Mirae Asset Securities combines Korea’s leading capital-markets franchise with recurring pension growth and discounted global optionality, but SpaceX volatility and leverage demand a risk-adjusted stance.
Overview
Mirae Asset Securities is South Korea’s largest capital-markets firm by market capitalization and equity base, combining brokerage, wealth management, pensions, investment banking, principal investment, and proprietary trading across 11 regions. Its competitive model is shifting from transaction-dependent brokerage toward recurring asset-based revenues: client assets reached KRW 784 trillion and pension reserves surpassed KRW 80.8 trillion by June 2026, while M-STOCK remains a leading domestic brokerage platform by monthly active users. Q2 2026 was exceptionally strong, with pre-tax income of KRW 2,528.7 billion, net income of KRW 1,905.2 billion, and normalized pre-tax income of KRW 904.4 billion excluding KRW 1,624.2 billion of SpaceX valuation gains. H1 net income rose 337.8% year over year to KRW 2,907.2 billion, although headline profitability is volatile because SpaceX contributed KRW 2,565.9 billion in H1. **The core valuation is 1.31x P/B and 15.30x normalized P/E**, with the market applying a conglomerate discount to investment gains. Near-term catalysts include SpaceX monetization and hedging, Sharekhan integration, STO infrastructure before 2027, and digital wealth-platform integration. The five-year weighted price target is KRW 47,958 versus a current reference price of KRW 36,100.