External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Initiate coverage of SK REIT with BUY rating and TP of W6,300</li><li>Rental income stability and financing competitiveness secured, backed by large corporate sponsor</li><li>Toward a mega REIT with stronger dividend base leveraging group pipeline</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Initiate coverage of SK REIT with BUY rating and TP of W6,300Rental income stability and financing competitiveness secured, backed by large corporate sponsorToward a mega REIT with stronger dividend base leveraging group pipelineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK REIT (395400 KS Jul 3, 2025) - Topline Climbing, Dividends Secured

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Thematic (Sector/Industry)

<ul>
<li>There are signs that the South Korean REIT market may have bottomed in the past 3-6 months after significant market underperformance from 2021 to 4Q 2023.</li>
<li>The 16 major Korean REIT stocks are up on average 5% YTD, outperforming KOSPI which is up 1.4% in the same period.</li>
<li>Differential in REIT dividend yield/Korean bond yield, meaningful discount to NAV, and increased capital allocation from Corporate Value Up program have been driving outperformance of Korean REIT stocks this year.</li>
</ul>


There are signs that the South Korean REIT market may have bottomed in the past 3-6 months after significant market underperformance from 2021 to 4Q 2023.
The 16 major Korean REIT stocks are up on average 5% YTD, outperforming KOSPI which is up 1.4% in the same period.
Differential in REIT dividend yield/Korean bond yield, meaningful discount to NAV, and increased capital allocation from Corporate Value Up program have been driving outperformance of Korean REIT stocks this year.


Equity Capital Markets

ESR Kendall Square REIT / Equity Capital Markets

<ul>
<li>On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.</li>
<li>The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.</li>
<li>The interest rate gap on the company's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.</li>
</ul>


On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.
The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.
The interest rate gap on the company's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.


ESR Kendall REIT's 150 Billion Won Capital Raise and Continued Outperformance of Korean REITs

<ul>
<li>Samsung FN REIT announced its IPO book building results. The IPO price was determined at 5,000 won per share. The demand ratio was 24.88 to 1. </li>
<li>The core investment thesis of Samsung FN REIT is that it is the only publicly listed Samsung affiliate that provides REIT services.</li>
<li>It is a stable business with excellent locations for its existing properties and the company is expected to provide 5.6% annual dividend yield in the next three years.</li>
</ul>


Samsung FN REIT announced its IPO book building results. The IPO price was determined at 5,000 won per share. The demand ratio was 24.88 to 1. 
The core investment thesis of Samsung FN REIT is that it is the only publicly listed Samsung affiliate that provides REIT services.
It is a stable business with excellent locations for its existing properties and the company is expected to provide 5.6% annual dividend yield in the next three years.


<ul>
<li>Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public. </li>
<li>The core real estate properties of Samsung FN REIT will include the 'Daechi Tower' and 'S1 Building' which have excellent locations in Seoul. </li>
<li>We expect a huge demand for this IPO of Samsung FN REIT and we have a Positive view of this IPO. </li>
</ul>


Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public. 
The core real estate properties of Samsung FN REIT will include the 'Daechi Tower' and 'S1 Building' which have excellent locations in Seoul. 
We expect a huge demand for this IPO of Samsung FN REIT and we have a Positive view of this IPO. 


Samsung FN REIT: The First Major REIT IPO for Samsung Group

South Korea

SK REITs Co., Ltd. operates real estate investment trust. The Company conducts real estate investment management business. SK REITs provides services in Korea.

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SK REITs (395400 KS)

SK REIT (395400 KS Jul 3, 2025) - Topline Climbing, Dividends Secured

Initiate coverage of SK REIT with BUY rating and TP of W6,300. Rental income stability and financing competitiveness secured, backed by large...

Daishin Securities

South Korean REITs May Have Bottomed

There are signs that the South Korean REIT market may have bottomed in the past 3-6 months after significant market underperformance from 2021 to...

Douglas Kim

ESR Kendall REIT's 150 Billion Won Capital Raise and Continued Outperformance of Korean REITs

The interest rate gap on ESR Kendall REIT's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond...

Douglas Kim

Samsung FN REIT: Book Building Results

Samsung FN REIT announced its IPO book building results. The core investment thesis of Samsung FN REIT is that it is the only publicly listed...

Douglas Kim

Samsung FN REIT: The First Major REIT IPO for Samsung Group

Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public.

Douglas Kim

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