NH Investment & Securities said on the 7th that Mirae Asset Securities proved it can generate additional returns by leveraging global investment competitiveness on top of the stock market boom. It said the high valuation is thus justified. It maintained a Buy rating and a target price of 110,000 won. Mirae Asset Securities' previous closing price was 83,800 won.
A day earlier, on the 6th, an interview with Park Hyun-joo, chairman of Mirae Asset Group, conveyed news that the company is pursuing mergers and acquisitions (M&A) of a U.S. securities firm. Investor sentiment improved significantly as a result.
Yoon Yu-dong, an analyst at NH Investment & Securities, said, "It is presumed to be one of the three to four global big deals within six months that were flagged in October last year, and the mention of Robinhood as a competitor suggests the goal is to expand brokerage market share."
Mirae Asset Securities pursued the acquisition of India's Sharekhan securities firm for about 580 billion won in 2024 and the acquisition of Indonesia's eTrading securities firm in 2013, so if a deal is actually struck, the business is expected to settle in stably.
In the advanced markets of the United States, London and Hong Kong, Mirae Asset Securities focuses on the exchange-traded fund (ETF) liquidity provider (LP) business, while in the emerging markets of India, Indonesia and Vietnam, it is concentrating on brokerage operations.
Yoon said, "In June, in Hong Kong, we plan to launch a mobile trading system (MTS) that can trade traditional assets and digital assets," adding, "This will be a catalyst to expand the business from an institution-centered structure in advanced markets to the retail arena."
On top of that, a unified account for foreigners is also in preparation. Yoon said, "In addition to cooperation with overseas brokers, both approaches—acquiring customers directly through our own overseas MTS—will be considered," adding, "Given our diverse global footholds, we expect differentiated results compared with competitors."