KOSPIFinance006800

Mirae Asset Securities

₩31,600▼ 1.71%2026-10-02 close

Market Cap

₩17.2T

Turnover

₩20B

Volume

640,000 shares

Shares out.

540M

PER

5.3×

PBR

1.2×

EPS

₩6,502

Dividend Yield

0.87%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close

Report overview

Record Profits, With SpaceX Volatility as the Swing Factor

Brokerage, wealth management and overseas subsidiaries expanded together to lift quarterly profit to a record high, but with a large share of earnings tied to the mark-to-market value of its SpaceX stake, quarter-to-quarter volatility itself is the key thing to watch.

1
In Q2 2026 consolidated revenue was KRW 21.63tn, operating profit KRW 2.49tn and net profit attributable to owners KRW 1.896tn, the largest quarterly figures on record (per confirmed filings).
2
Per a Money Today report in August 2026, a KRW 1.6242tn valuation gain tied to SpaceX accounted for roughly 64% of Q2 pre-tax profit; excluding it, pre-tax profit was KRW 904.4bn.
3
According to the company's August 12, 2026 release, Q2 brokerage fee income was KRW 625.6bn, financial product sales fees KRW 131.0bn and overseas subsidiaries' pre-tax profit about KRW 609.1bn, showing core operations also improved.
4
Shareholder returns continue, with a KRW 300bn buyback approved in June 2026 and about KRW 502.4bn of shares cancelled in July; whether legacy merger treasury shares are also retired is a market focus.
5
On the other side, a fall in the SpaceX share price has raised the prospect of a large Q3 2026 valuation loss, and reports noted many brokers cut their target prices after the Q2 results.

Business structure

Mirae Asset Securities is a full-service securities firm built around wealth management and pensions, brokerage, investment banking, trading, principal investment and overseas subsidiaries.

Per the company's August 12, 2026 release, Q2 2026 brokerage fee income rose 36% quarter on quarter to KRW 625.6bn, while financial product sales fees hit a record KRW 131.0bn, above Q1's KRW 112.5bn.

The same release stated total domestic and overseas client assets reached KRW 784tn at end-Q2, up KRW 124tn from Q1, with pension assets passing KRW 80tn as of end-June.

Trading and other financial income rose 107% quarter on quarter to KRW 836.9bn and IB fee income rose 65% to KRW 42.8bn, so segment magnitudes differ but the direction was broadly one of improvement.

Overseas operations posted about KRW 609.1bn in Q2 pre-tax profit, with the US at 37%, Hong Kong 35%, London 18% and India 5%, lifting the overseas contribution to consolidated pre-tax profit to about 24%, six percentage points higher than the prior quarter, according to the company.

Its principal investment book, per Q1 2026 conference call materials, has been reshaped into roughly KRW 6tn of innovation-company assets and about KRW 2tn of alternative assets such as real estate and infrastructure, with the SpaceX investment cost cited at around KRW 800bn on a combined domestic and overseas basis.

Domestically the firm competes on capital and platform strength with Korea Investment & Securities, NH Investment & Securities, Samsung Securities, KB Securities and Kiwoom Securities, and a Money Today report in August 2026 said it took the industry's top spot on cumulative first-half net profit.

Structurally, brokerage tracks market turnover while trading and principal investment track asset prices, so quarterly swings in revenue and profit are far wider than at a typical manufacturer.

Earnings trend

Quarterly revenue · Operating profit

₩7.7T₩500.4B25Q2₩6.7T₩222.8B25Q3₩8.9T₩845.7B25Q4₩14.4T₩1.4T26Q1₩21.6T₩2.5T26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩19.2T₩835.6B2022₩20.4T₩521B2023₩22.2T₩1.2T2024₩29.3T₩1.9T2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.7T	₩500.4B	6.5%
2025Q3	₩6.7T	₩222.8B	3.3%
2025Q4	₩8.9T	₩845.7B	9.5%
2026Q1	₩14.4T	₩1.4T	9.5%
2026Q2	₩21.6T	₩2.5T	11.5%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩19.2T	₩835.6B	₩685.9B	4.4%	6.2%	863.6%
2023	₩20.4T	₩521B	₩327B	2.6%	3.0%	1040.5%
2024	₩22.2T	₩1.2T	₩921.6B	5.3%	7.6%	1018.6%
2025	₩29.3T	₩1.9T	₩1.6T	6.5%	11.8%	1015.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

The annual trajectory shows a clear recovery. Revenue grew from KRW 19.161tn in 2022 to KRW 20.359tn in 2023, KRW 22.242tn in 2024 and KRW 29.283tn in 2025, while operating profit expanded from KRW 521.0bn in 2023 to KRW 1.188tn in 2024 and KRW 1.915tn in 2025.

