Mirae Asset Securities Posts Record Quarterly Profit on $4.8B SpaceX Valuation Gain
South Korea's securities giant reported Q2 net income of KRW 1.9 trillion, up 90% quarter-on-quarter, as exceptional SpaceX gains bolstered already-strong core operations.
Record Quarterly Performance
Mirae Asset Securities Co., Ltd. reported its highest-ever quarterly earnings for the second quarter of 2026, with consolidated net income reaching KRW 1,905.2 billion, up 90% from the previous quarter (earnings call, 2026-08-12). Pretax income totaled KRW 2,528.7 billion, rising 86% quarter-on-quarter.
The standout driver was a valuation gain of approximately KRW 1,624.2 billion related to the firm's SpaceX investment. Excluding this exceptional item, Q2 consolidated pretax income stood at KRW 904.4 billion, according to CEO Sun Ho Heo (earnings call, 2026-08-12).
For the first half of 2026, pretax income reached KRW 3,886.3 billion and net income KRW 2,907.2 billion, representing year-on-year increases of 349% and 338%, respectively. SpaceX-related gains accounted for KRW 2,565.9 billion in the half-year period, leaving underlying first-half pretax income at KRW 1,320.4 billion (earnings call, 2026-08-12).
Core Business Strength
Beyond the SpaceX windfall, Mirae Asset demonstrated robust operational performance across its core divisions. "Even [excluding] the contribution from SpaceX, our underlying earnings generating capacity has improved significantly," Heo told investors, attributing the gains to wealth management, pensions, and digital capabilities (earnings call, 2026-08-12).
Brokerage fee income surged 36% quarter-on-quarter to KRW 625.6 billion, marking another all-time high. Domestic equity fee income rose 31% to KRW 445.3 billion, while overseas equity fee income jumped 52% to KRW 180.3 billion (earnings call, 2026-08-12).
Combined client assets reached KRW 784 trillion at the end of June—comprising KRW 693 trillion domestic and KRW 91 trillion overseas—representing 19% quarterly growth and a 30% increase from year-end 2025 (earnings call, 2026-08-12). Pension assets exceeded KRW 80 trillion in the first half, up KRW 23 trillion from the prior year-end.
SpaceX Investment Thesis
Defending the firm's substantial exposure to the Elon Musk-led aerospace company, Heo emphasized a long-term conviction. "Our investment thesis was never based on SpaceX simply as a space launch company. We saw SpaceX as a global digital infra platform, connecting space, communications, AI and national security built around Starlink," he said (earnings call, 2026-08-12). The position, first taken in early 2022, has become a significant contributor to returns.
Shareholder Returns and Global Expansion
Mirae Asset completed a KRW 300 billion share buyback in June, including KRW 200 billion in common shares and KRW 100 billion in preferred shares. In July, the firm cancelled approximately 16.55 million common shares, 620,000 first preferred shares, and 9.23 million second preferred shares—treasury stock worth over KRW 500 billion, described as "the largest share cancellation in history" (earnings call, 2026-08-12).
The company is also expanding internationally, having launched its MAP global investment platform in Hong Kong in June, with plans to enter the U.S., Singapore, Japan, and Australia markets.
Consolidated equity stood at KRW 16.2 trillion at quarter-end, with an annualized first-half return on equity of 39.5% (earnings call, 2026-08-12).
This article was generated by MarginX from the earnings call on 2026-08-12. It is not investment advice.