[Click e-Stock] "Mirae Asset Securities, When Expectations Turn Into Results"

On May 30, Korea Investment & Securities raised its target price for Mirae Asset Securities from 14,000 won to 18,000 won, projecting that the company's controlling net profit will surpass 1 trillion won this year based on improvements in trading and brokerage profits. The investment opinion was maintained as 'Buy'.

As of the first quarter, Mirae Asset Securities holds investment assets worth 9.8 trillion won. Excluding losses from overseas commercial real estate, the company posted approximately 190 billion won in fair value evaluation gains. Baek Doosan, a researcher at Korea Investment & Securities, stated, "Most of these gains appear to come from investments in innovative domestic and global companies in sectors such as space, artificial intelligence, and eco-friendly industries," and added, "The losses related to overseas commercial real estate that occurred last year (about 340 billion won) are also expected to be significantly reduced in the future."

The company is also expected to benefit from the revitalization of the capital market. Baek explained, "Expectations for various government policies, including interest rate cuts, partial easing of tariff uncertainties, supplementary budgets, and capital market activation policies, are leading to an increase in trading volumes," and continued, "The 'Plan to Enhance Corporate Finance Competitiveness in the Securities Industry,' which promotes the licensing of issuance notes and integrated investment accounts (IMA) announced in April, will continue to be pursued by the next administration regardless of the presidential election results. Starting next year, profit generation equivalent to about 0.8 to 1.0 percentage points of the IMA outstanding balance is expected."

The company's unwavering commitment to shareholder returns is also seen as a positive factor. As of the end of June last year, Mirae Asset Securities had 750 million shares outstanding and plans to cancel more than 100 million shares by 2030. Baek noted, "Share buybacks and cancellations of around 200 billion won per year are expected," and projected, "The company's treasury shares, including preferred shares, which amounted to 140 million shares (19% of total shares outstanding) in the first quarter of this year, will be reduced to 60 million shares, or 9% of total shares outstanding, by the end of 2030."