Ask Warren

JONBUR Research · Initiation

Mirae Asset Venture Investment · 100790 · Financials

Mirae Asset Venture Investment: Sharp Price Swings and Improving Earnings, With a Model Estimate Far Below the Share Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

The shares closed at ₩13,100 on 2026-10-26, down 26.4% over one month but up 75.4% over one year, against a 52-week range of ₩7,570 to ₩70,700. Trailing earnings have improved sharply, yet the valuation model's base estimate of ₩4,056 per share sits well below the market price.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data supports an improving earnings picture. Trailing twelve-month operating margin is 25.2% versus 14.6% in 2025, and ROE is 14.2% versus 8.5%. Free cash flow of ₩121.5B and low borrowings of ₩11.8B add to that.

The data does not support a view that the share price is anchored to fundamentals. The price has fallen from a 52-week high of ₩70,700 to ₩13,100, and the model estimate is a fraction of the price. Foreign ownership has halved in 60 days, from 7.9% to 3.8%, and 20-day flows are net negative across foreign, institutional and retail investors. No news headlines are available in the data, so the reasons for the moves cannot be identified.

Business overview

Mirae Asset Venture Investment is a KOSDAQ-listed company in the Financials sector, founded on 1999-06-08 and listed on 2019-03-15. CEO is 김응석. It has 53,120,578 listed shares and a market capitalisation of about ₩695.9B. Revenue was ₩217.0B in 2023, ₩233.9B in 2024 and ₩239.8B in 2025, with trailing revenue of ₩275.3B as of H1 2026. The data does not break revenue down by activity.

Financial analysis

These figures come from filed financial statements. Revenue grew 7.8% in 2024 and 2.6% in 2025. Operating income was ₩31.9B in 2023, ₩15.7B in 2024 and ₩35.1B in 2025, with net income of ₩24.5B, ₩8.6B and ₩30.9B. Operating margin was 14.7%, 6.7% and 14.6%, so earnings have been uneven year to year.

Trailing twelve months to H1 2026: revenue ₩275.3B, operating income ₩69.5B (25.2% margin), net income ₩54.0B (19.6% margin), ROE 14.2%. Liabilities to equity is 177.5%. Cash is ₩81.6B against borrowings of ₩11.8B. Free cash flow is ₩121.5B.

Valuation

At the current price the P/E is 12.9, P/B 1.7, P/S 2.5 and EV/EBITDA 8.8, with enterprise value of about ₩626.1B. The dividend yield is 0.0%. Year-end P/E was 12.5 in 2023, 28.4 in 2024 and 21.4 in 2025; year-end P/B was 0.9, 0.7 and 1.7. Current P/B of 1.7 is at the top of that range.

Listed financial peers trade at lower multiples: Mirae Asset Securities (P/E 3.4, P/B 0.8), NH Investment & Securities (5.4, 0.8), Samsung Securities (4.7, 0.8), KIWOOM Securities (3.2, 0.7) and Samsung Card (7.4, 0.5).

The valuation model uses the excess method (P/B versus ROE) with a 9.6% rate, based on trailing figures to H1 2026. It gives a base estimate of ₩4,056 per share, with bear ₩1,791 and bull ₩7,009. This is a model estimate based on the assumptions shown, not a target. The ₩13,100 share price is above even the bull case.

Catalysts

  • Frequent insider shareholding reports, the latest on 2026-10-23, show ongoing changes in insider holdings.
  • A 5%+ holding report was filed on 2026-09-28, which points to a change in a large shareholder's position.
  • The half-year report for June 2026 was filed on 2026-08-12 and underpins the improved trailing earnings.
  • Foreign ownership fell from 7.9% to 3.8% over 60 days, so any reversal or further decline in foreign flows could matter.
  • The next set of filed financial statements will show whether the trailing margin of 25.2% holds.

Risks

  • The share price is far above the model's bull estimate of ₩7,009, so a large gap between price and modelled value exists.
  • The price fell 26.4% in one month and sits well below the 52-week high of ₩70,700, showing high volatility.
  • Earnings have been uneven, with operating margin dropping to 6.7% in 2024 before recovering, so the trailing 25.2% may not be stable.
  • Net selling over 20 days came from foreign (₩4.5B), retail (₩1.6B) and institutional (₩1.0B) investors, with no group offsetting it.
  • Liabilities to equity of 177.5% and a 0.0% dividend yield mean shareholders currently receive no cash return.

Closing view

The filings show a clear improvement in profitability and cash generation, with low borrowings relative to cash. Against that, the market price is well above the model's range and above peer multiples, and the recent sharp fall and foreign selling show uncertainty. With no news data available, the drivers of the price moves cannot be confirmed. The evidence is mixed: strong recent results, but a valuation that depends on the market continuing to look through the model's assumptions.

Model estimate of fair value

Bear
₩1,791
-86%
Base
₩4,056
-69%
Bull
₩7,009
-46%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the P/B vs ROE (excess return) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026InitiationStart of coverage (reader request)Mirae Asset Venture Investment: Sharp Price Swings and Improving Earnings, With a Model Estimate Far Below the Share Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information