Mirae Asset Securities (006800)

Mirae Asset Securities is a global investment specialist providing competitive financial services across diverse business areas, including Wealth Management (WM), Investment Banking (IB), Trading, Global, and Principal Investment (PI). Key products and services include customized wrap accounts (Premier Global Wrap) that assist clients with asset management, the mobile trading system (MTS) 'M-STOCK', ETFs, TDFs, MVP funds, and retirement pension solutions. As of Q1 2025, net operating revenue on a separate basis was diversified, comprising 44% from brokerage, 39% from trading, 11% from WM, 2% from IB, and 4% from interest income/expense. As of the end of February 2026, the company manages approximately KRW 718 trillion in domestic and international client assets (AUM) and holds the top position in the customized wrap account market with a 45% share. Mirae Asset Securities has established the largest global network among domestic firms, operating in 11 regions worldwide. It ensures performance resilience through a multi-engine revenue structure encompassing overseas subsidiaries, IB, trading, asset management, and retail. Furthermore, it leads digital financial innovation, with its mobile trading system (MTS) 'M-STOCK' ranking first in monthly active users, and it enhances customer service quality and efficiency through AI-driven operational innovation. The company also demonstrates strength in the pension market, having been selected as an excellent pension provider for four consecutive years in the 2025 retirement pension provider evaluation. Mirae Asset Securities' revenue increased by 9.25% from KRW 20,359.5 billion in 2023 to KRW 22,242.3 billion in 2024, and showed a continuous growth trend, recording a high growth rate of 31.65% year-over-year to KRW 29,283.0 billion in 2025. Operating income surged by 128.04% from KRW 521.0 billion in 2023 to KRW 1,188.1 billion in 2024, and further increased by 61.19% to KRW 1,915.1 billion in 2025, achieving significant profitability improvement. Net income also increased by 177.76% from KRW 333.2 billion in 2023 to KRW 925.5 billion in 2024, and by 71.03% to KRW 1,582.9 billion in 2025. The operating profit margin has shown a steady improvement trend, rising from 2.56% in 2023 to 6.54% in 2025. In Q4 2025, revenue was KRW 22,610.6 billion and operating income was KRW 1,692.3 billion, driving the annual performance. Mirae Asset Securities' ROE (Return on Equity) consistently increased from 2.96% in 2023 to 7.55% in 2024 and 11.74% in 2025, demonstrating significant improvement in capital efficiency. The debt-to-equity ratio, while high at over 1000% (1037.75% in 2023, 1018.56% in 2024, and 1015.01% in 2025), shows a slight downward trend. A high debt-to-equity ratio can be typical for the securities industry, but continuous management is crucial. According to the provided data, the current ratio is marked with a '-', making analysis difficult. Based on its 'Mirae Asset 3.0' vision, Mirae Asset Securities is accelerating the establishment of a next-generation financial ecosystem that combines traditional and digital assets. It plans to expand the global Web3-based investment environment through a digital wallet integrating tokenization, custody, and payment functions. The company aims to evolve into a global investment platform, transcending the limitations of the domestic market, through expanded investments in global innovative companies and AI-based asset management strategies. Particularly, the appreciation in value of investment assets in global innovative companies such as SpaceX, expansion of overseas businesses, and the establishment of an integrated cryptocurrency trading platform are expected to serve as new growth drivers in the future.