Hana Securities has sharply raised its target price for Mirae Asset Securities, highlighting growing expectations that the company’s investment in SpaceX and expanding global platform business could drive a major revaluation of its corporate value.
On Tuesday, Hana Securities maintained its “Buy” rating on Mirae Asset Securities and increased its target price from 81,000 won to 95,000 won.
Ko Yeon-soo, an analyst at Hana Securities, said in a report that an additional valuation gain of approximately 1.3 trillion won could be recognized if SpaceX proceeds with its expected listing in June.
“Reflecting this potential gain, Mirae Asset Securities’ annual controlling net profit could reach around 2.7 trillion won, representing growth of more than 68% year-on-year,” Ko said.
Mirae Asset Securities currently holds roughly 6 trillion won in investments tied to innovative companies, 2 trillion won in alternative investments, and another 4 trillion won in investment banking and trading-related assets.
Among its innovation-focused investments, listed companies account for approximately 1 trillion won, while unlisted companies represent around 5 trillion won, according to market estimates.
The brokerage firm also reported record-breaking first-quarter earnings earlier this week. Mirae Asset Securities posted consolidated net profit of 1.0019 trillion won for the first quarter, becoming the first South Korean securities firm to surpass 1 trillion won in quarterly net income.
Net profit surged 288% from a year earlier, while operating profit jumped 297% to 1.375 trillion won. Revenue climbed 138% year-on-year to 14.43 trillion won.
Despite the strong performance, earnings came in slightly below market expectations. Ko noted that first-quarter controlling shareholder net profit totaled 996.2 billion won, roughly 7% below consensus forecasts.
Still, he described the profitability trend as “very positive,” citing an annualized return on equity (ROE) of 29.1%.
Hana Securities said the market is increasingly focusing on Mirae Asset Securities’ long-term global expansion strategy rather than short-term earnings fluctuations.
The company is currently preparing to launch a global mobile trading system (MTS) platform in Hong Kong that integrates digital assets with traditional financial products. Industry observers believe the initiative could accelerate the firm’s transition from a conventional brokerage house into a broader global asset platform company.
Expectations for overseas expansion are also growing. Hana Securities suggested that Mirae Asset Securities could pursue overseas securities firm acquisitions as early as the first half of the year, potentially strengthening its international business competitiveness.
“Beyond SpaceX, the company still holds substantial value in its unlisted assets,” Ko said. “Considering its global platform strategy and overseas expansion plans, there remains significant room for further valuation re-rating.”
