Mirae Asset Securities (006800) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Mirae Asset Securities is a large securities company that makes money from trading commissions on executing stock and bond orders for clients, wealth-management (WM) fees on funds and pensions, and gains and losses on the investment assets it manages on its own account (PI), with a distinctive feature being the large weight of overseas operations in places such as Hong Kong and New York. In the first quarter of 2026 its consolidated net profit topped ₩1 trillion, the first time the industry has posted a quarterly net profit of a full trillion won; of that, about ₩804.0 billion was a one-off gain from the revaluation of investment assets it holds, such as SpaceX, while core earnings from trading commissions, WM and overseas operations also grew. The most notable point is that if strong trading volumes and overseas and WM growth continue, core earnings alone can deliver results above last year's; but investment-asset valuation gains and losses, which swing a large share of net profit, can fluctuate widely with market conditions, so one quarter's results should not simply be annualized.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Securities & Brokerage” (Financials), a type typically read first through P/B.
Earnings in this business swing widely with trading volumes and market conditions, so a single year's profit says little about normal earning power. Equity capital, by contrast, builds up more steadily, which is why price-to-book (P/B) — the share price against net asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 31.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 138.4% higher than a year earlier.
- ROE is 16.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2020-12-31
Largest shareholder Mirae Asset Capital 23.98% (corporate)
Controlling bloc incl. related parties 28.03%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Mirae Asset Securities is a large securities company with among the largest shareholders' equity in Korea. It earns money along three main axes. First, trading commissions received for buying and selling stocks and bonds on clients' behalf. In the first quarter of 2026, these trading commissions were ₩459.4 billion, up 38% from the previous quarter. Second, wealth-management (WM) fees received for managing client assets such as funds, pensions and wraps. Global assets under management (AUM) are about ₩660 trillion. Third, gains and losses on principal investment (PI), where the company invests its own equity directly, including stakes in unlisted companies such as SpaceX. A feature that sets it apart from peers is its overseas weight: separate overseas entities in places such as Hong Kong and New York generate their own profits. In the first quarter of 2026, overseas consolidated pretax profit was ₩243.2 billion, the largest since the company's founding.
The latest close is ₩34,550 and the market capitalization is ₩19.3 trillion. The price sits below its 20-day moving average (₩36,680) and below its 60-day moving average (₩48,452). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.1, a neutral level. The one-month change is -18.9%, the three-month change is -58.8%, and the position relative to the 52-week high is -58.8%. Relative strength versus the KOSPI is 47 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 47% of all stocks. Over the past three months it lagged the index by 48.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Start with the valuation metrics. The P/E ratio (how many times one year's profit the price represents) is 12.32x, and the P/B (how many times book net assets the price represents) is 1.37x. Both are on the high side among comparable large peers, though this P/E is based on last year's (2025) confirmed profit. Profitability is healthy: ROE (how much is earned in a year on equity) is 11.8%, above the peer average, and the annualized first-quarter 2026 ROE jumped to around 29% including the one-off gains. On financial structure, a securities company carries large liabilities by the nature of its business — client deposits, derivative-linked securities issuance and so on — so its debt ratio cannot be judged by the same yardstick as an ordinary manufacturer. The dividend is ₩300 per share, an 11.1% cash payout ratio, so the dividend itself is not large. Instead the company runs shareholder returns in parallel by buying back and canceling its own shares, so judging the scale of returns by dividend yield alone would understate it.
Both the top line and profit have grown quickly. In 2025 revenue rose 31.6% from the prior year, operating profit rose 61.2%, and net profit rose 70.3%. Net profit jumped sharply over two years, from ₩322.4 billion in 2023 to ₩921.6 billion in 2024 and ₩1.5695 trillion in 2025. In the first quarter of 2026, consolidated net profit topped ₩1 trillion for the first time in a quarter (₩1.0019 trillion). The texture of this growth needs to be broken down, however. Of the ₩1 trillion of first-quarter net profit, about ₩804.0 billion was a one-off gain from the fair-value revaluation of investment assets it holds, such as SpaceX. Even stripping that out, core earnings (trading commissions, WM, overseas) are on an improving trend versus last year on the back of rising trading volumes and overseas growth. So this year's core earnings are likely to exceed last year's (₩1.5695 trillion). On that core-earnings basis, the current share price corresponds to a lower multiple than the 14.9x P/E on last year's figures would suggest. In other words, results themselves are improving while the share price has actually come down a lot.
The key events fall into three areas: results, investment assets and shareholder returns. First, in the first-quarter 2026 report the company confirmed the industry's first quarterly net profit of ₩1 trillion (regulatory disclosure). Second, a large part of that profit was a valuation gain on principal-investment stakes including SpaceX. Depending on whether SpaceX goes public, additional valuation gains or losses could arise from the next quarter onward — a variable whose direction is not yet set. Third, the company is strengthening shareholder returns. At its June 2026 board meeting it decided to acquire about ₩200 billion of treasury shares (3,898,635 shares), stating the purpose as 'enhancing shareholder value through share cancellation.' Earlier, in January, it had also decided to acquire about ₩60 billion of treasury shares. This is a pattern of running share cancellation in parallel with the dividend (₩300 per share).
