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STOCK COMPARISON

Maybank Securities (Thailand) PCL vs Huatai Securities Co: Fair Value & Quality

Both stocks run through our valuation models. Here is how Maybank Securities (Thailand) PCL (MST) and Huatai Securities Co (601688) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees Huatai Securities Co as the more attractively valued of the two: Maybank Securities (Thailand) PCL trades at THB 8.30 versus a fair value of THB 6.57 (-21%), while Huatai Securities Co trades at ¥19.28 versus ¥30.85 (+60%).
Maybank Securities (Thailand) PCL
MST.BK · THB · Financials
-21%
upside to fair value
overvalued
PriceTHB 8.30
Fair ValueTHB 6.57
Quality59/100
Huatai Securities Co
601688.SHG · CNY · Financials
+60%
upside to fair value
undervalued
Price¥19.28
Fair Value¥30.85
Quality57/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Maybank Securities (Thailand) PCLHuatai Securities Co
Valuation
16.7×P/E (TTM)11.1×
2.28×P/S (TTM)4.72×
0.88×P/B0.90×
14.6×EV/EBITDA
0.49×PEG
3.8%Dividend yield2.7%
THB 0.29Dividend per share¥0.55
Profitability
13%Net margin44%
33%Operating margin58%
5%Return on equity9%
1%Return on assets2%
Growth
16%Revenue growth (YoY)45%
-6.6%Avg. growth/yr (3Y)2.7%
-5.3%Avg. growth/yr (5Y)-0.1%
Balance & size
0.99×Debt / equity0.31×
$135MMarket cap$28B
weakGrowth qualityweak

Huatai Securities Co leads: 3 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Maybank Securities (Thailand) PCLof which business quality 55 · market factors 77 Huatai Securities Coof which business quality 53 · market factors 47
ProfitabilityMargins and returns on capital today
24
34
Quality GrowthAre margins and returns improving?
44
37
CashflowEarnings quality: real cash, not paper profit
100
0
Fin. StrengthBalance sheet, leverage, solvency risk
15
100
InvestmentDisciplined investing over empire-building
99
70
Low VolatilityCalm price path (market factor)
100
76
MomentumPrice trend over the last 3–12 months (market factor)
64
39
52W MomentumDistance to the 52-week high (market factor)
76
30
Net IssuanceBuybacks instead of dilution
68
91

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Maybank Securities (Thailand) PCL

DCF ModelsTHB 35.80
Earnings-BasedTHB 6.40
Dividend DiscountTHB 6.37
MultiplesTHB 5.80
Asset-BasedTHB 5.96
Growth DCFTHB 149
Economic ProfitTHB 6.71

8 of 12 models see the stock below the current price.

Huatai Securities Co

Multiples¥19.49
Asset-Based¥15.36

1 of 2 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Maybank Securities (Thailand) PCL
Bear THB 4.93Fair Value THB 6.57Bull THB 8.21
THB 8.30 = current price (white tick)
Huatai Securities Co
Bear ¥23.14Fair Value ¥30.85Bull ¥38.57
¥19.28 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Maybank Securities (Thailand) PCL · Financials

Quality score59 · above median
Fair value upside-21% · below median

Huatai Securities Co · Financials

Quality score57 · above median
Fair value upside+60% · Top 25%

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees Huatai Securities Co as the more attractively valued of the two: Maybank Securities (Thailand) PCL trades at THB 8.30 versus a fair value of THB 6.57 (-21%), while Huatai Securities Co trades at ¥19.28 versus ¥30.85 (+60%).

Maybank Securities (Thailand) PCL has the higher quality score (59/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.