Mirae Asset Securities (006800.KS) Q1 2026: SpaceX Stake Drives Industry-First ₩1T Quarterly Profit, Up 288%
Korea's largest brokerage by equity delivers its first-ever trillion-won quarter — but unrealized fair-value gains on a single private-market position account for more than half the result, raising fundamental questions about earnings durability.
Source: Quarterly Report (58th Fiscal Year, Q1 ended March 31, 2026) — Filed with DART | Consolidated Financial Statements | Unit: ₩ billions
Mirae Asset Securities reported consolidated net income of ₩1.002 trillion for Q1 2026 (January–March), a 287.9% surge from ₩258.2 billion in Q1 2025 and the first trillion-won quarterly result recorded by any Korean brokerage in a single reporting period. Operating profit came in at ₩1.375 trillion, up 297.2% year-on-year — a figure equal to 72% of the company's entire FY2025 operating profit, compressed into three months. The driver was not an acceleration of fee income or net interest: financial instrument-related gains surged 429.3% to ₩1.548 trillion, and the proprietary investment (PI) and other segment delivered ₩788.7 billion in operating profit against a ₩22.1 billion loss in Q1 2025. Multiple Korean financial media — including the Korea Economic Daily, Seoul Economic Daily, Maeil Business News, and Korea Financial News — identified fair-value appreciation on Mirae Asset's stake in SpaceX, the U.S. private space company, as the central driver of this PI reversal. The quarter crystallizes how a ₩14 trillion equity base, the largest in the Korean brokerage industry, amplifies returns during a bull market and how structurally exposed those returns are to the direction of markets and private-asset valuations.
This report is based on Mirae Asset Securities' 58th Fiscal Year Q1 quarterly report (consolidated financial statements, as of March 31, 2026). Quarter-over-quarter comparisons reference Q1 of the 57th Fiscal Year; annual trend comparisons reference FY2025 (57th) and FY2024 (56th). Given the nature of securities businesses, conventional manufacturing metrics such as operating margin and debt-to-equity carry limited interpretive value; the analysis focuses on earnings composition, capital adequacy, and assets under management.
