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OWL LABS EQUITY RESEARCH
293940 · SIGNATURE REPORT OWL-260729-293940 · JULY 29, 2026
SIGNATURE QUANT PROFILE · 부동산/리츠
Shinhan Alpha REIT Co., Ltd. 293940 · KOSPI
부동산/리츠 · KRW listed
OWL VERDICT
CAUTIOUS
Grade C · Score 47 / 100
⚠ Failed primary financial screen
LAST PRICE
₩5,200
▼ -0.8%
OWL FAIR VALUE
₩4,713
-9.4% vs price
STREET TARGET
₩7,600
+46.2% · 2 analysts
MARKET CAP
₩0.6T
div yield 6.75%
P/E · P/B
54.8 · 1.0
ROE 1.9%
52-WEEK RANGE
5,040–6,270
now at 13th pctile
Investment Summary
01
Quality vs. price, measured. Quality axes (ROE 1.9%, op. margin 66.7%) score 20/40; value axes (P/E 54.8x, P/B 1.02x, EV/EBITDA, dividend) score 36/80. The composite 47/100 (grade C) is that arithmetic.
02
No tracked 13F position. None of the 9 tracked managers reports 293940 this quarter (13F covers US-listed instruments only) — see p.3 for each book's style lens.
03
1 of 5 value strategies pass. Greenblatt Magic Formula admits 293940; the other 4 reject on their coded rules (details p.2).
04
What would change this report. Model fair value is ₩4,713 (-9.4% vs price); The verdict changes only when the data changes — screening reruns every weekday.
THE OWL VIEW
The composite lands mid-range: 47/100 — 1/5 value screens pass. We grade 293940 C — Cautious: the data supports watching, not chasing, at current measurements.
This report aggregates Owl Labs quant modules — 7-axis screener, 5 value strategies, 9 guru 13F filings, fair-value model, technical signals and news. All figures are measured from data sources as of the date above; sentences are rule-based templates (no generative claims). The score is a fitness test of reported fundamentals against today’s price — a screener, not a forecast; forward growth is not part of the score. Not investment advice.
293940 · SIGNATURE REPORT OWL-260729-293940 · JULY 29, 2026
Valuation — Five Value Disciplines
SECTION 02 OF 5
Each strategy is a mechanical screen coded from the discipline's published rules — a stock either passes or it does not. 293940 passes 1 of 5. Verdicts are computed, not opined; the measured inputs are shown for audit.
STRATEGY
MECHANICAL CRITERIA
VERDICT
MEASURED INPUTS
Graham Defensive
Low P/E × low P/B composite screen
FAIL
P/E×P/B 56
Greenblatt Magic Formula
Earnings yield + return on capital, top 30%
PASS
E/P 1.8% · ROE 1.9%
Prasad Deep Value
Low P/B, low leverage, positive earnings
FAIL
P/B 1.02x
Simple DCF
OWL LABS EQUITY RESEARCH
293940 · SIGNATURE REPORT OWL-260729-293940 · JULY 29, 2026
Smart-Money Positioning — 9 Tracked Managers
SECTION 03 OF 5
Holdings from SEC 13F filings (disclosed ~45 days after quarter end). Weight = % of the manager's disclosed US long book. 13F covers US-listed instruments only — a Korean-listed share is "not reportable", not "passed over". These are filed positions — not the managers' opinions on this stock.
MANAGER
FUND
STYLE
WEIGHT
ACTION
STYLE LENS (RULE-BASED)
Warren Buffett
Berkshire Hathaway Inc.
Value
—
NO POSITION
Out of 13F scope — US-listed instruments only
Ray Dalio
Bridgewater Associates, LP
Macro
—
NO POSITION
Out of 13F scope — US-listed instruments only
OWL LABS EQUITY RESEARCH
293940 · SIGNATURE REPORT OWL-260729-293940 · JULY 29, 2026
Tape, Catalysts & Risk Register
SECTION 04 OF 5
Technical Readout as of Tue Jul 28
RSI (14d)48.9 — neutral
MACD vs signal+19.33 above
MA20 / MA60₩5,211 / ₩5,369
Cross stateNone
Distance to 52-wk high-17.1%
52-wk range position13th percentile
Day change-0.8%
OWL LABS EQUITY RESEARCH
293940 · SIGNATURE REPORT OWL-260729-293940 · JULY 29, 2026
Financial Record & Final Judgment
SECTION 05 OF 5
FISCAL YEAR
FY2024
FY2025
FY2026
Revenue
₩0.06T
₩0.08T
₩0.09T
Operating income
₩0.03T
₩0.05T
₩0.06T
Net income
₩0.00T
₩0.01T
₩0.01T
Op. margin
57.9%
61.7%
66.7%
Net margin
5.3%
8.1%
13.5%
ROE
0.6%
1.1%
1.9%
0/20
Op. margin
20/20
EV/EBIT
2/20
Dividend
20/20
Attention
8/20
Composite (incl. adj.)47 / 100 · C
KR universe rank#582 of 1036 · top 56%
Value screens passed1 / 5
52-wk range position13%
Next earningsTBA
Axis weights are proprietary; axis names and raw scores are disclosed. Attention measures news & search interest — a crowding proxy, not a quality signal.
One-line read: 부동산/리츠 name scoring 47/100 (grade C), passing 1/5 value strategies.