The operating margin bottomed at 4.4% in 2022 and 2.6% in 2023 before improving to 5.3% in 2024 and 6.5% in 2025, and net profit attributable to owners rose from KRW 327.0bn in 2023 to KRW 1.5695tn in 2025. The quarterly path is steeper still.

From KRW 6.672tn of revenue and KRW 222.8bn of operating profit in Q3 2025 (a 3.3% margin), the figures rose for four straight quarters to KRW 8.863tn and KRW 845.7bn in Q4 2025, KRW 14.429tn and KRW 1.375tn in Q1 2026, and KRW 21.631tn and KRW 2.490tn in Q2 2026.

The Q2 2026 operating margin of roughly 11.5% far exceeded the 6.5% full-year 2025 level, reflecting both higher fee income on rising market turnover and an accounting structure in which valuation gains flow straight through the income statement.

Indeed, per a Money Today report in August 2026, of the KRW 2.5287tn in Q2 pre-tax profit, KRW 1.6242tn (about 64%) came from SpaceX-related valuation gains, and pre-tax profit excluding that item was KRW 904.4bn, more than double the KRW 415.9bn of Q1.

In other words the result combines genuinely improved core earnings power with a large single-asset valuation gain, and separating the two matters.

On the balance sheet, equity stood at KRW 13.478tn at end-2025 with a debt-to-equity ratio of 1015.0%, a level that reflects securities-industry accounting in which client deposits and borrowings sit in liabilities.

Operating cash flow was negative at KRW -4.078tn in 2023, KRW -10.250tn in 2024 and KRW -6.861tn in 2025, again because changes in financial assets are classified as operating activities, so it cannot be read the way a manufacturer's cash generation would be.

Industry analysis

Korea's brokerage industry has been passing through an unusual boom in 2026, as surging market turnover met rising risk-asset prices.

In a May 2026 second-half industry outlook, Shinhan Securities set a H2 2026 KOSPI band of 7,000-9,300 points and a base-case average daily turnover of KRW 113.1tn including ETFs, describing the sector as having entered a structural earnings-growth cycle.

The same material noted average daily turnover rose from KRW 84.4tn in April 2026 to KRW 143.5tn in May, illustrating the intensity of the cycle.

That said, the KOSPI is heavily weighted toward large semiconductor names, so index levels and turnover swing with a single sector's fortunes, and commentary through H2 2026 has flagged wider volatility.

In retirement pensions, Shinhan Securities calculated that securities firms' share of reserves among financial institutions rose from 20% in 2019 to 26.5% in 2025, which supports structural growth in wealth management but also invites tougher competition as new providers enter.

Regulation is another variable: authorities tightened rules on single-stock leveraged and inverse ETFs from July 31, 2026, which can affect turnover-driven revenue.

On competitive positioning, the company ranks near the top on capital base and overseas network, and an overseas profit contribution that has climbed into the 20% range differentiates it among large domestic peers.

Conversely, its sizeable principal investment book means earnings swings can be wider than peers' when asset prices fall.

Outlook

On confirmed facts, the strategic axis is a global platform and overseas retail expansion.

The company launched MAPS, a global investment platform covering both traditional and digital assets, in Hong Kong in June 2026, and said on August 12, 2026 that it plans phased expansion to markets such as the US and Singapore alongside an inbound distribution platform letting global investors buy Korean stocks and Mirae Asset ETFs directly.

On its Q1 2026 conference call, management said a US brokerage acquisition was in final stages and that it would communicate once the deal was confirmed.

According to an Investing.com summary of the Q2 2026 call, the company gave no quantitative guidance and set 2027 goals including AI-driven wealth management expansion, a global platform rollout and security token offerings.

On shareholder returns, the three-year policy disclosed in February 2024 keeps a commitment to return at least 35% of adjusted net profit through 2026, while its value-up plan targets annual cancellation of at least 15 million common and 1 million second preferred shares through this year, plus more than 100 million shares over 2027-2030.

On the other hand, the second-half profit path hinges heavily on the value of the SpaceX stake.

Kiwoom Securities analyst Ahn Young-jun said in August 2026 that the SpaceX share price had fallen about 22% from end-Q2 and that he expects roughly KRW 1tn of valuation losses in Q3, while SK Securities estimated in an August 13, 2026 report that each USD 1 move in the SpaceX price shifts the related valuation gain by about KRW 29bn.

