[Click e-Stock] "Koramco The One REITs Depends on Hana Securities' Decision"

Daishin Securities analyzed on September 29 that whether Hana Securities exercises its call option is a key factor for Koramco The One REITs.

Lee Hyejin, a researcher at Daishin Securities, explained, "The share price of Koramco The One REITs has risen by 54.7% compared to the beginning of the year," adding, "It has recorded the highest return among domestic REITs."

She continued, "The sharp rise in the share price is due to expectations regarding Hana Securities' exercise of the call option and the potential liquidation of the REITs," and added, "If the asset sale becomes a reality, it is possible to calculate a net asset value (NAV) that exceeds the current share price."

She introduced, "When Hana Securities signed the lease contract, it was granted the right to a five-year extension, a right of first refusal, and a call option," and explained, "The key is the call option, which allows the tenant, Hana Securities, to purchase the asset on the day that marks 59 months from the lease commencement date."

Lee stated, "The purchase price will be determined by whichever is higher between the price offered by the preferred negotiator and the appraised value," and explained, "If Hana Securities does not express its intention to purchase, the right will expire." The actual period during which the right can be exercised is from November 16 to November 30.

She further analyzed, "The market is focusing on the possibility of Hana Securities exercising the call option and the potential liquidation of the REITs," and added, "If the asset is sold, there is additional upside potential, but if the sale falls through, volatility may increase."

This content was produced with the assistance of AI translation services.