Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Maybank Securities (Thailand) PCLBKK:MST-R 56 Cyclically Adjusted Price-to-FCF is 3.23 as of Aug. 11, 2026, which is 49% below its 10-year median of 6.34. GuruFocus rates BKK:MST-R with a GF Score™ of 56/100 and a GF Value™ of ฿5.39. The stock has 9 warning signs investors should review. Among 222 Capital Markets companies, Maybank Securities (Thailand) PCL ranks better than 91.89% on this metric.
The historical rank and industry rank for Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF or its related term are showing as below:
BKK:MST-R'
s Cyclically Adjusted Price-to-FCF Range Over the Past 10 Years
Min: 3.17 Med: 6.34 Max: 130
Current: 4.01
During the past years, Maybank Securities (Thailand) PCL's highest Cyclically Adjusted Price-to-FCF was 130.00. The lowest was 3.17. And the median was 6.34.
BKK:MST-R's Cyclically Adjusted Price-to-FCF is ranked better than 91.89% of 222
companies
in the Capital Markets industry
Industry Median: 17.69
vs BKK:MST-R: 4.01
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
Maybank Securities (Thailand) PCL's adjusted free cash flow per share data for the three months ended in Mar. 2026 was ฿-0.115. Add all the adjusted free cash flow per share for the past 10 years together and divide 10 will get our Cyclically Adjusted FCF per Share, which is ฿2.12 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.
Maybank Securities (Thailand) PCL Cyclically Adjusted Price-to-FCF Related Terms
Maybank Securities (Thailand) PCL Cyclically Adjusted Price-to-FCF Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BKK:MST-R vs MS, GS, SCHW: Cyclically Adjusted Price-to-FCF Comparison
For the Capital Markets subindustry, Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Maybank Securities (Thailand) PCL Cyclically Adjusted Price-to-FCF vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF falls into.
Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted Price-to-FCF of 3.23 mean?
Maybank Securities (Thailand) PCL (BKK:MST-R) has a Cyclically Adjusted Price-to-FCF of 3.23 as of Aug. 11, 2026. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF per share over a 10-year period. View historical data on Maybank Securities (Thailand) PCL and its competitors. This is 49% below median its historical median of 6.34. Over the past decade, Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF has ranged from 3.17 to 130.00. According to the industry distribution chart, Maybank Securities (Thailand) PCL ranks #18 out of 222 companies in the Capital Markets industry, placing it in the top 8.1%.
Is Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF too high?
Maybank Securities (Thailand) PCL's current Cyclically Adjusted Price-to-FCF of 3.23 is 49% below median its 10-year median of 6.34. Over the past 10 years, this metric has ranged from a low of 3.17 to a high of 130.00. The Capital Markets industry median Cyclically Adjusted Price-to-FCF is 17.69. Maybank Securities (Thailand) PCL's value of 3.23 is 81.7% below this industry median. Based on the distribution chart, Maybank Securities (Thailand) PCL ranks #18 out of 222 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Maybank Securities (Thailand) PCL has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Maybank Securities (Thailand) PCL's Cyclically Adjusted Price-to-FCF compare to MS and GS?
According to the Capital Markets industry distribution chart, Maybank Securities (Thailand) PCL ranks #18 out of 222 companies for Cyclically Adjusted Price-to-FCF. This places Maybank Securities (Thailand) PCL in the top 8% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted Price-to-FCF is 17.69. Maybank Securities (Thailand) PCL's value of 3.23 is 81.7% below this benchmark. Historically, Maybank Securities (Thailand) PCL's own Cyclically Adjusted Price-to-FCF has ranged from 3.17 to 130.00 over the past decade. While the company's 10-year median is 6.34 vs. the industry median of 17.69, Maybank Securities (Thailand) PCL has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted Price-to-FCF for a Capital Markets company?
The median Cyclically Adjusted Price-to-FCF among Capital Markets companies is 17.69, based on 222 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted Price-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted Price-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Maybank Securities (Thailand) PCL's current Cyclically Adjusted Price-to-FCF of 3.23 is 81.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted Price-to-FCF mean?
A high Cyclically Adjusted Price-to-FCF can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF per share over a 10-year period. View historical data on Maybank Securities (Thailand) PCL and its competitors. For the Capital Markets industry, the median Cyclically Adjusted Price-to-FCF is 17.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maybank Securities (Thailand) PCL's current Cyclically Adjusted Price-to-FCF is 3.23, which is 49% below median its own 10-year median of 6.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maybank Securities (Thailand) PCL stock overvalued right now?
Maybank Securities (Thailand) PCL (BKK:MST-R) has a current Cyclically Adjusted Price-to-FCF of 3.23. The stock's GF Value™ is ฿5.39, compared to a current price of ฿6.85 — trading 27.1% above its estimated fair value. The current Cyclically Adjusted Price-to-FCF is 3.23, which is 49% below median its 10-year median of 6.34 and 81.7% below the Capital Markets industry median of 17.69. Maybank Securities (Thailand) PCL's overall GF Score™ is 56/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted Price-to-FCF calculated?
Cyclically Adjusted Price-to-FCF is calculated from a company's financial statements. For Maybank Securities (Thailand) PCL (BKK:MST-R), the current Cyclically Adjusted Price-to-FCF is 3.23 as of Aug. 11, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Maybank Securities (Thailand) PCL (BKK:MST-R) Overvalued in 2026?
Based on GuruFocus' analysis, Maybank Securities (Thailand) PCL stock appears to be overvalued.
The current stock price of ฿6.85 is trading 27.1% above its estimated GF Value™ of ฿5.39.
Key valuation signals for BKK:MST-R:
Cyclically Adjusted Price-to-FCF: 3.23 (49% below median its 10-year median of 6.34)
GF Value™: ฿5.39 vs. price of ฿6.85 (27.1% above fair value)
Industry Position: 81.7% below the Capital Markets median (#18 of 222)
No single metric tells the full story. See the BKK:MST-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Maybank Securities (Thailand) PCL is a public limited company incorporated and domiciled in Thailand. The company has licenses for securities business, which are securities brokerage, securities trading, underwriting, investment advisory, corporate finance advisory, securities registrar, derivatives brokerage, and securities borrowing and lending. The company is organized into business units based on its products and services and has two segments, namely the Securities Business segment, which also generates key revenue, provides services like securities brokering, derivative brokering, securities borrowing and lending, and the Investment Banking segment, which provides underwriting, investment advisory, securities borrowing and lending, and corporate finance advisory services.
56GF Score
Get the complete analysis for BKK:MST-R
Cyclically Adjusted Price-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BKK:MST-R has been successfully added to your 