The next few quarters therefore require watching both the trend in core fees and overseas recurring profit and the sign of valuation gains or losses.

Valuation

PER

5.3×

PBR

1.2×

ROE

26.9%

EPS

₩6,502

BPS

₩29,484

Dividend per share

₩300

Because trailing four-quarter profit has expanded to the largest scale in the company's history, its earnings-based multiple screens below the range in which the brokerage sector has historically traded.

The structural caveat is that a large part of that profit came from SpaceX valuation gains, so the denominator of the multiple can shift materially with the next quarter's results.

Against book value the shares trade above net asset value per share, and it is worth noting that the same price yields a different multiple depending on whether internally calculated or Korea Exchange book value is used.

Given that the sector has traditionally traded below one times book, the current multiple sits above the industry's long-run average; SK Securities said in a July 2026 report that the price-to-book burden had eased versus the start of the year after the share price correction.

On distributions, far more capital has been directed to buybacks and cancellations than to cash dividends, so the dividend yield alone does not capture the payout picture and cancellation volumes should be read alongside it.

In the same report SK Securities noted that because most of the valuation gains are unrealised, the predictability of this year's cash dividend has fallen relative to the past.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04

Bull factors

Core earnings improved even excluding valuation gains

Per a Money Today report in August 2026, Q2 2026 pre-tax profit excluding the SpaceX valuation gain was KRW 904.4bn, more than double Q1's KRW 415.9bn. On company figures, Q2 brokerage fee income rose 36% quarter on quarter to KRW 625.6bn and financial product sales fees hit a record KRW 131.0bn.

Client assets reached KRW 784tn at end-Q2 and pension assets passed KRW 80tn, indicating the fee base itself is widening. Confirmed filings also show the operating margin improving from 2.6% in 2023 to 6.5% in 2025, so the profit structure was recovering before the current cycle.

Overseas subsidiaries now contribute over 20% of profit

The company said Q2 2026 pre-tax profit at overseas subsidiaries was about KRW 609.1bn, spread across hubs including the US, Hong Kong, London and India, lifting their share of consolidated pre-tax profit to roughly 24%, up six percentage points quarter on quarter.

It also disclosed plans to extend MAPS, the global investment platform launched in Hong Kong in June 2026, to markets such as the US and Singapore in stages.

On the Q1 2026 conference call management said a US brokerage acquisition was in its final stages, with prior deals for eTrading in Indonesia and Sharekhan in India cited as precedents. The core of this case is a widening set of revenue streams not solely dependent on domestic market turnover.

Buyback and cancellation volumes have scaled up

On June 17, 2026 the board approved a KRW 300bn buyback comprising KRW 200bn of common shares, KRW 10bn of first preferred and KRW 90bn of second preferred stock, roughly three times the previous largest programme of KRW 103bn.

On July 23, 2026 it then approved the cancellation of 16,545,829 common and 9,850,467 preferred shares worth KRW 502.36bn. The three-year policy disclosed in February 2024 maintains a commitment to return at least 35% of adjusted net profit through 2026.

In addition, how legacy treasury shares acquired in the KDB Daewoo Securities merger are handled, alongside amended commercial law, is something the market is watching.

Bear factors

Profit swings widely on a single asset's valuation

Per a Money Today report in August 2026, about 64% of Q2 2026 pre-tax profit was a KRW 1.6242tn SpaceX-related valuation gain, computed on the end-June closing price.

Kiwoom Securities analyst Ahn Young-jun said in August 2026 that, given a roughly 22% fall in the SpaceX price from end-Q2, he expects around KRW 1tn of valuation losses in Q3. SK Securities explained in an August 13, 2026 report that it treats earnings volatility driven by one stock's price as a discount factor. In short, the direction of quarterly profit is tied to a variable the company cannot control.

Brokerage results depend on the turnover cycle

Confirmed filings show operating profit of just KRW 222.8bn in Q3 2025 (a 3.3% margin) before expanding to KRW 2.490tn in Q2 2026. That amplitude shows how sensitive the P&L is to market turnover and asset prices.

Shinhan Securities noted in May 2026 that average daily turnover rose from KRW 84.4tn in April to KRW 143.5tn in May; should that measure retrace, fee income would contract with it. Authorities also tightened rules on single-stock leveraged and inverse ETFs from July 31, 2026, a further variable for turnover.

Most broker target prices were cut after the results

In an August 16, 2026 article, Money Today reported that 11 of 14 brokerages cut their target prices after the Q2 results.

