Maybank Securities (Thailand) Public Company (MST) Fair Value & Analysis
Financial Services · TH · Market cap 4.5B THB
Fair value as of: Jul 12, 2026
From 12 valuation models · updated 29 days ago
Share price +5.7% over the past month.
A solid business, but screening 21% overvalued on our models.
What matters now
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range 6.33 THB – 10.55 THB · fair‑value band 4.93 THB – 8.21 THB · the 8.30 THB price screens above the 6.57 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
Maybank Securities (Thailand) Public Company (MST) currently trades at 8.30 THB, while our model-based Fair Value estimate is 6.57 THB, implying the stock looks roughly 20.8% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Maybank Securities (Thailand) Public Company generated revenue of 2.0B THB at a net margin of 13.4%. Revenue grew 15.7% year over year. It earns a return on equity of 5.1%. Net debt stands at 5.5B THB. Fundamentals as of Jul 12, 2026
Our scenario range runs from 4.93 THB (bear case) to 8.21 THB (bull case); at 8.30 THB, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 57% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at -21%, MST screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 12 models by family
Widest divergence: Growth DCF (148.95 THB) versus Earnings-Based (3.24 THB). Highest evidence: Growth DCF (80).
Notify me when MST reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 77
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Maybank Securities (Thailand) Public Company Limited provides securities trading and investment advice services to individual and institutional customers in Thailand. It operates through two segments, Securities Business and Investment Banking.
Full company description
Maybank Securities (Thailand) Public Company Limited provides securities trading and investment advice services to individual and institutional customers in Thailand. It operates through two segments, Securities Business and Investment Banking. The company also offers investment products, including stocks, securities borrowing and lending, fixed income, structured notes, depositary receipts (DR) investment, derivative warrants (DW), mutual fund, offshore trading investment, TFEX, single stock futures block trade, and investment and private wealth advisory. In addition, it provides equity capital market services; financial advisory, such as mergers and acquisition, independent financial advisory for various transactions, debt and business restructuring, and other financial advisory services, as well as foreign loans; and arranges financing solutions through the issuance of debentures, and credit ratings advisory, including environmental, social, and governance (ESG) bonds. The company was formerly known as Maybank Kim Eng Securities (Thailand) Public Company Limited and changed its name to Maybank Securities (Thailand) Public Company Limited in November 2021. Maybank Securities (Thailand) Public Company Limited was founded in 1990 and is based in Bangkok, Thailand. Maybank Securities (Thailand) Public Company Limited operates as a subsidiary of Maybank IBG Holdings Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Maybank Securities (Thailand) Public Company reported revenue of 2.2B THB in FY2025 versus 3.5B THB in FY2021, a compound −10.5%/yr. Reported net income was 221M THB in FY2025, compounding −26.6%/yr from FY2021.
of which total revenue −3.2 pp · buybacks/dilution −0.1 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
MST screens 21% overvalued. Compare with Huatai Securities Co →
Peer Group
Capital Markets · 424 stocks
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.
Valuation Multiples vs Capital Markets median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Huatai Securities Co HTSC | $0.2700 | $0.0400 | -85% |
| Mirae Asset Securities Co 006800 | 38,750 KRW | 31,645 KRW | -18% |
| Meritz Financial Group 138040 | 117,000 KRW | 87,706 KRW | -25% |
| Korea Investment Holdings 071050 | 239,000 KRW | 318,825 KRW | +33% |
| NH Investment & Securities Co 005940 | 31,000 KRW | 37,133 KRW | +20% |
| Samsung Securities Co 016360 | 107,700 KRW | 126,487 KRW | +17% |
| Motilal Oswal Financial Services Limited MOTILALOFS | ₹967.00 | ₹299.65 | -69% |
| Kiwoom Securities Co 039490 | 322,000 KRW | 358,091 KRW | +11% |
| SSI Securities Corporation SSI | 24,250 VND | 28,021 VND | +16% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 120.22 ARS | -62% |
Compare Maybank Securities (Thailand) Public Company with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Financial Services stocks →
Frequently asked questions
Is Maybank Securities (Thailand) Public Company (MST) overvalued or undervalued?
What is the fair value of MST?
What is the quality score of MST?
What is the revenue of Maybank Securities (Thailand) Public Company (MST)?
What is the net profit margin of MST?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Maybank Securities (Thailand) Public Company and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.