` Comparison: MST, MS - Alpha Spread

M
MST
vs
MS

Over the past 12 months, MST has underperformed MS, delivering a return of -19% compared to the MS's +43% growth.

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MST
MS
One-click summary across all key metrics.
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

M
MST Intrinsic Value
14.97 THB
Undervaluation 52%
Intrinsic Value
Price
MS Intrinsic Value
370.71 USD
Undervaluation 61%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
M
Maybank Securities Thailand PCL
SET:MST
7.25 THB
Morgan Stanley
NYSE:MS
144.63 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
MST, MS

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
M
Maybank Securities Thailand PCL
Revenue
Morgan Stanley
Revenue

All metrics are calculated based on data from the last 10 years.

Profitability Comparison

Free Cash Flow
MST, MS

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
M
Maybank Securities Thailand PCL
SET:MST
Morgan Stanley
NYSE:MS
What is Free Cash Flow?

Gross Margin

MST
76.2%
MS
54.4%

Operating Margin

MST
15.7%
MS
17.1%

Net Margin

MST
14.9%
MS
12.5%

FCF Margin

MST
177.3%
MS
-26.8%

ROE

MST
7.5%
MS
13.6%

ROA

MST
2.2%
MS
1.1%

ROIC

MST
2.1%
MS
1.5%

ROCE

MST
2.8%
MS
3.3%

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
MST, MS

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Performance Gap
MST, MS

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MST
MS
Difference
www.alphaspread.com

Performance By Year
MST, MS

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