Consider the strengths and the cautions together. There are three strengths. Core earnings power is actually improving: trading commissions, WM and overseas entities all grew evenly, and overseas pretax profit was the largest ever. Shareholder returns are also being strengthened through share cancellation. And the share price has actually pulled back nearly in half right after record results, so on a core-earnings basis the valuation burden has eased. The cautions are just as clear. A substantial part of first-quarter net profit is a one-off, non-cash investment-asset valuation. That portion can turn into a valuation loss if markets wobble. So annualizing first-quarter net profit by simply multiplying by four risks overstating earnings. In sum, in a phase of strong trading volumes and continued overseas and WM growth, the core business alone is strong; but if the market slows or signs of a decline in the value of held investment assets appear, the structure is one where net-profit volatility rises.
🔎 Valuation vs peers Fairly valued
Listed Korean large- and mid-cap securities companies with a similar structure of trading commissions plus WM plus principal investment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NH Investment & Securities | 9.78x | 1.05x | 13.04% |
| Samsung Securities | 8.46x | 1.04x | 14.81% |
| Kiwoom Securities | 6.84x | 1.09x | 19.47% |
| Korea Investment Holdings | 5.63x | 0.89x | 19.41% |
The 14.9x P/E and 1.76x P/B on last year's confirmed profit are high versus peers such as NH Investment & Securities (P/E 10.7, P/B 1.17), Samsung Securities (9.9, 1.23) and Kiwoom Securities (7.8, 1.29). Taken alone, that is a premium. But two things must be considered together. First, this P/E is based on 2025 profit; in 2026, core earnings are likely to exceed last year's on rising trading volumes and overseas and WM growth, so the multiple on a core-earnings basis falls below this. Second, because net profit is heavily mixed with volatile investment-asset valuation gains and losses on names such as SpaceX, it is also excessive to annualize one quarter's profit and call it 'very cheap.' On balance, on a core-earnings basis it sits at a modest premium to peers, and given the largest domestic equity base and overseas platform, it is hard to see it as excessively overvalued.
Price history Close · MA20 · MA60
The latest close is ₩34,550 and the market capitalization is ₩19.3 trillion. The price sits below its 20-day moving average (₩36,680) and below its 60-day moving average (₩48,452). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.1, a neutral level. The one-month change is -18.9%, the three-month change is -58.8%, and the position relative to the 52-week high is -58.8%. Relative strength versus the KOSPI is 47 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 47% of all stocks. Over the past three months it lagged the index by 48.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -47.97% / 6M -32.18% / 12M -6.50%
Key metrics Computed vs sector median
Valuation
The P/E of 12.32x is above the sector median (9.27x). The P/B of 1.37x is above the sector median (0.50x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Profitability & financials
Return on equity (ROE) is 16.4%, above the sector average (7.0%). The operating margin is 7.8%. The debt ratio is 1101.8%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $14.3B | $15.6B | $20.6B | +31.65% ↑ faster |
| Operating profit | $366.0M | $834.6M | $1.3B | +61.19% ↓ slower |
| Net profit | $226.5M | $647.4M | $1.1B | +70.30% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $14.3B | $15.6B | $20.6B |
| Operating profit | — | — | $366.0M | $834.6M | $1.3B |
| Net profit | — | — | $226.5M | $647.4M | $1.1B |
| Revenue CAGR | 2-yr avg 19.93% | ||||
Revenue rose 31.6% year over year (2023 ₩20.4 trillion → 2024 ₩22.2 trillion → 2025 ₩29.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 61.2% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 19.9%. The two-year revenue CAGR is 19.9%. In the most recent quarter (Q1 2026), revenue was 138.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 16.4% points to solid profitability.
- Revenue grew 31.6% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 report filed. Consolidated net profit of ₩1.0019 trillion, the industry's first quarterly net profit above ₩1 trillion, with operating profit of ₩1.3750 trillion (+297% year on year).Near term: record results prove earnings power. That said, a substantial part is an investment-asset valuation gain, so its durability needs separate confirmation. Source
- 2026-06-17FilingTreasury share acquisition decided. 3,898,635 shares (about ₩200 billion), purpose 'enhancing shareholder value through share cancellation.'Medium term: a buyback premised on cancellation is a factor that lifts per-share value and shareholder returns. Source
- 2026-01-27FilingTreasury share acquisition decided. 1,724,138 shares (about ₩60 billion), purpose 'enhancing shareholder value.'Medium term: part of a pattern of stronger shareholder returns running since the start of the year. Source
- 2026-03-16Earnings2025 annual report filed. Consolidated net profit of ₩1.5695 trillion (+70.3% year on year), cash dividend of ₩300 per share, 11.1% cash payout ratio.Medium term: confirms two straight years of surging profit. The dividend is small but runs alongside share cancellation. Source
- 2026-06-15IRNotice of an investor relations (IR) briefing disclosed.Near term: a channel for communicating results and strategy, and a chance to check the status of investment assets and overseas operations. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit | 1,001,943(base quarter net_income) | 1₩1.9 billion | Confirmed | link |
| 2025 consolidated net profit | 1,569,530(base fundamentals net_income) | 1₩569.5 billion | Confirmed | link |
| Cash dividend per share | ₩300(base valuation dps) | ₩300, 11.1% | Confirmed | link |
| Treasury share acquisition size (June 2026) | — | 3,898,635 / approx. ₩200.0 billion / | Confirmed | link |
Recent filings Source
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-09Earnings disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Large-business-group status disclosure (amended)
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.