[Click e-Stock] "Mirae Asset Securities to Benefit from SpaceX IPO... Target Price Maintained"

On December 23, Hana Securities maintained its "Buy" investment rating and target price of 26,000 won for Mirae Asset Securities, stating, "Regardless of whether SpaceX, the American private space development company, goes public, there is potential for additional valuation gains related to the investment." The previous day's closing price was 23,000 won.

On this day, Ko Yeonsu, a researcher at Hana Securities, commented, "If SpaceX goes public, the biggest beneficiary will be Mirae Asset Securities, not Mirae Asset Venture Investment."

Over the past five days, as Mirae Asset Group's investment in SpaceX has come into the spotlight, the share price of Mirae Asset Venture Investment, a venture capital (VC) affiliate, has surged by approximately 114%.

Regarding this, Ko explained, "Mirae Asset Group invested in SpaceX twice in 2022, with the group's total investment estimated at 278 million dollars (approximately 400 billion won). Of this, Mirae Asset Securities contributed about 200 billion won, and when including investments from overseas subsidiaries, Mirae Asset Securities is estimated to account for more than half of the total SpaceX investment. Meanwhile, Mirae Asset Venture Investment's contribution is minimal, at around 4 billion won."

As of August, SpaceX's corporate value was estimated at approximately 440 billion dollars, and this month, figures as high as 800 billion dollars have been mentioned. Ko noted, "There is a high possibility of additional valuation gains related to SpaceX, regardless of whether it goes public," adding, "Investments in other innovative companies, such as artificial intelligence (AI) and space, are also expected to drive performance growth over the medium to long term."

There remains a burden from impairment losses related to overseas commercial real estate (CRE). He stated, "The overseas CRE exposure stands at about 1.2 trillion won," adding, "However, within investment assets, the proportion of corporate finance and alternative investments has improved from a previous 50:50 ratio to about 80:20 recently. Since innovative companies account for more than half of corporate finance, there is still room for performance improvement."