Maybank Securities (Thailand) PCL (MST) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Maybank Securities (Thailand) PCL THB 9.56, price THB 7.65, upside +25.0%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 6.33 THB – 10.55 THB · fair‑value band 6.01 THB – 12.89 THB · the 7.65 THB price screens below the 9.56 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Maybank Securities (Thailand) PCL (MST) currently trades at 7.65 THB, while our model-based Fair Value estimate is 9.56 THB, implying the stock looks roughly 20.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 33.72 THB per share, and 4 of the 12 models we run sit above the 7.65 THB price.
Bear case: the Earnings-Based group reads lowest at 3.24 THB, and 8 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 6.01 THB (bear) to 12.89 THB (bull), the price of 7.65 THB sits inside 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 58/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Maybank Securities (Thailand) PCL 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.
Key figures
Market cap 4.5B THB (≈ $134M) · P/E ratio 16.3 · P/S ratio 1.62 · EPS (TTM) 0.4700 THB · Dividend yield 3.8% · Net margin 9.9% · Return on equity 5.1% · Return on assets (EBIT) 3.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 25%, MST screens cheaper than that median.
Fair Value models
Bear 6.01 THBFair Value 9.56 THBBull 12.89 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1317 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.Evidence ⓘEvidence = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.0%
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.
−6.6%
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.
−5.3%
Start year 2020 (pandemic). Over 10 years: −2.3% a year
Revenue growth 21 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.
+21.1%
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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. Basis: EBIT basis. 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.
−8.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.1%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−15% vs −14%, steady
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.32% → 23%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 4.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare Maybank Securities (Thailand) PCL with another stock
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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.Capital Markets · 463 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+25% · Above median
Profitability
Return on equity (TTM)5% · Below median
Return on assets1% · Below median
Net margin (TTM)13% · Below median
Operating margin (TTM)33% · Above median
Growth and dividend
Revenue growth16% · Below median
Dividend yield (TTM)3.8% · Above median
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Maybank Securities (Thailand) PCL (MST) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.56 THB versus a price of 7.65 THB, about +25% upside (undervalued).
What is the fair value of MST?
Our model-based fair value for Maybank Securities (Thailand) PCL is 9.56 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 7.65 THB.
What is the quality score of MST?
Maybank Securities (Thailand) PCL has a Quality Score of 58/100. 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 Maybank Securities (Thailand) PCL (MST)?
Our model-based price target is the fair value of 9.56 THB (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 6.01 THB, optimistic scenario 12.89 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Maybank Securities (Thailand) PCL stock forecast for 2026?
Our models put fair value at 9.56 THB, about +25% upside versus a price of 7.65 THB (undervalued). Cautious scenario 6.01 THB, optimistic scenario 12.89 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Maybank Securities (Thailand) PCL (MST)?
Maybank Securities (Thailand) PCL reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Sep 24, 2026).
Does Maybank Securities (Thailand) PCL pay a dividend?
Maybank Securities (Thailand) PCL currently shows a dividend yield of about 3.79% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Maybank Securities (Thailand) PCL (MST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maybank Securities (Thailand) PCL it is 9.56 THB per share (as of Sep 24, 2026), against a price of 7.65 THB. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Maybank Securities (Thailand) PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MST trades below its calculated fair value: price 7.65 THB, fair value 9.56 THB, a gap of about +25% (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 MST?
No. The price is what the market pays today (7.65 THB); the fair value is what the company's own numbers justify (9.56 THB). For Maybank Securities (Thailand) PCL the two are 1.91 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Maybank Securities (Thailand) PCL worth?
The market values Maybank Securities (Thailand) PCL at about 4.5B THB (market capitalisation, as of Sep 24, 2026). Per share that is 7.65 THB; our models calculate a fair value of 9.56 THB per share.
What do the bullish and bearish scenarios say about MST?
Our models span a range for Maybank Securities (Thailand) PCL: cautious scenario 6.01 THB, base 9.56 THB, optimistic 12.89 THB per share (as of Sep 24, 2026, price 7.65 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MST?
Maybank Securities (Thailand) PCL trades at a price-to-earnings ratio of 16.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.56 THB is built from several models across several years. Other multiples: PEG 0.5, P/B 0.9, P/S 2.3, EV/EBITDA 14.6.
What is the PEG ratio of MST?
The PEG ratio of Maybank Securities (Thailand) PCL is 0.49 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Maybank Securities (Thailand) PCL (MST)?
Balance-sheet figures for Maybank Securities (Thailand) PCL (as of Sep 24, 2026): return on equity 5.1%, debt of 0.99 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MST from its 52-week high?
Maybank Securities (Thailand) PCL trades at 7.65 THB, about 11% below its 52-week high of 8.55 THB and 18% above the low of 6.49 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 9.56 THB is for.
Which stocks are comparable to Maybank Securities (Thailand) PCL?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 Maybank Securities (Thailand) PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 7.65 THB, calculated fair value 9.56 THB (+25%), Quality Score 58/100, from 12 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 MST calculated?
We run Maybank Securities (Thailand) PCL through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.56 THB, 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 14.1 % above its aggregate fair value. Maybank Securities (Thailand) PCL currently trades 25 % 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 Maybank Securities (Thailand) PCL (MST)?
The closing price on Sep 23, 2026 was 7.65 THB. Our model-based fair value is 9.56 THB, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maybank Securities (Thailand) PCL right now?
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (6.01 THB to 12.89 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Maybank Securities (Thailand) PCL (MST) come from?
Earnings per share at Maybank Securities (Thailand) PCL grew −11.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.2 %, EBIT margin −1.4 %, tax rate +0.0 %, residual (interest, one-offs) −7.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Maybank Securities (Thailand) PCL
How large is the market capitalisation of Maybank Securities (Thailand) PCL (MST)?
The market capitalisation of Maybank Securities (Thailand) PCL is 4.5B THB (≈ $134M). 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 Maybank Securities (Thailand) PCL (MST)?
The price-to-sales ratio of Maybank Securities (Thailand) PCL is 1.62 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maybank Securities (Thailand) PCL (MST)?
Earnings per share at Maybank Securities (Thailand) PCL are 0.4700 THB (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Maybank Securities (Thailand) PCL (MST)?
The dividend yield of Maybank Securities (Thailand) PCL is 3.8% (payout 61.7%). 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 Maybank Securities (Thailand) PCL (MST)?
The net margin of Maybank Securities (Thailand) PCL is 9.9% (fiscal year 2025). 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 Maybank Securities (Thailand) PCL (MST)?
The return on equity (ROE) of Maybank Securities (Thailand) PCL is 5.1% (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 Maybank Securities (Thailand) PCL (MST)?
On an EBIT basis the return on assets of Maybank Securities (Thailand) PCL is 3.3% (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 Maybank Securities (Thailand) PCL (MST)?
The operating margin of Maybank Securities (Thailand) PCL is 33.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maybank Securities (Thailand) PCL (MST)?
Revenue at Maybank Securities (Thailand) PCL is growing +15.7% versus a year earlier (3y avg −6.6%). 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 Maybank Securities (Thailand) PCL (MST)?
Earnings per share at Maybank Securities (Thailand) PCL are growing +34.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Maybank Securities (Thailand) PCL (MST) generate?
The free cash flow of Maybank Securities (Thailand) PCL is 5.0B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Maybank Securities (Thailand) PCL (MST) carry?
The net debt of Maybank Securities (Thailand) PCL is 5.5B THB (fiscal year 2025, ≈ 1.1 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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