OECD Capital Market Review of Thailand 2025

Annex A. Methodology for data collection and classification

A. Regional definition

This report uses the following regional definitions.

Asia: Bangladesh, Cambodia, People’s Republic of China, Hong Kong (China), India, Indonesia, Japan, Korea, Lao PDR, Malaysia, Mongolia, Pakistan, Philippines, Singapore, Sri Lanka, Chinese Taipei, Thailand, Viet Nam.

ASEAN: Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand and Viet Nam.

B. Company financial and ownership information

The information presented in Chapter 2 is mainly based on the OECD-ORBIS Corporate Finance database. The extract of information presented in Chapter 2 includes financial statement and ownership information for non-financial companies between 2004 and 2023.

Company categories construction

Chapter 1 shows the following four non-financial firm categories: Category 1 “Listed companies”, Category 2 “Large unlisted companies”, Category 3 “Small and mid-sized companies part of a group”, and Category 4 “Independent small and mid-sized companies”. The construction of the company categories is based on the ownership, industry, legal information and financial information tables. The procedure starts by identifying all listed and unlisted companies with assets over USD 100 million in the entire ORBIS universe. Non-financial listed companies are classified immediately as Category 1 and large unlisted non-financial companies as Category 2. For these groups, the consolidated financial statements are used, if available.

The following steps identify the countries of interest and uses their ownership country year tables to identify companies in Category 3 and Category 4. ORBIS provides many records of owners at different points in time from different sources. Two criteria are used to clean the ownership information and to be left out with only one record for each owner firm year observation: the largest owner is kept and the latest information is prioritised. The largest owner can be either the global ultimate owner at 50%, the global ultimate owner at 25%, or the largest direct owner with over 25% holdings. Once the sample has a unique owner firm year record, owners are classified as corporations or natural persons.

Using the ownership records generated in the previous step, the routine starts by identifying the subsidiaries of the listed and large unlisted companies. Three types of companies are identified: 1) domestic subsidiaries with a local parent, 2) domestic subsidiaries with a foreign parent, and 3) companies controlled by a person. Some companies that are classified as subsidiaries in this step were already identified as large unlisted companies at the beginning. In these cases, since the subsidiary was already consolidated, its data were not used to avoid duplications. The domestic subsidiaries with a local parent in Category 1 or 2, or with foreign parents Category 1 or 2 are classified as Category 3. Please note that this category includes the non-financial domestic subsidiaries of financial domestic parent and foreign parents as these parents are excluded as they do not meet the industry requirement or because they are not incorporated in the domestic market under analysis. The companies where the largest owner is a person (over 25% ownership) are classified as Category 4.

Economy wide calculations take into account the ownership structure of companies and avoid considering companies that are already consolidated in the accounts of domestic non-financial parent companies. Thus, economy wide calculations include companies from Category 1, Category 2, Category 4, companies without ownership information, and companies from Category 3 that had a foreign parent or a financial domestic parent.

Financial information cleaning

The company category classification described in the previous section also incorporates different types of financial reporting (consolidated and unconsolidated reports). Large companies in the universe commonly report consolidated financial statements as well as unconsolidated financial statements. For the listed and large unlisted non-financial company categories, consolidated accounts are considered, if available. For the remaining categories, unconsolidated financial statements are used. The raw financial dataset contains several firm year observations when a company has multiple consolidation codes or it reports for different purposes. To construct a panel with a unique firm year observation, the following steps are applied:

1. Financial companies are excluded.

2. The fiscal year is recorded as the previous calendar year of the closing date whenever the closing date of the financial statement is before 30 June.

3. Financial statements covering a 12-month period are used, preferably.

4. When multiple observations within the same year exist, accounts with closing dates closer to year-end are preferred to accounts with older closing dates.

5. Published annual reports are preferred to local registry filings. Local Registry filings are preferred to unknown filing types.

6. Accounts using IFRS are preferred to those using GAAP, accounts using GAAP are preferred to those using unknown accounting practices.

