Mirae Asset Securities: Earnings Surge Meets a Sharp Share Price Pullback

Thesis

The data supports a picture of rapidly improving earnings. Trailing twelve-month net income reached ₩3.8T as of H1 2026, versus ₩1.6T in 2025 and ₩327B in 2023, and ROE rose to 27.0%. The share price has fallen well below its 52-week high of ₩87,800, which is a 67.7% drop from that level, and is now only 43.1% above the 52-week low of ₩19,850. The data does not explain the price drop. One news headline cites an iM Securities estimate of a ₩500B valuation loss on SpaceX from share price and FX effects, but the data gives no further detail. Balance sheet leverage is very high, and free cash flow is negative at ₩13.3T. Investor flow, foreign ownership and short balance data are not available, so positioning cannot be assessed.

Business overview

Mirae Asset Securities is a KOSPI-listed financial company founded on 1970-09-23 and listed on 1975-09-30. It has 570,316,408 listed shares and a market capitalization of about ₩16.2T. The co-CEOs are 김미섭 and 허선호. Revenue grew from ₩20.4T in 2023 to ₩22.2T in 2024 and ₩29.3T in 2025. Peers in the data are NH Investment & Securities (₩8.6T market cap), Samsung Securities (₩7.4T), KIWOOM Securities (₩6.2T), kakaopay (₩5.1T) and Samsung Card (₩4.9T), so Mirae Asset Securities has the largest market cap in this group.

Financial analysis

These figures come from filed financial statements (DART). Revenue rose 9.2% in 2024 and 31.7% in 2025. Operating income grew from ₩521B in 2023 to ₩1.2T in 2024 and ₩1.9T in 2025, with operating margin rising from 2.6% to 5.3% and 6.5%. Net income went from ₩327B to ₩922B and ₩1.6T. ROE climbed from 3.0% to 8.0% and 12.4%. On a trailing basis as of H1 2026, revenue was ₩51.6T, operating income ₩4.9T, net income ₩3.8T, operating margin 9.6%, net margin 7.4% and ROE 27.0%. Liabilities to equity stood at 1,103.7%. Cash was ₩2.8T against borrowings of ₩16.3T. Free cash flow was negative ₩13.3T.

Valuation

The current P/E is 4.3, P/B is 1.0 and P/S is 0.3, with a dividend yield of 1.1%. Enterprise value is about ₩29.7T. At 2025 year-end, P/E was 8.5 and P/B was 1.0, so the P/E is lower now while P/B is unchanged. Earlier year-end multiples are not available. EV/EBITDA is not available. Peer P/E and P/B figures are not available in the data, so a peer comparison of multiples cannot be made.

Catalysts

• A cluster of filings from 2026-10-08 to 2026-10-13 includes securities issuance results reports, prospectuses and shelf registration documents for equity-linked securities and stock warrants, showing ongoing issuance activity.
• The iM Securities comment reported on 2026-10-13 flags an estimated ₩500B valuation loss on SpaceX, which could affect upcoming reported results.
• Next filed financial statements will show whether the H1 2026 trailing profit level of ₩3.8T is sustained.
• Recent share price weakness of 15.1% over one month may draw attention to flow and ownership data, which are not currently available.

Risks

• Liabilities to equity of 1,103.7% indicate very high leverage.
• Free cash flow of negative ₩13.3T and borrowings of ₩16.3T, against cash of ₩2.8T, point to heavy reliance on funding.
• A cited ₩500B valuation loss on SpaceX suggests exposure to investment marks and currency moves.
• The share price is down 29.0% in three months and 67.7% below its 52-week high, showing high volatility.
• Missing data on investor flows, foreign ownership, short balance and peer multiples limits the view of market positioning and relative valuation.

Closing view

The filed numbers show a company with fast-growing revenue and profit, a trailing ROE of 27.0%, and a low P/E of 4.3 with P/B at 1.0. Against that, leverage is very high, free cash flow is deeply negative, and the share price has fallen sharply in recent months for reasons the data does not fully explain. Gaps in flow, ownership and peer valuation data mean the picture is incomplete, and the sustainability of recent earnings is the central open question.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationMirae Asset Securities: Earnings Surge Meets a Sharp Share Price Pullback