Mirae Asset Securities hit 52-week high on SpaceX hopes

Mirae Asset Securities CI

Shares of Mirae Asset Securities Co. jumped nearly 9 percent on Monday morning, reaching a fresh 52-week high, driven by expectations of valuation gains from its stake in U.S. space company Space Exploration Technologies Corp. (SpaceX) and stronger-than-expected earnings.

Mirae Asset Securities shares were trading at 29,500 won ($20.22) as of 9:39 a.m. on Monday, up 8.86 percent from the previous close. The stock briefly touched 30,400 won earlier.

Brokerage firms raised expectations for Mirae Asset Securities.

Hana Securities Co. raised its target price on the stock to 36,000 won from 26,000 won, saying valuation gains from unlisted investments such as SpaceX are likely to be increasingly reflected in earnings.

“Mirae Asset Securities held about 10 trillion won ($7.5 billion) in investment assets as of the third quarter last year,” said

Ko Yeon-soo, an analyst from Hana Securities. “Profit estimates for this and next year have been lifted to 1.6 trillion won and 1.5 trillion won, respectively.”

Kiwoom Securities Co. also raised its target price to 37,000 won, forecasting fourth-quarter net profit of 411 billion won, about 34 percent above market expectations, citing strong brokerage earnings and rising investment asset values.

It said potential gains from SpaceX could exceed 600 billion won based on a recently discussed enterprise valuation of around $800 billion.

Korean nuclear power stocks also gained on Monday, tracking gains in U.S. peers after Meta Platforms Inc. signed large-scale nuclear power supply deals to support its AI data centers.

Doosan Enerbility climbed 6.18 percent to 89,400 won, while BHI Co., KEPCO Engineering & Construction Company Inc., and Hanshin Machinery Co. also posted gains.

In the U.S., nuclear-related stocks, including Oklo Inc. and Vistra Energy Corp., surged last week on the news.

Shares of Mirae Asset Securities finished at 28,650 won, up 5.72 percent from the previous close. Doosan Enerbility ended at 88,100 won, BHI at 56,100 won, and KEPCO Engineering & Construction at 102,500 won.