SpaceX stake expected to add W900b as brokerage eyes first W1tr quarterly profit
Mirae Asset Securities is poised to post a record quarterly profit, fueled by valuation gains from its early investment in SpaceX, in a result that could reshape the pecking order among South Korea’s brokerages.
The firm is forecast to report first-quarter operating profit of about 1.2 trillion won ($815 million), according to market consensus compiled by FnGuide. Some estimates suggest earnings could exceed that level by more than 20 percent.
If confirmed, it would mark the first time a domestic brokerage has posted quarterly operating profit above 1 trillion won.
A key driver is Mirae Asset Securities’ stake in companies led by Elon Musk. The firm said at its annual general meeting on March 24 that it had invested a combined 610 billion won in ventures including SpaceX, xAI and X.
With SpaceX reportedly targeting an initial public offering as early as June, valuation gains on these holdings are expected to contribute roughly 900 billion won to first-quarter earnings, with the bulk tied to SpaceX, analysts said.
The brokerage has also benefited from a rally in South Korean equities, which boosted fee income. Commission revenue is projected to rise about 37 percent from the previous quarter to 456.2 billion won, supported by higher trading volumes.
Gains from proprietary trading are estimated at 218.7 billion won, up 96.6 percent on-quarter. Mirae Asset Securities has also expanded its Integrated Management Account business, launching additional tranches after initial issuances sold out, with plans to raise around 600 billion won through the product in 2026.
The strong performance is expected to shift industry rankings. Korea Investment & Securities is forecast to post first-quarter operating profit of about 822 billion won, below Mirae Asset Securities’ projected earnings.
For the full year, Mirae Asset Securities is expected to post operating profit of 3.1 trillion won, compared with 2.8 trillion won for Korea Investment & Securities, according to market estimates.
The two firms have alternated as the industry leader in recent years. Korea Investment & Securities led in 2024, becoming the first domestic brokerage to exceed 2 trillion won in annual operating profit.
Analysts say differences in business models could shape future performance. Mirae Asset Securities has greater exposure to brokerage, wealth management and overseas investments, while Korea Investment & Securities relies more heavily on investment banking and proprietary trading.
Market watchers expect Mirae Asset Securities to regain the top spot if equity markets remain strong, noting that Korea Investment & Securities’ earnings tend to be more sensitive to market conditions due to its heavier reliance on investment banking and trading.
ch0221@heraldcorp.com