7. For companies with multiple consolidation codes, the following criteria apply: for companies that release consolidated financial statements, C1 is preferred when both C1 and C2 exist; for companies that release unconsolidated statements the observation from annual reports are preferred over others.

8. Financial information is adjusted by annual USD Consumer Price Index changes and information is reported in 2023 constant million USD.

9. Companies with at least one observation showing negative assets or negative fixed assets are dropped from the sample.

10. Companies with equal or less than 10 employees are dropped from the sample.

11. Financial statement information is winsorised at 1% for both tails within companies’ categories.

12. In the case that there are single year gaps in the financial data, these are populated by interpolation using the average value of the preceding and the succeeding year for major items. Sub items are then calculated using accounting identities. Such interpolation is reserved for single year gaps, and is not applied for data gaps with two or more years. The OECD ORBIS Corporate Finance uses the 1 digit SIC industry classification.

Table A A.1. ORBIS industry classification

Standard Industrial Classification (SIC)
Agriculture, Forestry and Fishing	Retail Trade
Construction	Services
Manufacturing	Transportation, Communications, Electric Gas and Sanitary Services
Mining	Wholesale Trade

C. Company MSMEs classification by size

The MSME classification is as follows: The business demographic information in Chapter 2 is primarily based on each country’s own definitions and classifications of micro, small, and medium-sized enterprises (MSMEs). These classifications differ across countries and, in some cases, even vary by sector within the same country. The table below outlines the MSME classifications used:

Table A A.2. Definition of MSMEs by countries

Countries	Micro		Small		Medium
	Number of Employees	Other criteria	Number of Employees	Other criteria	Number of Employees	Other criteria
Indonesia	1-4 people	Net assets (land and building excluded.): less than Rp 50 million Total annual sales: less than Rp 300 million	5-19 people	Net assets (land and building excluded.): between Rp 50 million – Rp 500 million Total annual sales: between Rp 300 million – Rp 2.5 billion	20-99 people	Net assets (land and building excluded.): between Rp 500 million – Rp 10 billion Total annual sales: between Rp 2.5 billion – Rp 50 billion
Malaysia*	1-4 people	Annual sales turnover less than RM 300 000	Manufacturing: 5-74 people Services and other sectors: 5-29 people	Annual sales turnover: between RM 300 000 – RM 15 million in manufacturing Annual sales turnover: between RM 300 000 – RM 3 million in services and other sectors	Manufacturing: 75-200 people Services and other sectors: 30-75 people	Annual sales turnover: between RM 15 million – RM 50 million in manufacturing Annual sales turnover: between RM 3 million– RM 20 million in services and other sectors
Philippines	1-9 people		10-99 people		100-199 people
Singapore*	Less than 200 people	Revenue less than or equal to USD 1 million	Less than 200 people	Revenue between USD 1 million – USD 10 million	Less than 200 people	Revenue between USD 10 million – USD 100 million
Thailand	1-5 people	Revenue less than B 1.8 million	Manufacturing: 6-50 people Services and trading: 6-30 people	Revenue between: B 1.8 million – B 100 million in manufacturing Revenue between: B 1.8 million – B 50 million in services and trading	Manufacturing: 51-200 people Services and trading: 31-100 people	Revenue between: B 100 million – B 500 million in manufacturing Revenue between: B 50 million – B 300 million in services and trading
Viet Nam	1-10 people	Total revenue not more than: D 3 billion for agriculture, forestry, and fishery; industry and construction Or Total capital not more than: D 3 Billion Total revenue not more than D 10 billion for commerce and services Or Total capital not more than: D 3 Billion	Agriculture, forestry, and fishery; industry and construction: 11-100 people Commerce and services: 11-50 people	Total revenue not more than: D 50 billion for agriculture, forestry, and fishery; industry and construction Or Total capital not more than: D 20 Billion Total revenue not more than D 100 billion for commerce and services Or Total capital not more than: D 50 Billion	Agriculture, forestry, and fishery; industry and construction: 101-200 people Commerce and services: 51-100 people	Total revenue not more than: D 200 billion for agriculture, forestry, and fishery; industry and construction Or Total capital not more than: D 100 Billion Total revenue not more than: D 300 billion for commerce and services Or Total capital not more than: D 100 Billion

