Fact Summary
Korea Land Trust closed at KRW 1,138 on 2026-08-18, down -2.15% from the previous close of KRW 1,163, with trading volume of 378,484 shares. For FY2025, consolidated revenue was 1,843.6 (unit: KRW 100mn), down 21.99% year-over-year, with an operating loss of 208.8 (unit: KRW 100mn) and net income of 194.3 (unit: KRW 100mn) (Business Report, receipt no. 20260318001299). For H1 2026 (cumulative 6 months), consolidated revenue was 989.1 (unit: KRW 100mn), operating income was 48.8 (unit: KRW 100mn), and net income was 290.4 (unit: KRW 100mn) (Semiannual Report, receipt no. 20260813001783). In the week following the 2026-08-13 semiannual report filing, foreign investors and institutions were net sellers while retail investors were net buyers on balance (secondary source, alphasquare).
Price-Change Context Note
On 2026-08-18, the KOSPI index sharply pulled back from its intraday high amid net institutional selling, closing down -1.55% from the previous day, and no company-specific catalyst for Korea Land Trust was identified within the scope of research. While the company's consolidated revenue has shown a declining trend over the past three fiscal years, operating income and net income alternated between profit and loss due to non-operating factors such as gains/losses related to affiliates (Dongbu Corporation, HJ Heavy Industries & Construction).
Business Overview and Order Composition
Korea Land Trust is a real estate trust company operating land trust business (borrowing-type and management-type), non-land trust business (collateral trust, management trust, disposal trust, and pre-sale management trust), urban redevelopment business (redevelopment/reconstruction project management), REITs, investment business, and overseas business (Business Report, comprehensive).
5-Year Financial Trend
| Period | Debt Ratio | Equity Ratio |
|---|---|---|
| 2023 | 87.28% | 53.40% |
| 2024 | 91.20% | 52.31% |
| 2025 | 91.80% | 52.14% |
| H1 2026 | 91.42% | 52.24% |
Valuation (Factual Multiples)
Peer Comparison
KB Real Estate Trust FY2025 operating loss of 1,069 (unit: KRW 100mn) (loss-making)In contrast to the industry-wide (14 companies combined) net loss of 4,689 (unit: KRW 100mn) in 2025 (Korea Ratings data), Korea Land Trust posted a consolidated net income of 194.3 (unit: KRW 100mn) in 2025.
Governance and Capital Structure
| Date | Event |
|---|---|
| 2025-03-26 | Outside director Yang Suk-ja's term expired → Roh Tae-ho newly appointed |
| 2025-12-15 | Managing Directors Jang Hong-seok and Lee Young-su newly appointed |
| 2026-02-09 | Managing Director Kim Nam-wook newly appointed |
| 2026-03-26 | Outside director Cho Kook-hwan retired → Shim Ho newly appointed (Audit Committee member) |
| During H1 2026 (exact date not confirmed) | Chairman Cha Jeong-hoon changed from registered director (inside director) to non-registered executive |
The increase in the reported ownership ratio (35.46% → 35.73%) in the 2025-12-22 Report on Status of Large Shareholding was not due to new share purchases, but resulted from the addition of related parties following the grant of treasury shares (equity compensation) to four registered executives (Cha Jeong-hoon, Choi Yoon-sung, Kim Seong-jin, and Han Ho-kyung) (Report on Status of Large Shareholding, receipt no. 20251222000467).
Investor Trading Trends
| Category | Foreign | Institutional | Retail |
|---|---|---|---|
| Past 1 week (08-11 to 08-18) | -55,888 shares | -135,514 shares | +159,649 shares |
| Past 1 month (07-20 to 08-18) | +73,982 shares | -88,172 shares | -71,435 shares |
As of 2026-08-18, short-sale volume was 282 shares (0.07% of the day's trading volume) and the short-sale balance was 0 shares. The peak within the past month was a short-sale volume of 50,023 shares (12.86% of volume) on 2026-07-20. Foreign ownership stood at 4.36% (2026-08-18, secondary source).
Macro Environment
| Factor | Value (as of date) |
|---|---|
| Bank of Korea base rate | 2.75% (raised 2026-07-16) |
| KRW/USD exchange rate | KRW 1,411.8 (2026-08-18) |
| Nationwide unsold housing units | 67,464 units (end of June 2026, +3.4% MoM) |
| Government real estate PF normalization measures | Guarantee/funding support expanded from KRW 26.3 trillion to KRW 47.8 trillion+α (announced 2026-08-13) |
The Bank of Korea's base rate hike and the expansion of unsold housing concentrated in regional areas are identified as a channel for potential deterioration of trust account advances, while the government's PF guarantee and funding support expansion measures announced on 2026-08-13 are identified as a channel for easing liquidity strain at distressed project sites.
Risk Factors
- Contingent Liabilities Since the Seoul Central District Court ruling (2024-05-30) that recognized liability for damages equivalent to the full principal and interest of loans in cases of delayed completion-guarantee obligations, litigation and contingent-liability burdens related to completion guarantees have been expanding industry-wide (media compilation).
- Provisioning As of end-Q1 2026, the allowance for doubtful accounts / substandard-or-below assets ratio was 27%, lower than the industry average of 44% as of December 2025 (KIS Credit Opinion, 2026-06-24).
- Investment Gain/Loss Volatility Due to non-operating factors such as gains/losses related to affiliates (Dongbu Corporation, HJ Heavy Industries & Construction), the company alternated between net losses in 2023-2024 and net income in 2025-2026 (confirmed financial data).
- Governance There have been media reports regarding management-control matters between the largest shareholder, MK Investment, and a certain shareholder, but the latest developments have not been confirmed (media compilation).
- Order Composition Urban redevelopment accounted for 50.9% of cumulative new orders in 2025, indicating dependence on a specific business type (media compilation).
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR