[미래에셋 실적과 질문들]③ 시세 없는 13조 자산서 1조 평가익

Mirae Asset Securities' first-quarter earnings relied heavily on 1 trillion won in valuation gains from 13 trillion won worth of unlisted assets, raising critical questions about the reliability of internal fair value models when market prices don't exist. Level 3 fair value measurements can swing profits by up to 500 billion won based on different assumptions—a significant concern for earnings quality given that SpaceX alone was valued at 4.1 times its original investment cost. This highlights the urgent need for stronger audit scrutiny and disclosure transparency in how financial firms justify internal valuations for non-traded assets.