Mirae Asset Securities to See Additional SpaceX Valuation Gains in Q2 [Click e-Jongmok]

Additional KRW 1.3 Trillion in Gains
Kiwoom Securities Raises Target Price from 75,000 Won to 90,000 Won

On May 14, Kiwoom Securities maintained its "Buy" investment rating on Mirae Asset Securities and raised its target price from 75,000 won to 90,000 won.

Ahn Youngjun, a researcher at Kiwoom Securities, stated, "The future increase in SpaceX's corporate value will serve as an additional driver for earnings growth, while the expansion of overseas business and the development of an integrated cryptocurrency trading platform are expected to act as new growth engines going forward."

Researcher Ahn noted that Mirae Asset Securities reflected approximately 804 billion won in quarterly valuation gains related to unlisted innovative companies. He projected that if SpaceX lists at a corporate value of 1.75 trillion dollars (about 2,602.95 trillion won) in the second quarter, an additional valuation gain of 1.3 trillion won would be generated. Taking this into account, he estimated the current value of the SpaceX stake held by the company at 3.3 trillion won.

He also positively evaluated the increase in profits from overseas subsidiaries. Researcher Ahn said, "The pre-tax profit of overseas subsidiaries was 243.2 billion won in the first quarter, with developed markets and emerging markets recording 192.4 billion won and 50.8 billion won, respectively, representing year-on-year increases of 123% and 60%," adding, "Valuation gains on investment assets appear to be a key factor, and the company is preparing to acquire a U.S. securities firm and planning to launch Hong Kong MTS in June, continuing various global initiatives."

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