Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Maybank Securities (Thailand) PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.83%.
The historical rank and industry rank for Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % or its related term are showing as below:
BKK:MST-R'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 4.97 Med: 6.87 Max: 12.69
Current: 5.62
During the past 13 years, Maybank Securities (Thailand) PCL's highest ROC (Joel Greenblatt) % was 12.69%. The lowest was 4.97%. And the median was 6.87%.
BKK:MST-R's ROC (Joel Greenblatt) % is ranked worse than 64.3% of 675
companies
in the Capital Markets industry
Industry Median: 34.76
vs BKK:MST-R: 5.62
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* 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: ROC (Joel Greenblatt) % Comparison
For the Capital Markets subindustry, Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 11.83% mean?
Maybank Securities (Thailand) PCL (BKK:MST-R) has a ROC (Joel Greenblatt) % of 11.83% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Maybank Securities (Thailand) PCL and its competitors. This is 72% above median its historical median of 6.87. Over the past decade, Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % has ranged from 4.97 to 12.69. According to the industry distribution chart, Maybank Securities (Thailand) PCL ranks #434 out of 675 companies in the Capital Markets industry, placing it in the top 64.3%.
Is Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % too high?
Maybank Securities (Thailand) PCL's current ROC (Joel Greenblatt) % of 11.83% is 72% above median its 10-year median of 6.87. Over the past 10 years, this metric has ranged from a low of 4.97 to a high of 12.69. The Capital Markets industry median ROC (Joel Greenblatt) % is 34.76. Maybank Securities (Thailand) PCL's value of 11.83% is 66% below this industry median. Based on the distribution chart, Maybank Securities (Thailand) PCL ranks #434 out of 675 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Maybank Securities (Thailand) PCL has a GF Score™ of 59/100, reflecting its overall financial health beyond just this single metric.
How does Maybank Securities (Thailand) PCL's ROC (Joel Greenblatt) % compare to MS and GS?
According to the Capital Markets industry distribution chart, Maybank Securities (Thailand) PCL ranks #434 out of 675 companies for ROC (Joel Greenblatt) %. This places Maybank Securities (Thailand) PCL in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 34.76. Maybank Securities (Thailand) PCL's value of 11.83% is 66% below this benchmark. Historically, Maybank Securities (Thailand) PCL's own ROC (Joel Greenblatt) % has ranged from 4.97 to 12.69 over the past decade. While the company's 10-year median is 6.87 vs. the industry median of 34.76, 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 ROC (Joel Greenblatt) % for a Capital Markets company?
The median ROC (Joel Greenblatt) % among Capital Markets companies is 34.76, based on 675 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Maybank Securities (Thailand) PCL's current ROC (Joel Greenblatt) % of 11.83% is 66% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Maybank Securities (Thailand) PCL and its competitors. For the Capital Markets industry, the median ROC (Joel Greenblatt) % is 34.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maybank Securities (Thailand) PCL's current ROC (Joel Greenblatt) % is 11.83%, which is 72% above median its own 10-year median of 6.87. 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 ROC (Joel Greenblatt) % of 11.83%. The stock's GF Value™ is ฿6.44, compared to a current price of ฿6.85 — trading 6.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is 11.83%, which is 72% above median its 10-year median of 6.87 and 66% below the Capital Markets industry median of 34.76. Maybank Securities (Thailand) PCL's overall GF Score™ is 59/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Maybank Securities (Thailand) PCL (BKK:MST-R), the current ROC (Joel Greenblatt) % is 11.83% 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 6.4% above its estimated GF Value™ of ฿6.44.
Key valuation signals for BKK:MST-R:
ROC (Joel Greenblatt) %: 11.83% (72% above median its 10-year median of 6.87)
GF Value™: ฿6.44 vs. price of ฿6.85 (6.4% above fair value)
Industry Position: 66% below the Capital Markets median (#434 of 675)
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.
59GF Score
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