Mirae Asset Securities: Turnover supports earnings; investment gains provide further upside potential

研报英文原文证据摘录

Mirae Asset Securities: Turnover supports earnings; investment gains provide further upside potential

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Mirae Asset Securities

Turnover supports earnings; investment

gains provide further upside potential

Reiterate Rating: BUY | PO: 80,000 KRW | Price: 74,300 KRW

Earnings beat from stronger trading and lower SG&A 13 May 2026

Mirae reported 1Q26 net profit of W996bn, up 73% QoQ/285% YoY, exceeding our Equity

estimate of W888bn but below consensus of W1,031bn. The beat compared with our

estimates was mainly driven by stronger-than-expected trading income, which increased

Key Changes82% QoQ/24% YoY, supported by expansion of its ETF LP business and favorable flow

trading results. SG&A cost also came in below our expectation, though employee (W) Previous Current

compensation expenses were booked during the quarter. While other revenue lines 2026E EPS 3,690.31 4,261.45

generally came in line with our estimates, IB commission income was weaker due to 2027E EPS 3,028.06 3,058.24

lower deal activity, while fee expenses rose on higher retail-related costs. We think 2028E EPS 3,239.96 3,249.21

sustained market turnover could continue to provide a solid earnings floor for Mirae,

while recognition of valuation gains from investment in innovative companies could Jisun Lee >>

Research Analyst

offer additional earnings upside. We reiterate Buy. Merrill Lynch (Seoul)

+82 2 3707 0418

Investment gains remain supportive jisun.lee@bofa.com

Mirae reported unrealized valuation gains of W804bn in 1Q26, which included

investments from innovative companies and other real estate and alternative investment

assets. Management also stated that there are plans to build a local securities platform Stock Data