매출 하락 → 마진 압박 → 현금 악화
Critical매출이 -55.1% 감소하며 영업이익률이 76.3%에서 65.5%로 하락했다. 영업현금흐름도 동반 감소하여 수익-현금 순환이 약화되고 있다.
Evidence
매출 YoY -55.1% (2023→2024)영업이익률 76.3%→65.5%영업CF 5,977→-6,563
K-TOP Reits
A145270 · KOSPI₩816+1.37%
2026-08-03 closeK-TOP Reits — pricey right now, or cheap? And what signals are flashing today?
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AI Insight
Why these signals fired — only backtest-proven edge, told honestly
Strong-buy signal — the real recordrecord · not a prediction
Not this one stock, but every strong-buy pick we actually published (Korea market). When this stock flashes the signal, it is treated by the same rule.(as of 2026-08-03)
Last 30 sessions
648 picks
Next-day win rate
49.2%
Avg next-day
-0.17%
vs market
+0.72%p
Beat the market on 62.1% of picks (each pick vs its own day’s market average).
Recent publish days (next-day win rate)
07-31 0%07-30 66.7%07-29 0%07-28 45%07-27 20%07-25 36.4%07-21 55.6%07-20 53.8%07-16 53.3%07-15 50%07-14 71.4%07-13 31.2%
This stock has not flashed this signal recently — the record above is the signal’s own, not this stock’s.
Entry is the latest close at publish time; next-day is the following close. “Market” is the equal-weighted average of every stock in the same market that day; delisted names are excluded from both. Fees, taxes and slippage are not included. An observed record over a short window, not a pre-registered backtest. Not investment advice.
Valuation Grades
Relative to 16 real_estate peers · not investment advice
Valuation in its own history
PER 7.59 · PBR 0.38 — own history (2012-01~) percentiles 62/100 · 100/100
PER62/100
PBR100/100
Higher indicates lower valuation relative to its history (based on earnings and book yields).
Earnings percentiles can fluctuate for cyclical companies (including loss periods), so the book basis is shown alongside. Companies with large share buybacks can have structurally high PBR. Factual information, not investment advice.
Annual dividend
Split-adjusted annual DPS history and available grade axes
Paid 3 consecutive years · Raised 0 consecutive years · Yield 8.33% (based on 2025 payment of 68원)
Per-share amount adjusted for splits and capital reductions · Factual information, not investment advice.
Financial safety
Reference indicatorAs of 2024Distress zoneFinancial-metric reference signal
Altman Z'' zoneZ'' 0.44
Distress
Grey
Safe
- Altman Z''
- 0.44
- Beneish M-Score
- -1.48
- Sloan accrual
- 5.72%
Statistical manipulation-risk signal
부실·조작 위험을 나타내는 사실 지표입니다. 투자 조언이 아니며, 검증 전이라 참고용입니다.
Factual information, not investment advice.
Why has this company moved this way?
Auditable observations with the original numeric evidence.
Factual information, not investment advice.
Earnings quality · Piotroski F-Score
3/9Weak
Piotroski measures year-over-year financial improvement, not absolute quality.
Financial improvement score3/9
Profitability
- Positive ROAPass
- Positive OCFNot passed
- Improving ΔROANot passed
- Accruals (OCF > net income)Not passed
Leverage & liquidity
- Lower debtPass
- Higher current ratioNot passed
- No new sharesPass
Efficiency
- Higher gross marginNot passed
- Higher asset turnoverNot passed
Calculation note: F7(신주)은 equity/asset 유지로 근사
Already-stable companies may score lower when year-over-year improvement is limited.
Factual information, not investment advice.
Forensic signals
Anomaly and structural signals observed in the financial statements.
Revenue qualityDanger
매출 흑자인데 영업CF 적자 (OCF/매출 -54%). 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Margin trendWarning
영업이익률 악화 (76.3% → 65.5%, -10.8%p). 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Margin trendWarning
영업외손익 급변 (영업이익 대비 78% 규모 변동) — 일회성 손익 주의. 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Factual information, not investment advice.
Industry structure
KRAs of 2026-08-03real_estate
This stock is in real_estate: revenue rank 16 of 16, share 1.2%.
16 / 161.2%revenue share
Who dominates this industry?
- 1SK리츠19.9%
- 2신한알파리츠14.4%
- 3롯데리츠12%
- 4ESR켄달스퀘어리츠11%
- 5코람코라이프인프라리츠7.9%
- 6케이탑리츠1.2%
Concentration
DistributedCR3 46.3%HHI and CR3 are separate industrial-organization facts; they are not the polarization verdict.
Polarization
MixedDivergent lensesPolarization measures industry gaps and structure, not valuation, forecast, or investment advice.
Margin lens
- IQR%p
- 15.78
- Direction
- 확대
- Level
- 넓음
- Years
- 7
Value lens
- P90/P10
- 2.6
- Median P/B
- 0.83
- Level
- 좁음
- n
- 16
Survivorship note: 현재 산업 멤버십을 과거 연도에 소급 적용 — 과거 진입·퇴출 기업 미반영(복원 불가)
Factual information, not investment advice.
Risk sensitivity — adverse assumptions
Metric changes under stated assumptions; not a forecast or investment advice.
Base metrics
- Operating margin
- 65.5%
- Interest coverage
- 2.4x
- Return on equity (ROE)
- 5.1%
Operating margin −5pp
TolerableInterest coverageBase 2.4x adverse case 2.2x
Return on equity (ROE)Base 5.1% adverse case 4%
Revenue −15%
TolerableInterest coverageBase 2.4x adverse case 2.1x
Return on equity (ROE)Base 5.1% adverse case 3.4%
Interest rate +2pp
Interest coverage riskInterest coverageBase 2.4x adverse case 1.5x
Return on equity (ROE)Base 5.1% adverse case 2.5%
Interest coverage limit
Current margin 38.5ppInterest coverage limit at an operating margin of 27%
Interest expense coverage threshold
Financials at a glance
K-TOP Reits's latest results and balance sheet. The bars track the last three periods.
Who held it · filings
Filed recordA historical record from curated-guru 13F filings and DART 5%+ major-holding disclosures.
US 13F는 분기 공시이며 최대 45일 뒤 제출될 수 있습니다.
5%+ major-holding disclosures
- 김철13.69%2026-06-05 · 증감 +0.16%p
- 이명식13.18%2025-07-22 · 증감 0.00%p
- 밸류라인5.03%2026-07-20 · 증감 +5.03%p
Connections
AI-extracted related companies · for reference
Customers
Competitors
Same theme
Recent filings
K-TOP Reits's latest filings on Korea's DART. Open a headline for a reference summary and the original.
Source: DART (Korea electronic disclosure)
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