[Click e-Stock] "Mirae Asset Securities Expected to Exceed Q2 Earnings Expectations"

On June 11, Korea Investment & Securities stated that they expect Mirae Asset Securities’ second quarter net profit attributable to controlling shareholders to reach 1.2 trillion won, surpassing the consensus (the average forecast by securities firms) by 21%.

Baek Doosan, a researcher at Korea Investment & Securities, explained, “This represents an 86% upward revision from the previous estimate. The reason is that, with SpaceX scheduled to go public on June 12, it has been confirmed that related valuation gains will be recognized in the second quarter.” He added, “As of the end of the first quarter, the pre-performance fee balance related to SpaceX is estimated at 2.9 trillion won. Assuming SpaceX’s share price remains at the IPO price level by the end of June, the pre-tax valuation gain from SpaceX to be recognized in the second quarter is estimated at 1 trillion won after deducting performance fees.”

On a separate net income basis, brokerage commissions are expected to reach 549.7 billion won, up 20% from the previous quarter. Baek said, “Domestic stock transactions increased by 23%, and overseas stock transactions resumed growth after two quarters. Trading profit is estimated at 357.4 billion won, down 12% from the previous quarter, while investment profit is expected to remain solid. However, distribution and dividend income will decline due to seasonality.”

The strong performance of wealth management (WM) fees is also noteworthy. Baek noted, “Thanks to the robust stock market, sales commissions and management fees related to discretionary and fund products are steadily increasing across the industry. In addition, trust fees—mainly from retirement pensions—are on the rise, which is impressive. WM fees are expected to reach 128.9 billion won, up 15% quarter-on-quarter and 70% year-on-year.”

The investment opinion was maintained at ‘neutral.’ Baek said, “Key investment asset fair value gains and losses are a mix of recurring profit strength and one-off factors. Therefore, there is a need to apply a certain discount to the 2026 expected return on equity (ROE) of 20.9%, and the projected 2026 price-to-book ratio (PBR) of 1.84 times was also taken into account. However, it is positive that, with enhanced channel competitiveness, the entrusted assets of financial products and stocks—including domestic and overseas pension assets—are expanding rapidly, leading to an upward trend in recurring earnings.”

This content was produced with the assistance of AI translation services.