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[Alpha Biz=(Chicago) Reporter Kim Jisun] NH Investment & Securities lowered its target price of Mirae Asset Securities by 7.1% from KRW 7,000 to KRW 6,500, saying that it is inevitable to recognize valuation losses of various investment assets due to continued economic instability at home and abroad.
The investment opinion has maintained its 'holding'. In the domestic stock market, 'holding', not buying, is accepted as a rather negative investment opinion.
"Investor sentiment has declined due to growing concerns over the soundness of overseas investment assets worth about 4 trillion won. As we are expected to reflect losses when re-evaluating non-value assets from the second half of the year, we have lowered our net asset value per share (BPS) in 2023 and 2024," NH Investment & Securities Co. said in a report on the 18th.
Mirae Asset Securities' consolidated net profit for the third quarter of this year is estimated to fall 6.7% year-on-year to 96.6 billion won, below the consensus.
"We preemptively reflected profits from the valuation of our assets from last year to the first half of this year, but the recovery of the expected value has been delayed," NH Investment & Securities said. "The loss in the valuation of convertible bonds due to KRW 1.7 trillion in overseas commercial real estate exposure and CJ CGV stock prices will be reflected."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
