In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
BKK:MST-R's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.68 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Maybank Securities (Thailand) PCL (BKK:MST-R) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Maybank Securities (Thailand) PCL Net-Net Working Capital Related Terms
Maybank Securities (Thailand) PCL Net-Net Working Capital 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 Net-Net Working Capital Chart
BKK:MST-R vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, Maybank Securities (Thailand) PCL's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Maybank Securities (Thailand) PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Maybank Securities (Thailand) PCL's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ฿-1.73 mean?
Maybank Securities (Thailand) PCL (BKK:MST-R) has a Net-Net Working Capital of ฿-1.73 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Maybank Securities (Thailand) PCL According to the industry distribution chart, Maybank Securities (Thailand) PCL ranks #999999 out of 293 companies in the Capital Markets industry.
Is Maybank Securities (Thailand) PCL's Net-Net Working Capital too high?
Maybank Securities (Thailand) PCL's current Net-Net Working Capital is ฿-1.73. Based on the distribution chart, Maybank Securities (Thailand) PCL ranks #999999 out of 293 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Maybank Securities (Thailand) PCL has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does Maybank Securities (Thailand) PCL's Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, Maybank Securities (Thailand) PCL ranks #999999 out of 293 companies for Net-Net Working Capital. This places Maybank Securities (Thailand) PCL in the lower half of its industry. The industry median Net-Net Working Capital is 4.68. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.68, based on 293 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Maybank Securities (Thailand) PCL For the Capital Markets industry, the median Net-Net Working Capital is 4.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maybank Securities (Thailand) PCL's current Net-Net Working Capital is ฿-1.73. 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 Net-Net Working Capital of ฿-1.73. The stock's GF Value™ is ฿6.33, compared to a current price of ฿6.85 — trading 8.2% above its estimated fair value. The current Net-Net Working Capital is ฿-1.73. Maybank Securities (Thailand) PCL's overall GF Score™ is 58/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Maybank Securities (Thailand) PCL (BKK:MST-R), the current Net-Net Working Capital is ฿-1.73 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 8.2% above its estimated GF Value™ of ฿6.33.
Key valuation signals for BKK:MST-R:
Net-Net Working Capital: ฿-1.73
GF Value™: ฿6.33 vs. price of ฿6.85 (8.2% above fair value)
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.
58GF Score
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