[Special Stock] Mirae Asset Securities Q1 Earnings Meet Market Expectations... "Current Stock Price Undervalued Area"

The stock price of Mirae Asset Securities is on the rise. The announcement of net profit in line with market expectations for the first quarter of this year and interpretations that the current stock price is in an undervalued range appear to be influencing the stock price.

As of 11:40 AM on the 10th, Mirae Asset Securities is trading at 8,060 KRW, up 6.75% from the previous day.

Mirae Asset Securities recorded a net profit of 164.7 billion KRW in the first quarter of this year, meeting market expectations. This reflects a recovery from the poor performance of the previous quarter due to improved commission income and operating profit. Bae-Seung Jeon, a researcher at Ebest Investment & Securities, explained, "Although the corporate finance (IB) revenue contraction phase continued due to the strengthened risk management stance, brokerage revenue increased significantly compared to the previous quarter thanks to improved market conditions, and asset management income also improved. The total commission income reached 257 billion KRW, the highest level since the first quarter of 2022."

He added, "From the second quarter onward, revenue flows linked to market conditions are expected, with the recognition of losses on investment assets including overseas real estate likely to act as a factor of earnings volatility. The expected net profit for this year is around 670 billion KRW, with a high profit growth rate anticipated." He further noted, "The current price-to-book ratio (PBR) below 0.4 times is considered an undervalued range relative to expected profitability."