Mirae Asset Securities (DAESEC)
South Korea / Securities
Active
Issuer Summary
Mirae Asset Securities is a market-based financial issuer and one of Korea’s largest securities companies, with deep client assets, WM and pensions, brokerage, and overseas operations. The earnings improvement from 2025 to 1Q 2026 and S&P’s return to a Stable outlook support credit quality, but this is not a bank-type stable credit. Sensitivity remains to repos and short-term funding, proprietary investment, real estate and overseas CRE, and structured products. Detailed investment decisions should distinguish issuer credit from the terms of individual bonds.
Mirae Asset Securities’ current credit quality is appropriately assessed as high for a Korean securities company and as a BBB/Baa2-equivalent market-based financial issuer in the international investment-grade universe. The direction has improved from the weakness seen in 2023-2024, but as of 2026-05-13 it is more stable than improving, with further improvement awaiting confirmation of earnings repeatability and maintenance of capital and liquidity. The probability of a sharp near-term deterioration in credit quality does not appear high at present, but if market shocks, repos and short-term funding, proprietary investment, real estate, and overseas CRE losses occur simultaneously, the credit profile could change quickly through liquidity and capital expectations rather than through earnings alone.
The largest support for the company’s credit quality comes from its franchise, client assets, capital, and market access. The official company profile as of end-December 2025 shows client assets of KRW601.6tn, equity of KRW13.5tn, and total assets of KRW150.3tn. At end-1Q 2026, consolidated equity was KRW14.3tn, brokerage assets were KRW357.6tn, WM product balances were KRW224.0tn, and retirement pensions were KRW42.4tn. The company’s deep client base as a domestic securities company supports normal-time earnings and market access. Net profit of approximately KRW1.57tn in 2025 and approximately KRW1.00tn in 1Q 2026 increases its ability to absorb legacy real estate and alternative investment risks, and is consistent with S&P’s Stable outlook.
However, the constraints on the company’s credit quality are also clear. As a securities company, earnings are affected by market turnover, trading, valuation gains and losses, proprietary investments, structured products, overseas subsidiaries, and client risk appetite. Funding also relies heavily not on bank deposits, but on repos, CP, borrowings, bonds, client deposits, and collateralised transactions. The scale of borrowing liabilities of KRW83.0tn, repo sales of KRW49.6tn, and total assets of KRW169.9tn at end-1Q 2026 indicates business strength in normal conditions, but under stress it becomes a question of rollover, collateral, haircuts, and foreign-currency liquidity.
Issuer Reports
Current public reports for this issuer.