Mirae Asset Securities미래에셋증권

Mirae Asset Securities trades at a low valuation after a sharp share price fall, while the filings point to heavy borrowing and negative free cash flow.

Mirae Asset Securities is a Korean investment firm with a global network across 11 regions. Trailing results to H1 2026 show revenue of ₩51.6T, operating income of ₩4.9T and net income of ₩3.8T, a clear step up from 2023 and 2024. The share price is down 21.3% over one month and 33.2% over three months, and the stock sits far below its 52-week high of ₩87,800.

What stands out

• Filed trailing figures show a 9.6% operating margin and a 27% ROE, well above the 2025 full-year levels of 6.5% and 12.4%.
• Valuation is low at a P/E of 3.6 and P/B of 0.8, in line with most listed Korean securities peers, while kakaopay trades at a P/E of 55.2.
• Borrowings of ₩16.3T against cash of ₩2.8T, and a liabilities-to-equity ratio of 1,103.7%, mark a highly leveraged balance sheet.
• Trailing free cash flow is negative at ₩-13.3T, and the filings do not explain the drivers in the data provided.
• Foreign ownership rose from 9.9% to 11.8% over about 60 days, while institutions were net sellers over the last 20 days.

What to watch

• The next filed results and whether the strong H1 2026 profitability holds, since the data does not include forward forecasts.
• The many prospectus and shelf registration filings dated 16 to 21 October 2026, which point to new securities issuance.
• News on a labour dispute over a regulator inspection, and a reported ₩500B valuation loss tied to its SpaceX holding, both named in the headlines.