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Maybank Securities (Thailand) Public Company (MST) Fair Value & Analysis

Financial Services · TH · Market cap 4.1B THB

MS Maybank Securities (Thailand) Public Company MST · BK
Price7.20 THB
Fair Value6.57 THB
Upside-8.8%
Quality95/100
Evidence: High Range 4.93 THB – 8.21 THB

Fair value as of: Jun 26, 2026

From 25 valuation models · updated 3 days ago

Share price +3.5% over the past month.

Price vs Fair Value (12 months)

7.20 THB 6.20 THB Fair Value 6.57 THB Jun 2025 Jun 2026

12‑month range 6.20 THB – 7.20 THB · fair‑value band 4.93 THB – 8.21 THB · the 7.20 THB price screens above the 6.57 THB fair value. As of Jun 26, 2026.

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Analysis

Maybank Securities (Thailand) Public Company (MST) currently trades at 7.20 THB, while our model-based Fair Value estimate is 6.57 THB — implying the stock looks roughly 8.8% overvalued today. We read business quality at 95/100 (high 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 Jun 26, 2026

Key figures & financial health

Revenue (TTM) 2.0B THB
Revenue growth (YoY) +15.7%
Net margin 13.4%
Return on equity 5.1%
Free cash flow 5.0B THB FY2025
P/E ratio 15.1
More key figures
Operating margin 33.4%
EPS (TTM) 0.4700 THB
EPS growth (YoY) +34.8%
Net debt 5.5B THB FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

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. 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 compan…

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.

Revenue −10.5%/yr
FY21 3.5B THB
FY22 2.7B THB
FY23 2.4B THB
FY24 2.3B THB
FY25 2.2B THB
Net income −26.6%/yr
FY21 761M THB
FY22 628M THB
FY23 365M THB
FY24 462M THB
FY25 221M THB

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6 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jun 26, 2026).

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Morgan Stanley, a financial holding company, MS $214.98 $138.97 -35%
The Goldman Sachs Group GS $1,001 $283.83 -72%
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Frequently asked questions

Is Maybank Securities (Thailand) Public Company (MST) undervalued?
As of Jun 26, 2026, our model estimates a fair value of 6.57 THB versus a price of 7.20 THB — about −9% (overvalued). Model-based estimate, not financial advice.
What is the fair value of MST?
Our 21-model fair value for Maybank Securities (Thailand) Public Company is 6.57 THB (as of Jun 26, 2026), built from audited fundamentals. The current price is 7.20 THB.
What is the quality score of MST?
Maybank Securities (Thailand) Public Company has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Maybank Securities (Thailand) Public Company (MST)?
Maybank Securities (Thailand) Public Company reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Jun 26, 2026).
What is the net profit margin of MST?
The net profit margin of Maybank Securities (Thailand) Public Company is about 13.4%, meaning it keeps roughly 13.4% of revenue as net income. Based on the latest reported figures.

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.