[Click e-Stock] "Mirae Asset Securities to Book 1 Trillion Won in SpaceX Valuation Gains in Q1...Target Price Raised"

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On the 12th, Yuanta Securities raised its target price for Mirae Asset Securities from 48,500 won to 61,500 won, noting that the company's net profit in the fourth quarter of last year exceeded the consensus by 50.8%.

Woo Dohyung, a researcher at Yuanta Securities, said, "Mirae Asset Securities' net profit attributable to controlling shareholders in the fourth quarter of last year was 577.3 billion won, beating the consensus by 50.8%," adding, "Our estimates had reflected valuation gains related to xAI at around 300 billion won, but the earnings announcement showed valuation gains of 500 billion won, leading to an earnings surprise versus consensus."

The researcher said, "xAI was valued at 230 billion dollars this time, which is a 68% increase compared with the previous valuation of 136.8 billion dollars. Excluding the 20 billion dollars of newly raised capital, the effective increase in equity value comes to 46.5%."

He continued, "In the first tender offer on December 1, 2024, SpaceX was valued at 350 billion dollars, and at that time Mirae Asset Securities' book value for its stake is estimated to have been 600 billion won," and added, "This stems from the fact that the 230 billion won that Mirae Asset Securities invested in SpaceX around 2022 appreciated as SpaceX's corporate value rose 2.5 times from 140 billion dollars to 350 billion dollars."

He went on to say, "SpaceX's corporate value is now expected to reach about 1 trillion dollars, higher than the previous 800 billion dollars, following its merger with xAI, and the combined corporate value after the merger with xAI is estimated at around 1.25 trillion dollars," adding, "If SpaceX's value increases 2.9 times from 350 billion dollars to 1 trillion dollars, the book value of SpaceX to be reflected in Mirae Asset Securities' first-quarter results is expected to reach about 1.6 trillion won, with valuation gains approaching 1 trillion won."

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