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DEEP RESEARCH · Mirae Asset Securities 1Q25

[Mirae Asset Securities] 1Q25 Results — One-Off vs Structural

Reading the quarter's mark-to-market gains against the structural cards: IMA, overseas subsidiaries, and a 20%+ treasury stake.

Date: 2025-05-16 · 1Q25 earnings memo · Source: Naver Blog original post

Not a buy/sell recommendation. This is research; investment decisions are your own responsibility.
Screenshot of Mirae Asset Securities 1Q25 earnings material
1Q25 earnings screenshot (blog attachment).

0. Bottom line first

Much of the 1Q25 beat comes from one-off mark-to-market gains. The structural story rests on four cards: (1) the planned IMA (Investment Management Account), (2) global WM/pensions/AI, (3) overseas-subsidiary earnings ramp, and (4) the 20%+ treasury stake.

Caution

One-off valuation gains

A significant share of this quarter's beat is one-off valuation income. Strip it out before extrapolating.

Caution

Overseas real-estate risk

Watch for additional impairment on overseas property and whether capital reallocation actually gets executed.

Forward

IMA launch ahead

IMA (Investment Management Account) launch is expected. The author flags it as a large potential market — a substitute for bank deposits.

Forward

Overseas + treasury

Overseas-subsidiary earnings are just starting. With ~20% treasury, EPS and cancellation optionality remain in play.

1. Points of caution

Official facts (verbatim):

  • A significant share of results is based on one-off valuation gains.
  • Watch overseas real-estate loss risk and whether the capital reallocation plan is actually executed.

Interpretation: Valuation gains do not necessarily repeat next quarter. Strip one-offs to see the normalized core (brokerage/WM/trading) trend. Given Mirae's overseas property exposure, follow-on impairments and capital reallocation decisions are decisive variables for upcoming P&L.

2. Forward points

Official facts (verbatim):

  • The IMA (Investment Management Account) is set to launch — expected to strengthen WM competitiveness. The author notes: "IMA is expected to substitute bank-deposit assets, making it a large market."
  • Global WM, pensions, and AI service upgrades are also presented as strategic directions.
  • Overseas subsidiary earnings are just beginning.
  • Treasury holding ~20%.
Read 1Q25 in two tracksOne-offs vs structural
One-offsValuation gains, overseas RE
IMADeposit-substitute market
Global / Pensions / AICore diversification
Overseas + TreasuryROE / EPS leverage
Separate short-term P&L noise from medium-term structural cards.

3. Link to prior analyses

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

The prior write-up framed ROE improvement via overseas business and the 52-week-high momentum, and the 23% treasury memo stacked EPS/cancellation optionality on top. This 1Q25 memo locks in the items to verify before judging the underlying trend.

4. Next-quarter checklist

  • Share of 1Q25 OP from one-off valuation gains — confirm via IR/annual report one-off items.
  • Overseas property balance and P&L moves — watch for further impairments and execution of capital reallocation.
  • IMA approval/launch schedule and initial fundraising size — test the deposit-substitute hypothesis.
  • Quarterly trend of global WM/overseas subsidiaries — rising contribution curve.
  • Any treasury-share cancellation announcement — use of the 23%+ stake.

Sources

Naver original