BNK Investment & Securities said on the 7th it is raising its investment opinion on Mirae Asset Securities to "Buy," noting a sharp share-price drop despite record earnings and expanding competitiveness within the sector. It kept the target price at 68,000 won. The previous day's closing price of Mirae Asset Securities was 44,750 won.
Kim In, an analyst at BNK Investment & Securities, said of Mirae Asset Securities, "On the back of a 77.6% year-over-year realization in controlling interest net profit in 2025, the average daily trading value this year is expected to increase sharply," adding, "Improvements in interest income and a significant expansion in valuation gains from overseas investment securities such as SpaceX are expected."
In particular, record earnings of 3.5 trillion won, up 122.8% from a year earlier, were expected to continue.
Ryu, the analyst, said, "While a discount is inevitable for the securities sector given profit uncertainty and high volatility, profits have leveled up thanks to government policy support, revitalization of domestic stocks, and increased participation by individual investors," adding, "On top of that, the now-visible overseas investment performance and strong competitiveness in the expanding pension market are also positive."
BNK Investment & Securities projected controlling interest net profit of 1.6214 trillion won for Mirae Asset Securities in the second quarter this year. That would be up 302% from a year earlier, a quarterly record.
It analyzed that fee income will jump and interest income will also have a favorable effect. Although the market interest rate uptrend continued from the previous quarter, it said bond profits and losses will improve slightly as the pace of increases narrows, and valuation gains on stocks and non-marketable assets will improve amid a bullish stock market.
It was also projected that product and other gains and losses will increase sharply, assuming 1.7 trillion won in valuation gains from the SpaceX merger.
Second-quarter fee income was expected to be 461.7 billion won, up 44.1% from a year earlier. This reflects an anticipated average daily trading value of 90 trillion won in the second quarter this year, with brokerage commissions surging 150.3% from a year earlier.
Second-quarter interest income this year was projected at 168.7 billion won, up 38.4% from a year earlier.
Ryu, the analyst, said, "With the share-price decline, Mirae Asset Securities is currently at a price-to-book ratio (PBR) of about 1.6 times," adding, "Considering the possibility of canceling treasury shares in the second half and a total shareholder return ratio of 35%, we judge the upside potential for the share price to be high and raise our investment opinion to Buy."