Blog

DEEP RESEARCH · Mirae Asset Securities Treasury

[Mirae Asset Securities] Treasury Stake Above 20% — A Short Add-On to the Prior Note

A brief follow-up to "ROE improvement via overseas business," adding the 23% treasury stake as an extra investment angle.

Date: 2025-04-22 · Short add-on memo · Source: Naver Blog original post

Not a buy/sell recommendation. This is research; investment decisions are your own responsibility.

0. Bottom line first

Mirae Asset Securities holds more than 23% of its own shares as treasury. On top of the previous "ROE improvement via overseas business" thesis (and a 52-week-high move), this memo adds the treasury stake as an extra cushion and a powerful shareholder-return option.

Thumbnail of the prior post 'Mirae Asset Securities — ROE improvement via overseas business; 52-week high'
Prior analysis: [Mirae Asset Securities] ROE Improvement via Overseas Business — 52-Week High

1. What this memo adds

Official fact: Quoting the post: "Adding the 23% treasury stake point to the existing analysis." This complements the earlier write-up (April 2025, at the 52-week-high) which did not cover the treasury holding.

2. Why a 23% treasury stake matters

EPS

Lower effective float

Treasury shares carry no voting rights and no dividends. With 23% of shares in treasury, EPS calculated on actually circulating shares is materially higher than reported EPS.

ROE

Capital efficiency

Buybacks shrink equity and lift ROE — a direct enhancer for the overseas-driven ROE story.

Cancellation

Shareholder-return option

23% can be cancelled, exchanged into convertible bonds, or used as M&A consideration. As Korea pushes for buyback cancellation, this is a valuable option.

Defense

Control / price defense

Useful as anti-takeover ammunition and as buying power during sharp drawdowns.

Stacked Mirae Asset Securities thesisTreasury sits on top of the prior thesis
OverseasROE driver
52-week highMomentum
Treasury 23%+EPS + cancellation option
Payout policyIndustry & policy tailwind
Treasury reduces "real" market cap: actual cap minus treasury at market value is smaller than the screen number.

3. Items still to verify

  • Exact as-of date of the 23% figure — match it against the official treasury-share disclosure.
  • Cancellation intent — is it merely held, or is a cancellation schedule announced?
  • Underlying ROE — stripped of treasury effects, how strong is the core ROE supported by overseas operations?

Sources

Naver original