This article first appeared on GuruFocus .
Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Mirae Asset Securities Co Ltd ( XKRX:006800 ) reported a significant increase in consolidated pre-tax income and net income, both reaching all-time highs with a 229% and 228% year-over-year growth, respectively.
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The company's overseas subsidiaries achieved their highest-ever performance with an annualized ROE of 14% on a post-tax basis.
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Fair value gains from principal investments amounted to approximately 804 billion won, driven by substantial returns from SpaceX-related investments.
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The wealth management and pension business saw accelerated growth, with total client assets increasing significantly, contributing to margin expansion and income growth.
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Mirae Asset Securities Co Ltd ( XKRX:006800 ) is expanding its global investment platform, with plans to launch a global MTS in Hong Kong and pursue the acquisition of a U.S. brokerage firm, indicating a strategic move towards a comprehensive global investment platform.
Negative Points
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Despite the overall positive performance, the overseas equity brokerage fee decreased by 11% quarter-on-quarter.
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The company's bond earnings did not meet expectations due to increased hedging and conservative operations amid rising bond yields.
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IB fee revenue decreased by 39% quarter-on-quarter, affected by geopolitical risks and a decline in the supply of new high-quality projects.
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The company faces challenges in entering the U.S. market through the acquisition of a brokerage firm, which is considered a difficult path.
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There is uncertainty regarding the valuation gains from unlisted companies, with some investments like Perplexity not expected to have IPO plans within the year, making it difficult to speculate on potential gains.
Q & A Highlights
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Warning! GuruFocus has detected 3 Warning Signs with XKRX:006800.
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Q: Regarding your investment assets, considering the upcoming IPO for SpaceX, how much earnings do you expect from those investments? Also, how do you plan to differentiate your Integrated MTS services in Hong Kong compared to competitors like IBKR? A: (CFO, Kang Hyok Lee) We expect significant earnings from SpaceX's IPO, potentially around 1.3 trillion won if the IPO succeeds at a 1.75 trillion market cap. Our strategy involves diversifying investments across innovative sectors like AI and semiconductors. For the Integrated MTS, we aim to offer access to Korean stocks and digital assets, improving accessibility for foreign investors and differentiating through our global network and local presence.
Q: Can you provide a breakdown of your investment portfolio assets for listed and unlisted companies, especially in innovative growth industries? A: (CFO, Kang Hyok Lee) Our investment portfolio includes around 6 trillion won in innovative companies, 2 trillion won in alternative assets, and 4 trillion won in IB-related positions. SpaceX is a significant part of our portfolio, with a valuation gain of 3.3 trillion won. We focus on sectors like AI, semiconductors, and aerospace, leveraging our global network for investment opportunities.
Q: Are there any additional expected valuation gains from overseas equity investments besides SpaceX? A: (CFO, Kang Hyok Lee) While SpaceX is a major component, we have a diversified portfolio. We expect valuation gains from unlisted companies like Perplexity, although no IPO is planned this year. The exact size of gains from equity investments in non-listed stocks is difficult to predict at this time.
Q: How do you view the impact of the omnibus account scheme on foreign investment in Korean stocks? A: (CFO, Kang Hyok Lee) The omnibus account scheme will improve accessibility for foreign investors, allowing them to invest in Korean stocks through local brokerage firms without opening separate accounts in Korea. This should lower entry barriers and increase the appeal of the Korean market, especially given the strong sectors like semiconductors and aerospace.
Q: What is your strategy for expanding into the U.S. market, and how do you plan to leverage digital assets? A: (CFO, Kang Hyok Lee) We are pursuing the acquisition of a U.S. brokerage firm to enter the U.S. market, which has a significant AUM. Our strategy involves creating an integrated digital wealth management platform that includes traditional and digital assets, aiming to capture a share of the growing digital asset market.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
