Mirae Asset Securities Seen Leading Q1 Operating Profit on SpaceX Valuation Gain

A shift may be underway in the race for the top spot between Korea Investment & Securities and Mirae Asset Securities. After trailing for three straight years, Mirae Asset is increasingly seen as likely to reclaim the lead in first-quarter operating profit, helped by gains tied to its SpaceX investment. Attention is also turning to whether the annual ranking could flip as well. 

Financial data provider FnGuide said Monday that Mirae Asset’s consolidated first-quarter operating profit consensus stands at 1.3572 trillion won. If realized, it would mark the first time a Korean securities firm posts more than 1 trillion won in quarterly operating profit. Rival Korea Investment & Securities is estimated at about 822 billion won for the quarter.

Mirae Asset’s strong quarter reflects a large valuation gain related to its SpaceX stake. The firm invested more than 400 billion won in SpaceX through vehicles including Mirae Asset AI Investment Association No. 1 and Space Investment Association No. 1. The company’s valuation is said to have surged ahead of a planned initial public offering. SpaceX, a U.S. private aerospace company founded by Elon Musk, is pursuing an IPO with June as its target. 
 
The outlook has fueled talk of a reversal in the full-year standings. The market expects Mirae Asset to post 3.1240 trillion won in operating profit for the year, topping the 2.8116 trillion won forecast for Korea Investment & Securities. Last year, Korea Investment & Securities ranked No. 1 with 2.3427 trillion won, ahead of Mirae Asset’s 1.9150 trillion won.
 
The two firms’ rivalry has swung in recent years. In 2022, Mirae Asset led with 835.5 billion won in operating profit versus Korea Investment & Securities’ 400.1 billion won, but the positions later reversed. In 2023, Korea Investment & Securities posted 664.0 billion won, beating Mirae Asset’s 521.0 billion won, and in 2024 it stayed ahead with 1.2837 trillion won versus 1.1590 trillion won. Last year, Korea Investment & Securities widened the gap by becoming the industry’s first to surpass 2 trillion won in operating profit.
 
The swings reflect differences in business structure. Mirae Asset has strengthened fee income from wealth management and brokerage while expanding overseas investing, a mix that can produce stable fees but also sharper earnings moves depending on global investment results. Korea Investment & Securities, by contrast, is stronger in investment banking and trading, using large-scale funding such as short-term notes to generate returns even during volatile markets. 

Analysts cite the global investment environment and whether the firms can establish their IMA businesses as key variables in the fight for the top spot. “Korea Investment & Securities has held the No. 1 position in recent years, but its IB- and trading-centered structure can lead to earnings swings with market volatility,” a financial investment industry official said. “With a strong market, Mirae Asset’s brokerage and WM-based income is relatively stable, and if investment returns support it, it can regain the lead at any time.”