SK Securities said on the 21st that while the increase in overseas subsidiaries' results for Mirae Asset Securities is positive, profit volatility could rise depending on SpaceX's share price going forward, which is a burden. It maintained an investment opinion of Neutral (Hold) and set a target price of 69,000 won. The previous day's closing price of Mirae Asset Securities was 62,000 won.
Mirae Asset Securities is a company active in global business. As it deploys about 40% of its equity capital overseas, the key to lifting return on equity (ROE) is improving the profit contribution from overseas subsidiaries.
Mirae Asset Securities' overseas subsidiaries' pre-tax profit increased from 166.1 billion won in 2024 to 498.1 billion won in 2025. Also, backed by large valuation gains in the first quarter of this year, it rose to 243.4 billion won.
It is also positive that an improving trend in overseas subsidiaries' ROE has emerged recently. Last year, overseas subsidiaries' ROE was 8.2%, a sharp improvement from the 2% range in 2024. In the first quarter of this year, ROE climbed to 14%, marking double digits for the first time. This reflects large valuation gains from SpaceX and others.
However, it was noted that after SpaceX's listing, Mirae Asset Securities' profit and loss volatility could also increase depending on SpaceX's share price.
Jang Young-im, an analyst at SK Securities, said, "The first half is favorable as large valuation gains are recognized following the initial public offering (IPO), but from the second half, profit and loss will begin to be materially affected by the share price," adding, "At the current point when we have to look toward the second half, it could be a burden to assign a high valuation."
However, the mid-to-long-term strategy to leap to a global integrated platform—such as the Hong Kong subsidiary's launch of a global mobile trading service (MTS) in June and the push to acquire a U.S. securities firm—was assessed as positive.
Jang said, "In the short term, verification related to capital efficiency—such as strengthening competitiveness in the core business and improving the recurring profit capacity of overseas subsidiaries—will likely continue, but in the mid-to-long term, attention should be paid to the possibility that the results of the global expansion strategy will be gradually reflected."
In terms of shareholder returns, it was also expected that, as in the previous year, cash dividends and share buybacks and cancellations would be accompanied by stock dividends this year. SK Securities projected this year's net profit for Mirae Asset Securities at 2.9 trillion won. Accordingly, it forecast this year's cash payout ratio at 12.5%, up 1.5 percentage points from the previous year.