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Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue.
Maybank Securities (Thailand) PCL's Degree of Operating Leverage for the quarter that ended in Mar. 2026 was 1.94. The higher Degree of Operating Leverage, the higher operating risk the company will take.
BKK:MST-R's Degree of Operating Leverage is ranked worse than 68.37% of 645
companies
in the Capital Markets industry
Industry Median: 0.97
vs BKK:MST-R: 1.94
Maybank Securities (Thailand) PCL (BKK:MST-R) Degree of Operating Leverage Explanation
Degree of Operating Leverage (DOL) is a leverage ratio that measures the sensitivity of a company’s operting income, also referred to as Earnings Before Interest and Taxes (EBIT), to fluctuations in its Revenue. DOL is a method used to quantify a company’s operating risk. This risk is related to the company's structure of variable costs and fixed costs. Since the fixed costs do not allow the company to adjust the operating costs, the operating risk rises with a higher fixed-to-variable costs proportion.
A high Degree of Operating Leverage indicates that the company’s fixed costs exceed its variable costs. By increasing the sales, the company can earn more profits. In addition, the company must be able to maintain relatively high sales to cover all fixed costs.
Be Aware
The use of operating leverage varies across different industries and business sectors, and the application of Degree of Operating Leverage (DOL) should be adjusted accordingly.
Maybank Securities (Thailand) PCL Degree of Operating Leverage Related Terms
Maybank Securities (Thailand) PCL Degree of Operating Leverage 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.
Maybank Securities (Thailand) PCL Degree of Operating Leverage Chart
BKK:MST-R vs MS, GS, SCHW: Degree of Operating Leverage Comparison
For the Capital Markets subindustry, Maybank Securities (Thailand) PCL's Degree of Operating Leverage, along with its competitors' market caps and Degree of Operating Leverage 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 Degree of Operating Leverage vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Maybank Securities (Thailand) PCL's Degree of Operating Leverage distribution charts can be found below:
* The bar in red indicates where Maybank Securities (Thailand) PCL's Degree of Operating Leverage falls into.
* 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.
** TTM data of EBIT and Revenue was used to calculate Degree of Operating Leverage.
*** Please be aware that the Degree of Operating Leverage calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
What does a Degree of Operating Leverage of 1.94 mean?
Maybank Securities (Thailand) PCL (BKK:MST-R) has a Degree of Operating Leverage of 1.94 as of Mar. 2026. Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue. View historical data for Maybank Securities (Thailand) PCL and its competitors. According to the industry distribution chart, Maybank Securities (Thailand) PCL ranks #441 out of 645 companies in the Capital Markets industry, placing it in the top 68.4%.
Is Maybank Securities (Thailand) PCL's Degree of Operating Leverage too high?
Maybank Securities (Thailand) PCL's current Degree of Operating Leverage is 1.94. The Capital Markets industry median Degree of Operating Leverage is 0.97. Maybank Securities (Thailand) PCL's value of 1.94 is 100% above this industry median. Based on the distribution chart, Maybank Securities (Thailand) PCL ranks #441 out of 645 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Maybank Securities (Thailand) PCL has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does Maybank Securities (Thailand) PCL's Degree of Operating Leverage compare to MS and GS?
According to the Capital Markets industry distribution chart, Maybank Securities (Thailand) PCL ranks #441 out of 645 companies for Degree of Operating Leverage. This places Maybank Securities (Thailand) PCL in the lower half of its industry. The industry median Degree of Operating Leverage is 0.97. Maybank Securities (Thailand) PCL's value of 1.94 is 100% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Degree of Operating Leverage for a Capital Markets company?
The median Degree of Operating Leverage among Capital Markets companies is 0.97, based on 645 companies in the industry. Companies in the top quartile (top 25%) have a Degree of Operating Leverage significantly above this median, while those in the bottom quartile fall well below. However, Degree of Operating Leverage should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Maybank Securities (Thailand) PCL's current Degree of Operating Leverage of 1.94 is 100% above 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 Degree of Operating Leverage mean?
A high Degree of Operating Leverage can signal that a stock is expensive relative to its fundamentals. Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue. View historical data for Maybank Securities (Thailand) PCL and its competitors. For the Capital Markets industry, the median Degree of Operating Leverage is 0.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maybank Securities (Thailand) PCL's current Degree of Operating Leverage is 1.94. 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 Degree of Operating Leverage of 1.94. The stock's GF Value™ is ฿5.82, compared to a current price of ฿6.85 — trading 17.7% above its estimated fair value. The current Degree of Operating Leverage is 1.94 and 100% above the Capital Markets industry median of 0.97. Maybank Securities (Thailand) PCL's overall GF Score™ is 54/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Degree of Operating Leverage calculated?
Degree of Operating Leverage is calculated from a company's financial statements. For Maybank Securities (Thailand) PCL (BKK:MST-R), the current Degree of Operating Leverage is 1.94 as of Mar. 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 17.7% above its estimated GF Value™ of ฿5.82.
Key valuation signals for BKK:MST-R:
Degree of Operating Leverage: 1.94
GF Value™: ฿5.82 vs. price of ฿6.85 (17.7% above fair value)
Industry Position: 100% above the Capital Markets median (#441 of 645)
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 Business Description
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.
54GF Score
Get the complete analysis for BKK:MST-R
Degree of Operating Leverage is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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