SK Securities said on August 13, 2026 that it was lowering its target from KRW 51,000 to KRW 42,000, and Yuanta Securities Korea analyst Woo Do-hyung said the same day that he cut his target from KRW 93,000 to KRW 75,000.

Both maintained their investment ratings but cited reduced expectations for SpaceX valuation gains and earnings volatility as the reason for the cuts. It is worth noting plainly that record results and target-price cuts occurred at the same time.

Risk factors

Market and accounting risk

Investment assets such as SpaceX are classified as financial assets at fair value through profit or loss, so market moves feed straight into earnings.

SK Securities estimated in an August 13, 2026 report that, setting aside currency effects, each USD 1 move in the SpaceX price shifts the valuation gain by about KRW 29bn. The same report noted that because most of the gains are unrealised, the predictability of this year's cash dividend has declined versus the past. In a quarter with valuation losses, both the operating margin and net profit could contract sharply.

Asset quality and capital adequacy

A June 2026 MyDaily report, citing a credit rating review, said the firm held about KRW 13tn of high-risk assets as of end-March 2026 and that total risk exposure had risen with expansion in corporate lending and loan and equity commitments.

The same report noted capital had been built up through retained earnings on improved results and a total of KRW 610bn in subordinated bond issuance.

Confirmed filings put the end-2025 debt-to-equity ratio at 1015.0%, high by nature for the industry, and in a sharp asset-price decline there is persistent scope for loss recognition in alternative investments and corporate credit. Capital adequacy metrics and the trend in high-risk asset balances warrant regular monitoring.

Regulatory and payout policy risk

MyDaily reported in June 2026 that amended commercial law in principle requires treasury shares to be cancelled within one year of acquisition, with an 18-month transition for holdings that predate the law.

The same report explained that cancelling treasury shares acquired in a merger can reduce equity through a decline in deferred tax assets, potentially affecting capital adequacy. Large-scale cancellation therefore brings both a reduction in shares outstanding and a burden on capital.

With the three-year shareholder return policy disclosed in February 2024 ending in 2026, the content of any successor policy is also something to check.

What to watch next

Mid-September 2026
This is the point to check whether the KRW 300bn buyback approved on June 17, 2026 completes within its stated window ending September 17 and how many shares were actually bought. Whether a board resolution to cancel follows completion is the practical gauge of payout execution.
Early November 2026 (scheduled)
Investing.com lists the next results date as November 5, 2026. The key items are the sign and size of SpaceX-related valuation gains or losses in Q3, and how recurring pre-tax profit excluding that item moved versus Q2's KRW 904.4bn.
Q4 2026
Watch for a definitive disclosure on the US brokerage acquisition described as being in final stages on the Q1 2026 conference call, along with its size and structure. Management said it would communicate once the deal was confirmed, so the disclosure and the capital required should be reviewed together.
Q4 2026 to H1 2027
This is the window to see whether a decision is made to cancel treasury shares acquired in past mergers under the amended commercial law transition rules. Alongside the size of any cancellation, how the impact on equity and capital adequacy from lower deferred tax assets is disclosed will be the material to assess.
Around February 2027
With full-year 2026 results finalised, this is when to check the final execution rate of the three-year return policy disclosed in February 2024 (at least 35% of adjusted net profit through 2026) and whether a successor policy is announced. How capital is allocated between cash dividends and cancellations is also worth watching.

Overall view

Mirae Asset Securities' recent results contain two overlapping stories.

On confirmed filings, revenue grew from KRW 19.161tn in 2022 to KRW 29.283tn in 2025 and operating profit from KRW 521.0bn in 2023 to KRW 1.915tn in 2025, lifting the operating margin from 2.6% to 6.5%, while Q2 2026 set quarterly records of KRW 21.631tn in revenue, KRW 2.490tn in operating profit and KRW 1.896tn in net profit attributable to owners.

As the company disclosed, brokerage fees, financial product sales fees, client and pension assets and overseas pre-tax profit all expanded, pointing to a shift in the core business base.

On the other hand, Money Today reported that roughly 64% of Q2 pre-tax profit came from SpaceX-related valuation gains, and Kiwoom Securities and SK Securities cited the SpaceX price decline as of August 2026 in flagging the prospect of large Q3 valuation losses and the burden of earnings volatility.

On shareholder returns, a KRW 300bn buyback approval in June 2026 was followed by about KRW 502.4bn of cancellations in July, with the treatment of merger treasury shares still an open variable.

What ultimately needs monitoring is the trend in recurring profit excluding valuation items, whether the turnover cycle persists, and the actual pace of execution on the overseas platform and acquisition strategy. This report is for information purposes and contains no buy or sell opinion or target price.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.