutral

STOCH92.75Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:293940, the sentiment is Positive. The current price of 5720.00 is above the 20-day moving average (MA) of 5597.00, above the 50-day MA of 5489.80, and above the 200-day MA of 5455.31, indicating a bullish trend. The MACD of 70.16 indicates Negative momentum. The RSI at 64.06 is Neutral, neither overbought nor oversold. The STOCH value of 92.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KR:293940.

Shinhan Alpha REIT Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

KR:293940 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KR:293940	60Neutral	KRW 691.78B	136.19	―	6.31%	45.04%	43.48%
KR:395400	57Neutral	KRW 1.58T	17.38	―	5.10%	13.00%	225.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

KR:293940 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
KR:293940	Shinhan Alpha REIT Co., Ltd.	5720.00	613.28	12.01%
KR:094800	Mirae Asset Maps Realty Real Estate Public Investment Company	6690.00	1958.35	41.39%
KR:334890	IGIS Value Plus REIT Co., Ltd.	2990.00	-1106.91	-27.02%
KR:395400	SK REIT Co. Ltd.	5250.00	200.92	3.98%
KR:448730	SamsungFN REIT Co., Ltd.	4870.00	570.78	13.28%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 28, 2026

Shinhan Alpha REIT Co., Ltd. AI Stock Analysis

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