Mirae Asset Securities (006800) Q4 2024 earnings summary

Executive summary

• Consolidated pre-tax income reached KRW 1,184.5 billion (W1.22tn) and net income KRW 893.7 billion (W925.5bn), up over 217% and 168-178% year-over-year, respectively.

• Consolidated equity capital increased by KRW 1 trillion to KRW 12.2 trillion (W12.1tn) at year-end 2024.

• Overseas stock brokerage revenue now accounts for over 50% of brokerage revenue in 4Q24, with total brokerage revenue up 28% year-over-year.

• Key 2025 strategies focus on global wealth management, pension, AI competitiveness, and shareholder value enhancement.

• Non-recurring gains included KRW 340 billion (W130bn FX gain, W210bn asset sale) from Hong Kong subsidiary capital reduction and office building sale.

Financial highlights

• Net operating revenue increased 39.9% year-over-year to W2.07tn.

• Brokerage revenue rose 28% year-over-year, driven by overseas stock commission growth.

• Wealth management revenue up 15% year-over-year to KRW 281.8 billion, with WM assets up 5% to KRW 190.4 trillion.

• Trading income reached W1.11tn (+32.6% yoy); dividend distribution income W371.8bn (+7% yoy).

• Overseas subsidiaries' annual pre-tax income up 243% year-over-year to KRW 166.1 billion (W166.1bn).

Outlook and guidance

• Targeting annual ROE of 10% for 2025, despite market and political uncertainties.

• Plans to achieve more than KRW 500 billion global pre-tax income by 2030.

• 2025 priorities include enhancing global business profitability, strengthening AI competitiveness, and increasing shareholder returns.

• Focus on global wealth management and pension, with expansion in India and other emerging markets.

• Expecting limited additional losses from overseas commercial real estate in 2025.