Mirae Asset Securities is a securities company that earns money three ways: commissions from trading equities and bonds on behalf of clients, fees from wealth management and retirement-pension services, and investment gains from directly deploying the country's largest equity capital base of roughly ₩14 trillion. Its stable client fees and its market-sensitive proprietary investment returns tend to move together. In first-quarter results announced in May 2026, the firm became the first in the industry to top ₩1 trillion in quarterly net profit, and in June it approved a ₩300 billion share buyback. Its total shareholder-return ratios of 39.8% and 40.4% in 2024 and 2025 both exceeded its own targets. The key thing to weigh is that the firm's large capital base, its high share of the pension and overseas-equity trading markets, and its steady capital returns give it strong earning power, while one of its biggest profit drivers—proprietary investing and mark-to-market gains—can swing sharply with market conditions.
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 11.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
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
- Mirae Asset Securities makes money from commissions on trading equities and bonds for clients, fees from wealth management (WM) and retirement-pension operations, and gains from proprietary investing (PI), where the firm deploys its own capital.
- Notably, its equity capital of about ₩14 trillion is the largest of any Korean securities company, so the valuation and disposal gains it earns by investing that capital directly in bonds, equities, overseas real estate, and private deals heavily shape its results.
- It also holds a high market share in pension and overseas-equity trading, so its commission income rises as trading activity picks up.
- In short, this is a company where two engines move together: stable fees collected from clients, and investment returns from deploying company capital that swing with the market.
- The latest close is ₩40,250 and the market capitalization is ₩22.5 trillion.
- The price sits below its 20-day line (₩44,985) and below its 60-day line (₩59,436).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 34.8, a neutral reading.
- The one-month change is -21.4%, the three-month change is -34.5%, and the price is -52.0% from its 52-week high.
- Relative strength versus the KOSPI is 74 (on a 1-99 scale that weights recent returns against the index over the past year more heavily, with higher meaning stronger than the market).
- That places it in roughly the top 26% of all stocks by strength.
- Over the past three months it lagged the index by 52.1%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On a 2025 basis, the P/E (how many times a year's net profit the share price represents) is 14.35x and the P/B (how many times the book value of equity) is 1.69x.
- That P/E, however, is based on 2025 net profit of ₩1,569.5 billion, so it does not fully capture the firm's current earning power after it posted net profit of ₩1,001.9 billion in the first quarter of 2026 alone.
- ROE (how much the firm earns in a year on its equity) was 11.8% in 2025 and, annualized from the first quarter, jumped as high as 29%.
- The debt ratio (liabilities relative to equity) of 1,028% looks very high, but this reflects an industry quirk: at securities companies, items such as client deposits and repurchase agreements are booked as liabilities, so it should not be judged by the same yardstick as at an ordinary manufacturer.
- The operating margin of 6.5% and net margin of 5.4% should be read in light of securities-industry accounting, where large brokered and managed trading turnover is reflected in revenue.
- In 2025, revenue rose 31.6% from the prior year, operating profit 61.2%, and net profit 70.3%, marking a third straight year of fast earnings recovery (net profit went from ₩322.4 billion in 2023 to ₩921.6 billion in 2024 to ₩1,569.5 billion in 2025).
- In the first quarter of 2026, cumulative net profit reached ₩1,001.9 billion, up 288% year on year, the first time any securities company in the industry had crossed ₩1 trillion in quarterly net profit.
- That said, a large part of the first-quarter profit came from valuation gains on holdings (non-cash gains that swell when markets are strong), so the same pace is unlikely to repeat all year.
- A more reasonable view of full-year 2026 net profit is not simply the first quarter multiplied by four, but about ₩2.3 trillion—stable commission and management fees plus a conservative allowance for valuation gains.
- On that basis, the price multiple on this year's earnings (about 9.8x) falls well below the 14.35x measured on last year's, so a figure that looks expensive on last year's numbers comes down to roughly in line with peers on this year's earnings.
- Most recent disclosures are prospectuses for issuing equity-linked securities (ELS) and derivative-linked bonds (DLS), routine product-issuance activity in the firm's core business.
- The meaningful developments are separate.
- First, first-quarter results announced in May 2026 crossed ₩1 trillion in quarterly net profit for the first time in the industry.
- Second, on June 17 the firm approved a ₩300 billion share buyback (₩200 billion in common shares and ₩100 billion in other shares) and is reviewing the cancellation of a sizable portion of its treasury stock.
- This extends the policy pledged in 2024 to return at least 35% of adjusted net profit through 2026; in practice, the total shareholder-return ratios of 39.8% in 2024 and 40.4% in 2025 both exceeded that target.
- Third, on June 15 it disclosed the scheduling of an investor briefing (IR).
- The strengths are clear.
