Korea Land Trust (034830) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Korea Land Trust is a real-estate trust company that takes land and buildings into trust and handles development, sales, and management on the owner's behalf for a fee; its business splits into the lending type, in which the company itself lends the project funds, the completion-guarantee type, which guarantees completion, and the management type, which handles management only, with revenue coming from trust fees and interest income on loans. On March 27 it voluntarily disclosed a corporate value-up plan while its P/B had fallen to about one-third of net assets, and along with a change of CEO it confirmed a swing to net profit and a recovery in Q1 revenue and earnings, while in May it broadened market communication through an IR and a governance report. What stands out lately is that a P/B of 0.27x, a dividend yield in the 6% range, a payout ratio of 72.9%, the swing to net profit, and the value-up plan all point the same way, with a forward P/E on expected earnings around 6x, whereas given the nature of the business, if delinquencies at unsold project sites flow into the P&L as credit losses and provisioning burdens grow, the pace of the earnings recovery can slow, making the recovery of the real-estate development cycle the swing factor.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Real Estate Trust & Management” (Financials), a type typically read first through P/E.
Real-estate trust and asset-management firms earn their profits from trust and management fees, so price-to-earnings (P/E) — the price against those profits — is an intuitive starting point. Value here comes from fee-based earning power rather than the size of assets under management.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue fell 22.0% year over year (3-year trend: falling).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 17.3% higher than a year earlier.
- ROE is 2.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -11.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder MK Investment 24.25% (corporate)
Controlling bloc incl. related parties 35.46%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
Korea Land Trust is a real-estate trust company that takes real estate into trust from land and building owners and handles development, sales, and management on their behalf for a fee. Its core business is land trust, which splits into the lending (development) type, in which the company itself lends project funds and takes responsibility through construction and sales; the completion-guarantee type, which guarantees the builder's completion; and the management type, which handles project management without providing funds. Revenue therefore splits into two main streams: trust fees received for operating trust projects, and interest income on money lent to lending-type project sites. When the property market is strong, sale proceeds come in well and profits grow, while unsold units or project-site distress bring the risk of not recovering lent money (credit losses) into the P&L.
The latest close is ₩1,119 and the market capitalization is ₩282.5 billion. The price sits above its 20-day moving average (₩1,113) and below its 60-day moving average (₩1,200). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.4, a neutral level. The one-month change is -2.0%, the three-month change is -28.3%, and the position relative to the 52-week high is -35.8%. Relative strength versus the KOSPI is 18 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 17% of all stocks. Over the past three months it lagged the index by 13.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed annual results (2025), the P/E ratio (how many times one year's earnings the share price represents) is 13.47x, the P/B (how many times net assets the share price represents) is 0.27x, and ROE (how much is earned in a year on equity) is 2.0%. A P/B of 0.27x means the share price is less than one-third of the company's net assets, so even on asset value alone the price is set low. One point to note is the mismatch between a 2025 operating loss of ₩20.9 billion and a net profit of ₩21.0 billion. In real-estate trust, credit-loss provisions on distressed project sites can weigh heavily on the operating line, while provision reversals or non-operating items can lift net profit, so a single year's operating margin alone makes it hard to judge the company's strength. More important is the forward P/E on this year's expected earnings. This forward P/E is low versus the same real-estate-trust sector, meaning that at an inflection where earnings recover out of a loss-making operating line, a forward-looking P/E is closer to reality than backward-looking figures. The debt ratio of 91.8% mixes financial-industry characteristics such as trust-account borrowings, making it hard to judge by the same yardstick as ordinary manufacturers.
Annual revenue fell for two straight years, from ₩270.1 billion in 2023 to ₩236.3 billion in 2024 and ₩184.4 billion in 2025. Operating profit swung from a ₩33.9 billion profit in 2024 to a ₩20.9 billion loss in 2025, largely due to distress at lending-type project sites being booked as provisions. Conversely, net profit swung from losses in 2023 and 2024 to a ₩21.0 billion profit in 2025. The dividing point in the trend is the most recent quarter, Q1 2026. Revenue rose 17.3% year on year to ₩43.7 billion and net profit rose 17.1% to ₩9.9 billion, turning a shrinking top line back toward growth. Operating profit also climbed out of the red to a ₩500 million profit. The forward P/E on this year's expected earnings falling to around 6x reflects precisely this recovery: with revenue growing again and net profit taking hold, this year's earnings are seen as firmer than last year's confirmed figures. Underpinning this is the effect of the real-estate development cycle turning off the bottom, so sales and trust demand revive, and the provisioning burden that had deepened the loss having been cleared once. That said, Q1 operating profit is still only a slight profit, so whether this recovery firms up over successive quarters is an area to confirm in subsequent results.
At the center of the disclosure flow is the March 27, 2026 voluntary disclosure of a corporate value-up plan. It matters that a company whose P/B has fallen to about one-third of net assets set out on its own a direction for shareholder returns and capital-efficiency improvement, and whether the plan leads to actions such as dividends or share buybacks can be checked in follow-up disclosures. Also in March, a change of CEO and the results of the shareholders' meeting were disclosed, marking a fresh start for management, and the March 18 business report and the May 15 quarterly report confirm the results above. In May, an IR announcement and a governance report followed, showing a trend of the company increasing communication with the market.
