Master Style PCL (MASTER) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Master Style PCL stock THB 14.44, price THB 8.20, upside +76.1%, quality 51 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
45‑month range 7.00 THB – 67.99 THB · fair‑value band 9.65 THB – 21.74 THB · the 8.20 THB price screens below the 14.44 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Master Style Public Company Limited operates a cosmetic surgery hospital under the Masterpiece Hospital name in Thailand.
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The company offers surgical services, including rhinoplasty; eye, eyebrow, and forehead lifts; vaser liposuction and body transformation; tummy tuck; facial restructuring; eye; and other beauty surgeries.
It also provides hair transplant and treatment services; skin care and laser treatments; after-surgery and hair transplant services, such as after breast augmentation surgery program, after liposuction surgery program, and after hair transplantation program; and after surgery self-care products comprising support bra for breast augmentation surgery, forehead bandage for eyebrow lift surgery, and other products.
In addition, the company engages in the trading of cosmetic products. Master Style Public Company Limited was founded in 2012 and is headquartered in Bangkok, Thailand.
Stock analysis
Master Style PCL (MASTER) currently trades at 8.20 THB, while our model-based Fair Value estimate is 14.44 THB, implying the stock looks roughly 43% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 19.41 THB per share, and 20 of the 26 models we run sit above the 8.20 THB price.
Bear case: the Economic Profit group reads lowest at 6.29 THB, and 6 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 9.65 THB (bear) to 21.74 THB (bull), the price of 8.20 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Master Style PCL reported revenue of 1.9B THB in FY2025 versus 660M THB in FY2021, a compound +30.0%/yr. Reported net income was 198M THB in FY2025, compounding +5.0%/yr from FY2021.
Key figures
Market cap 2.5B THB (≈ $73.7M) Micro · P/E ratio 11.7 · P/S ratio 1.35 · EPS (TTM) 0.7000 THB · Dividend yield 4.9% · Net margin 11.8% · Return on equity 6.3% · Return on assets (EBIT) 21.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −1% fair-value upside, at 76%, MASTER screens cheaper than that median.
Fair Value models
Bear9.65 THBFair Value 14.44 THBBull21.74 THB
Price 8.20 THB · Upside +76.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.2573 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.3%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.7%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+13.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.0%
Dividend (yield on the price)4.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 14%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +4.3% a year for the price and +1.7% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 233 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+76.1% · Top 25%
Profitability
Return on equity (12 months)6.3% · Below median
Return on assets4.6% · Above median
Net margin (12 months)11.8% · Above median
Operating margin (12 months)16.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−7.0% · Bottom 25%
Dividend yield (12 months)4.9% · Top 25%
Balance sheet
Debt / equity0.04× · Lowest 25%
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (12 months)11.7× · Cheapest 25%
P/B0.72× · Cheapest 25%
P/S (12 months)1.35× · Cheaper than median
Price / free cash flow (fiscal year)9.2× · Cheaper than median
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Is Master Style PCL (MASTER) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 14.44 THB versus a price of 8.20 THB, about +76% upside (undervalued).
What is the fair value of MASTER?
Our model-based fair value for Master Style PCL is 14.44 THB (as of Nov 2, 2026), built from audited fundamentals. The current price: 8.20 THB.
What is the quality score of MASTER?
Master Style PCL has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Master Style PCL (MASTER)?
Our model-based price target is the fair value of 14.44 THB (as of Nov 2, 2026) from 26 valuation models. Cautious scenario 9.65 THB, optimistic scenario 21.74 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Master Style PCL stock forecast for 2026?
Our models put fair value at 14.44 THB, about +76% upside versus a price of 8.20 THB (undervalued). Cautious scenario 9.65 THB, optimistic scenario 21.74 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Master Style PCL (MASTER)?
Master Style PCL reported trailing-twelve-month revenue of about 1.8B THB (latest available figure, as of Nov 2, 2026).
Does Master Style PCL pay a dividend?
Master Style PCL currently shows a dividend yield of 4.88% relative to its recent price (as of Nov 2, 2026).
How much is the dividend of Master Style PCL (MASTER) and when is the ex-dividend date?
Master Style PCL pays a dividend of 0.4 THB per share a year, a dividend yield of 4.9%. The last ex-dividend date was Mar 16, 2026. The payout ratio is 57.1% of earnings. Free cash flow covers the dividend 2.23 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Master Style PCL (MASTER)?