- Its equity capital of ₩14 trillion is the largest among Korean securities companies, its share of the pension and overseas-equity trading markets is high, and since 2024 it has kept its total shareholder-return ratio near 40% while steadily buying back and canceling shares.
- Crossing ₩1 trillion in quarterly net profit in the first quarter of 2026 signals this earning power.
- It is true that the P/E on last year's net profit looks high relative to peers, but that is closer to an illusion created at an earnings inflection point, where last year's figures cannot keep up with current results.
- Measured on this year's earnings, the multiple comes down to about the peer average.
- The caution is that one of the biggest profit drivers—proprietary investing (PI) and valuation gains—swings with market conditions.
- When equity and bond markets are strong, profits can rise sharply, but when markets are weak, valuation losses can shrink profit quickly.
- It is best understood as a business that posts strong results when turnover rises and asset markets are firm, and turns more volatile when markets contract.
🔎 Valuation vs peers Fairly valued
Large full-service Korean securities companies with equity capital among the highest in the industry and a similar mix of client trading, wealth management, and proprietary investing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kiwoom | 7.42x | 1.23x | 16.61% |
| Samsung Securities | 9.90x | 1.24x | 12.48% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
On last year's (2025) net profit, the P/E of 14.35x and P/B of 1.69x look higher than peers (Kiwoom 7.2x, Samsung 9.2x, NH 9.6x). But that reflects the limitation of an earnings inflection point, where last year's numbers cannot keep up with current results. The firm earned ₩1 trillion of net profit in the first quarter alone, and measured against this year's estimated earnings (about ₩2.3 trillion, after conservatively stripping out valuation gains), the price multiple falls to about 9.8x, moving into the range of the peer average. Its advantages over peers in capital size, return ratio, and market share justify some premium, but taking together the fact that a major profit driver—proprietary investing (PI) and valuation gains—is highly market-sensitive, the current price is judged to be in a fairly valued range, neither overvalued nor undervalued.
Price history Close · MA20 · MA60
The latest close is ₩40,250 and the market capitalization is ₩22.5 trillion. The price sits below its 20-day moving average (₩44,985) and below its 60-day moving average (₩59,436). 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 34.8, a neutral level. The one-month change is -21.4%, the three-month change is -34.5%, and the position relative to the 52-week high is -52.0%. Relative strength versus the KOSPI is 74 (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 74% of all stocks. Over the past three months it lagged the index by 52.1%. 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 -52.12% / 6M -12.96% / 12M -20.18%
Key metrics vs sector median
Valuation
The P/E of 14.35x is above the sector median (8.97x). The P/B of 1.69x is above the sector median (0.45x). 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 11.8%, above the sector average (6.0%). The operating margin is 6.5%. The debt ratio is 1028.3%, 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 | $13.5B | $14.7B | $19.4B | +31.65% ↑ faster |
| Operating profit | $345.3M | $787.4M | $1.3B | +61.19% ↓ slower |
| Net profit | $213.7M | $610.8M | $1.0B | +70.30% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $13.5B | $14.7B | $19.4B |
| Operating profit | — | — | $345.3M | $787.4M | $1.3B |
| Net profit | — | — | $213.7M | $610.8M | $1.0B |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 11.8% 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
- 2026-05-12EarningsFirst-quarter 2026 consolidated net profit of ₩1,001.9 billion (up 288% year on year) and operating profit of ₩1,375 billion, the first quarterly net profit above ₩1 trillion in the securities industryReaffirms earning power. Because valuation gains make up a large share, however, its full-year repeatability should be viewed conservatively (medium-term). Source
- 2026-06-17FilingApproval of a share buyback (₩300 billion total; ₩200 billion in common shares and ₩100 billion in other shares), with continued shareholder returns and a review of canceling treasury stockA factor that reduces shares outstanding and improves per-share value. Reaffirms commitment to returns (short and medium term). Source
- 2026-06-15IRDisclosure of the scheduling of an investor briefing (IR), giving the firm a venue to explain its results, strategy, and shareholder-return direction directlyStrengthens investor communication. Serves as a channel to confirm guidance on returns and capital policy (short term). Source
- 2026-06-09FilingDisclosure of large-business-group status (annual and first-quarter filing), the group's periodic disclosure of governance and affiliate structureA periodic disclosure related to governance transparency (neutral). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit | 1₩1.9 billion | 1₩1.9 billion | Confirmed | link |
| Size of the approved share buyback | — | ₩300.0 billion | Confirmed | link |
| Estimated full-year 2026 net profit | approx. ₩2.3 trillion(self-estimate) | — | Unverified | — |
| Equity capital size | 13₩303.6 billion | approx. ₩14.1 trillion | Confirmed | link |
Recent filings
- 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.