This company is an undervalued stock with clear strengths. A price at one-third of net assets (a P/B of 0.27x), a dividend yield in the 6% range and a payout ratio of 72.9%, the swing to net profit, revenue and earnings that grew again in Q1, and the corporate value-up plan the company itself put forward all point the same way. The forward P/E on this year's expected earnings at around 6x, low versus the same real-estate-trust sector, shows the price is set low not only on asset value but also from an earnings standpoint. Because the nature of the business brings property conditions and distress at unsold project sites into the P&L as credit losses, it is strong when the development cycle revives, the Q1 top-line recovery takes hold as an operating profit over successive quarters, and the value-up plan is executed as actual returns. Conversely, if project-site distress flares up again and the provisioning burden grows, the pace of the earnings recovery can slow. In the end, whether the recovery of the real-estate development cycle continues is the axis that separates this stock's strength from its weakness.
🔎 Valuation vs peers Inconclusive
Rather than a simple industry code, the peer group was set as listed companies whose actual business is real-estate trust, prioritizing Korea Asset Trust as the directly comparable dedicated real-estate-trust firm among Korea's listed players.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Asset In Trust | 5.72x | 0.26x | 4.40% |
Versus the peer Korea Asset Trust, the P/B (0.30x vs 0.26x) is similar and ROE (2.0% vs 4.6%) is lower. The P/E looks spread apart at 15.05x for Korea Land Trust versus 5.69x for Korea Asset Trust, but Korea Land Trust had a net profit amid a 2025 operating loss, so the quality of earnings differs and a simple multiple comparison is difficult. In real-estate trust, the recoverability of held assets and project-site receivables drives value, so the net-asset (P/B) view is more valid, and both companies trade at around 30% of net assets. The confirmed trailing P/E from last year is based on past earnings, and this year an official company forecast is not confirmed, so it can only be gauged from a DART seasonality approximation. Since it is before confirming whether earnings firm up out of the loss-making operating line, it is hard to conclude 'cheap or expensive,' so we regard it as inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩42.2 billion | approx. ₩0.8 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩1,119 and the market capitalization is ₩282.5 billion. The price sits above its 20-day moving average (₩1,113) and below its 60-day moving average (₩1,200). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.4, a neutral level. The one-month change is -2.0%, the three-month change is -28.3%, and the position relative to the 52-week high is -35.8%. Relative strength versus the KOSPI is 18 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 17% of all stocks. Over the past three months it lagged the index by 13.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -13.79% / 6M -26.57% / 12M -53.36%
Key metrics Computed vs sector median
Valuation
The P/E of 13.47x is in line with the sector median (12.88x). The P/B of 0.27x is below the sector median (0.64x).
Profitability & financials
Return on equity (ROE) is 2.1%, below the sector average (6.0%). The operating margin is -11.3%. The debt ratio is 95.5%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $189.7M | $166.0M | $129.5M | -21.99% ↓ slower |
| Operating profit | $21.9M | $23.8M | -$14.7M | -161.51% ↓ slower |
| Net profit | -$5.9M | -$11.6M | $14.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $189.7M | $166.0M | $129.5M |
| Operating profit | — | — | $21.9M | $23.8M | -$14.7M |
| Net profit | — | — | -$5.9M | -$11.6M | $14.7M |
| Revenue CAGR | 2-yr avg -17.38% | ||||
Revenue fell 22.0% year over year (2023 ₩270.1 billion → 2024 ₩236.3 billion → 2025 ₩184.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 161.5% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -17.4%. The two-year revenue CAGR is -17.4%. In the most recent quarter (Q1 2026), revenue was 17.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 6.3%, is on the high side.
Points to watch
- Revenue fell 22.0% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-03-27FilingVoluntary disclosure of a corporate value-up plan - a company at a P/B around 0.30x voluntarily presents a direction for shareholder returns and capital-efficiency improvementIn the medium term, if it leads to shareholder returns such as dividends or buybacks, it can be a driver for resolving undervaluation, but as it is at the planning stage, follow-up execution disclosures need checking. Source
- 2026-05-15EarningsQ1 2026 quarterly report - revenue of ₩43.7 billion (+17.3%), net profit of ₩9.9 billion (+17.1%), and operating profit of ₩500 million, a slight profitIn the short term it confirms the top-line recovery, but with operating profit barely positive, the durability of the earnings recovery must be verified in the next quarter. Source
- 2026-03-18Earnings2025 business report - annual revenue of ₩184.4 billion, an operating loss of ₩20.9 billion, and a swing to net profit of ₩21.0 billionConfirming a year in which the operating loss and net profit diverge, it shows that earnings strength should be viewed after stripping out provisions and one-off factors. Source
- 2026-05-28IRNotice of an IR (investor relations session) - the company arranges a venue to explain its results and strategy directly to the marketIn the medium term, an opportunity to confirm the value-up plan and earnings recovery through an official company channel, part of a trend of strengthened communication. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-28Disclosure
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-13Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.