Kiwoom Securities, Mirae Asset Securities target price ↓… “Additional proof of investment capabilities is needed”

On the 13th, Kiwoom Securities lowered its target stock price for Mirae Asset Securities [006800] from 65,000 won to 53,000 won, saying, "Additional proof of investment capabilities is required." The investment opinion of “buy” was maintained.

Researcher Ahn Young-jun said, “There may be concerns about expanding the business area into the investment industry as investment losses other than SpaceX are higher than expected,” adding, “Proof of future investment capabilities is needed.”

At the same time, he explained that the target price was lowered in consideration of lower performance estimates.

Mirae Asset Securities announced the previous day that the operating loss on a consolidated basis in the third quarter of this year was 502.3 billion won, which was provisionally calculated to have turned into a loss compared to the same period last year (operating profit 1.6223 trillion won).

Sales amounted to 7.5 trillion won, a 7.1% decrease compared to the same period last year. The net loss turned into a deficit of 405.6 billion won, and the pre-tax loss was 520.6 billion won.

Researcher Ahn said, “Investment losses came back like a boomerang due to the sluggish industry,” adding, “In the third quarter, due to the impact of the decline in the stock price of Space

Meanwhile, Mirae Asset Securities also announced a shareholder return policy and a plan to handle merged treasury stocks. In particular, Researcher Ahn explained, "We plan to maintain a shareholder return ratio of over 35%, and we plan to cancel approximately 60% of the 108 million shares of merged treasury stock immediately after next year's general shareholders' meeting and dispose of the remainder in installments over five years to minimize stock price dilution and supply-demand burden."

He explained, “The impact of dilution in the number of shares in circulation when disposing of treasury stocks was reflected (in calculating the target price),” adding, “The cancellation is estimated to be based on the stock price, and the dilution is expected to be less than 2% per year.”

Mirae Asset Securities' current stock price is 21,600 won based on the previous day's closing price.