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Photo: Mirae Asset Securities |
[Alpha Biz= Ellie Kim] Mirae Asset Securities became the first domestic brokerage to surpass KRW 1 trillion in quarterly net profit, but analysts remain cautious, citing valuation 부담.
On May 13, Korea Investment & Securities maintained a “Neutral” rating on Mirae Asset, noting that while earnings are strong, its projected 2026 price-to-book ratio (PBR) of 2.78 times reflects continued valuation 부담.
Mirae Asset reported first-quarter net profit of KRW 1.0019 trillion, up 288% year-on-year, with controlling shareholder net profit reaching KRW 996.2 billion—32% above estimates. Gains from fair value assessment of investment assets and strong growth in brokerage, wealth management (WM), and proprietary trading drove the results.
Despite positive earnings momentum supported by diversified investments across listed and unlisted companies, analysts emphasized the need to further enhance valuation through portfolio diversification, improved investment exit cycles, and expansion of global investment platforms spanning traditional and digital assets.
Mirae Asset and Korea Investment & Securities continue to compete closely as the top two brokerages in Korea, frequently alternating record earnings. However, several firms—including SK Securities, iM Securities, LS Securities, and Daol Investment & Securities—also issued “Neutral” ratings on Mirae Asset on the same day, highlighting similar concerns over valuation levels.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