For today's price to be fair in a discounted-cash-flow model, Master Style PCL would have to grow free cash flow by +5.5 % per year for five years (discount rate 14.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +25.3 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of MASTER use?
Our models discount Master Style PCL at 14.3 %: a base by market capitalisation (micro), damped by beta 0.92, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Master Style PCL that is +5.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.3 %) and the same formula as our fair value.
How much growth has Master Style PCL (MASTER) delivered so far?
Over the past 5 years revenue at Master Style PCL grew +25.3 % a year. The price currently implies free-cash-flow growth of +5.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Master Style PCL (MASTER) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Master Style PCL (+5.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Master Style PCL (MASTER)?
The free-cash-flow yield on the price is 10.86 %: that much free cash flow Master Style PCL produces per unit of market value. When it exceeds the discount rate of our models (14.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Master Style PCL (MASTER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Master Style PCL it is 14.44 THB per share (as of Nov 2, 2026), against a price of 8.20 THB. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Master Style PCL stock overvalued or undervalued in 2026?
As of Nov 2, 2026, MASTER trades below its calculated fair value: price 8.20 THB, fair value 14.44 THB, a gap of about +76% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MASTER?
No. The price is what the market pays today (8.20 THB); the fair value is what the company's own numbers justify (14.44 THB). For Master Style PCL the two are 6.24 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Master Style PCL worth?
The market values Master Style PCL at about 2.5B THB (market capitalisation, as of Nov 2, 2026). Per share that is 8.20 THB; our models calculate a fair value of 14.44 THB per share.
What do the bullish and bearish scenarios say about MASTER?
Our models span a range for Master Style PCL: cautious scenario 9.65 THB, base 14.44 THB, optimistic 21.74 THB per share (as of Nov 2, 2026, price 8.20 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MASTER?
Master Style PCL trades at a price-to-earnings ratio of 11.7 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 14.44 THB is built from several models across several years. Other multiples: P/B 0.7, P/S 1.4, EV/EBITDA 6.0.
How solid is the balance sheet of Master Style PCL (MASTER)?
Balance-sheet figures for Master Style PCL (as of Nov 2, 2026): return on equity 6.3%, debt of 0.04 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is MASTER from its 52-week high?
Master Style PCL trades at 8.20 THB, about 24% below its 52-week high of 10.83 THB and 17% above the low of 7.00 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 14.44 THB is for.
Which stocks are comparable to Master Style PCL?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Tenet Healthcare Corporation, Dr. Sulaiman Al Habib Medical Services Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Master Style PCL stock attractive at the current price?
The data as of Nov 2, 2026: price 8.20 THB, calculated fair value 14.44 THB (+76%), Quality Score 51/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MASTER calculated?
We run Master Style PCL through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 14.44 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Master Style PCL currently trades 43% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Master Style PCL (MASTER)?
The closing price on Nov 6, 2026 was 8.20 THB. Our model-based fair value is 14.44 THB, about +76% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Master Style PCL right now?
The price is below even our cautious bear case (9.65 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (9.65 THB to 21.74 THB) leaves room in how you read the outcome.
Key figures of Master Style PCL
How large is the market capitalisation of Master Style PCL (MASTER)?
The market capitalisation of Master Style PCL is 2.5B THB (≈ $73.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Master Style PCL (MASTER)?
The price-to-sales ratio of Master Style PCL is 1.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Master Style PCL (MASTER)?
Earnings per share at Master Style PCL are 0.7000 THB (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Master Style PCL (MASTER)?
The dividend yield of Master Style PCL is 4.9% (payout 57.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Master Style PCL (MASTER)?
The net margin of Master Style PCL is 11.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Master Style PCL (MASTER)?
The return on equity (ROE) of Master Style PCL is 6.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Master Style PCL (MASTER)?
On an EBIT basis the return on assets of Master Style PCL is 21.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Master Style PCL (MASTER)?
The operating margin of Master Style PCL is 16.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Master Style PCL (MASTER)?
Revenue at Master Style PCL is growing −7.0% versus a year earlier (3y avg +8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Master Style PCL (MASTER)?
Earnings per share at Master Style PCL are growing +22.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Master Style PCL (MASTER) carry?
The net debt of Master Style PCL is 773M THB (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 2, 2026