Conservative discounted cash flow vs price
FAIL
Model ₩4,713 vs ₩5,200
Damodaran Relative
Multiples vs sector median, growth-adjusted
FAIL
P/E 54.8x · rev +3.0%
Fair-Value Bridge method blend, measured
Growth/quality-adjusted PER (w25%)₩1,612
Justified PBR (ROE-based) (w25%)₩2,039
Analyst target (2) (w50%)₩7,600
Owl fair value / share₩4,713
Upside at ₩5,200-9.4%
MODEL INPUTS (DISCLOSED)
P/E · P/B54.8x · 1.02x
ROE (latest FY)1.9%
ROE (3-yr avg, normalized)1.2%
Revenue CAGR (2-yr)+21.0%
Band: FAIR · justified-multiple model with quality/growth adjustments — an estimate, not a promise.
Sensitivity value per share
EARNINGS ↓ / MULTIPLE →
-10%
base
+10%
-10%
₩1,306
₩1,451
₩1,596
base (measured)
₩1,451
₩1,612
₩1,773
+10%
₩1,596
₩1,773
₩1,950
Simple sensitivity (reference): ±10% arithmetic on the measured P/E-method value — earnings basis × fair multiple. Not a forecast; no projected figures are used.
Read this like a memo: the model says ₩4,713 and the Street consensus says ₩7,600 (2 analysts). The gap is the assumption set — both are computed from disclosed inputs above; underwrite the difference yourself.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
No tracked manager reports a US-listed long position in 293940 this quarter. 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
13F filings disclose US-listed long positions ~45 days after quarter end. "Style lens" lines relate this stock to each investor's public style using measured metrics only — they are not the managers' actual views. For Korean stocks, 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
Measured state: RSI 48.9 (neutral), MACD above its signal, no MA cross is active. Read the tape as one input, not a verdict.
Catalyst Calendar
No confirmed earnings date in calendar
Every weekday — quant screening refreshscore update
Quarterly — 13F filing window (~45d after quarter end)13F refresh
Forward Signals (unscored) consensus data · never scored
Street target consensus₩7,600 (2)
Implied upside vs price+46.2%
Next-quarter EPS estimate—
Next-quarter revenue estimate—
Shown for context, never scored: the composite grades only reported fundamentals. Forward numbers are third-party consensus — treat them as the market’s assumption set, not ours.
Risk Register
HIGH
Failed primary financial screen. Debt/liquidity gate not cleared — the composite grade carries a structural caveat (cover page).
MID
최대주주 변경·경영권 분쟁(disclosure flag · DART)
MID
유상증자(지분 희석)(disclosure flag · DART)
MEDIUM
Drawdown state. Price sits -17.1% below the 52-week high (13th percentile of the range) — measured tape, not a judgment of cause.
MEDIUM
Yield sanity check. Dividend yield 6.8% is unusually high — verify sustainability against payout capacity before treating it as income.
WHAT THE BEARS MUST PROVE / WHAT THE BULLS MUST PROVE
Bears: that the measured quality base cracks — ROE 1.9% and op. margin 66.7% are what the score leans on. Bulls: that the premium is earned — price sits 9.4% above the model's ₩4,713; measured growth (revenue YoY +3.0%) has to carry that gap.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
07/24 — Shinhan K-2 REIT Co., Ltd. announced that it expects to receive KRW 16 billion in funding from Shinhan Alpha REIT Co., Ltd. (marketscreener.com)
07/23 — Price to book forward of Shinhan Alpha REIT Co., Ltd. – KRX:293940 (TradingView)
05/30 — Korea Exchange unveils two REITs indices (The Korea Times)
External media — accuracy rests with each outlet.
Methodology & how to use
Every number in this report is measured — pulled from the screener database, SEC EDGAR 13F filings, DART disclosures, company financials, or deterministic models (justified-multiple fair value). Sentences are rule-based templates bound to those numbers; nothing is generated, so nothing is hallucinated. Axis weights and the sector adjustment are proprietary; axis names, raw scores, and every input above are disclosed for audit.
Known limits, stated plainly. ① Backward-looking — the score grades reported fundamentals and today's price; future inflections (a cycle turn, next year's earnings) are not scored and appear only as unscored context (street target, catalysts). A low score can mean "great business, full price". ② The composite is this framework's ranking, not an absolute quality of the company. ③ 13F covers US-listed holdings only. Use the report as a screener; pair it with your own forward and qualitative work before acting.
C
CAUTIOUS
Final judgment. 293940 scores 47/100 (grade C) — rank #582 of 1036 in the KR universe. Axis split: quality 20/40 · value 36/80 · attention 8/20. Model fair value ₩4,713 (-9.4% vs price). The verdict changes only when the data changes.
Grade rubric: A 85+ (top conviction basket) · B 65+ (sound, price matters) · C 45+ (no rush) · D below (weak case). The verdict changes only when the data changes — next screening runs every weekday.
Owl Labs is an online information provider. This document is compiled from public data sources (exchange quotes, SEC EDGAR 13F, DART filings, company financials, news RSS) and Owl Labs quantitative models. It is not investment advice, not a solicitation to trade any security, and past data does not guarantee future results. Figures may differ from real-time values. Final investment decisions and responsibility rest solely with the investor. Unauthorized redistribution prohibited.
