NH Investment & Securities said on the 5th that for Mirae Asset Securities this year, momentum for shareholder returns, including the retirement of treasury shares already held and an expanded payout ratio, remains intact as it widens its footprint in both traditional finance and digital assets.
At the same time, it raised its target price to 36,000 won from 32,000 won and maintained a buy rating. The previous trading day's closing price of Mirae Asset Securities was 24,650 won.
Last year, Mirae Asset Securities became the industry's second to launch an integrated managed account (IMA), raising 95 billion won. The competition rate was 5 to 1. Researcher Yoon Yu-dong at NH Investment & Securities said, "Rather than expanding the amount raised, the plan is to focus on delivering high returns through stable management," adding, "There are some differences from the product of Korea Investment & Securities Co., but from the customer's perspective now, they are hard to feel, and at actual maturity, each brokerage's capabilities will show depending on the rate of return."
Mirae Asset Securities' consolidated controlling net profit in the fourth quarter last year is estimated at 375.6 billion won, up 59.9% from a year earlier. This reflects a boom in the securities business environment combined with the growth of innovative companies it had already invested in.
Mirae Asset Securities' investment in SpaceX is known to be in the mid-200 billion won range. Yoon said, "We have already reflected multiple rounds of valuation gains, and in the fourth quarter, a re-rating will be carried out reflecting the initial public offering (IPO) issue," adding, "There may be some losses in overseas real estate, but they are at a level that can be fully offset."
It is also positive that the annual shareholder return target is 35% or more. Mirae Asset Securities in November last year completed new treasury share purchases and cancellations worth about 80 billion won. Yoon said, "To meet the separate taxation conditions for dividend income, we are considering a payout ratio of 25% or higher, and for the remainder, the retirement of treasury shares already held."
He added, "The cash dividend amount is scheduled to be announced in February, and since only treasury share cancellations had been highlighted so far, a dividend increase will be a surprise."