...Strengths: Weaknesses: + Strong market position as Korea's largest securities company. + Diversified revenue structure compared with domestic peers'. + Sizable exposure to securities' lending and borrowing business in the U.S. may weigh on funding and liquidity. + Exposure to market risks, including interest rate risk, given large holdings of fixed-income securities. Outlook The stable outlook on Mirae Asset Securities Co. Ltd. (MAS) reflects our view that the company's capitalization will improve, and that it can sustain adequate levels for the next 18-24 months. This is based on our expectation that MAS will likely sustain moderate investment asset growth and the pressure on market risk will ease as global financial market volatility recedes. We also expect the company's profitability to remain largely stable after modest improvement in 2020. We believe MAS will prioritize strengthening risk management and maintaining stable funding and liquidity profiles, rather than pursue excessive...
