[2022.12.13] Boosts AUM; now seeking to enhance shareholder value - SAMSUNG SECURITIES
2022.12.13
• SK REIT has more assets under management than any other Korean REIT, which
has helped it to enhance shareholder returns. Looking ahead, it is likely to focus more
on adding value to existing assets.
• Its incorporation of Jongno Tower should result in its DPS dipping y-y in 2023, but the
decline should be limited to 3.3% given its sizable retained earnings.
• We expect the REIT to: 1) aggressively pursue a value-adding strategy for its
underlying assets: 116 gas stations; and 2) seek to boost shareholder returns via
asset rebalancing.