Notes: In Malaysia, either the employment or annual sales turnover criteria should be met to be classified within that category. Singapore defines small and medium enterprises (SMEs) as enterprises with operating value no more than USD 100 million or employment of no more than 200 workers. The distribution of MSMEs in this report is mainly done by considering the first criteria. As Singapore uses SME rather than MSME definition, income thresholds for each category of firm size are taken from Singapore Department of Statistics publications.

Source: PSA, (2023_[1]) 2022 List of Establishments, https://dtiwebfiles.s3.ap-southeast-1.amazonaws.com/MSME+Resources/2022+Philippine+MSME+Statistics+in+Brief.pdf; ASEAN (2024_[2]), Definitions of MSME in ASEAN Member States, https://asean.org/wp-content/uploads/2023/11/Definition-of-MSME-in-ASEAN-Member-States.pdf.

D. Public equity data

The information on initial public offering (IPOs) and secondary public offerings (SPOs) presented in Chapter 3 is based on transaction and/or firm level data gathered from several financial databases, such as LSEG, FactSet and Bloomberg. Considerable resources have been committed to ensuring the consistency and quality of the dataset. Different data sources are checked against each other and, whenever necessary, the information is also controlled against original sources, including regulator, stock exchange and company websites and financial statements.

Country coverage and classification

The dataset includes information about all initial and secondary public offerings by financial and non-financial companies from January 1990 to December 2024.

All public equity listings following an IPO, including the first-time listings on an exchange other than the primary exchange, are classified as a SPO. If a company is listed in more than one exchange within 180 days, those transactions are consolidated under one IPO. The country breakdown is carried out based on the domicile country of the issuer. In the dataset, the country of issue classification is also made based on the stock exchange location of the issuer. It is possible that a company becomes listed in more than one country when going public. The financial databases record a dual listing as multiple transactions for each country where the company is listed. However, there is also a significant number of cases where dual listings are reported as one transaction only based on the primary market of the listing. For this reason, the country breakdown based on the stock exchange is currently carried out based on the primary market of the issuer. Going forward, the objective is to allocate proceeds from an IPO to respective markets where the issuance is listed at the same time.

Currency conversion and inflation adjustment

The IPO and SPO data, and related financial statement data, such as total assets before the offering, are collected on a deal basis via commercial databases in current USD values. The information is aggregated at the annual frequency and, in some tables, presented at the year industry level. Issuance amounts initially collected in USD were adjusted to 2024 constant USD using US Consumer Price Index.

Table A A.3. Public offerings industry classification

TRBC Economic Sector
Basic Materials	Industrials
Cyclical Consumer Goods & Services	Non-Cyclical Consumer Goods & Services
Energy	Non-Profit/Private Organizations/Services
Financials	Technology
Governmental Services	Telecommunications Services
Healthcare	Utilities

Exclusion criteria

Table A A.4. Exclusion criteria for IPOs and SPOs

Exclusion criteria for IPOs and SPOs
Financial companies that conduct trust, fiduciary and custody activities	Companies that are grant making foundations
Asset management companies such as health and welfare funds, pension funds and their third-party administration, as well as other financial vehicles	Companies that are open-end investment funds | Closed-end funds
Special Purpose Acquisition Companies and Real Estate Investment Trusts	Listings on an over-the-counter market
Asset management companies that deal with trusts, estates and agency accounts	Security types classified as “units” and “trust”
Companies that are other financial vehicles	Transactions with missing or zero proceeds

E. Ownership data

The ownership figures for publicly listed companies are based on OECD calculations using firm-level information from the FactSet Ownership database. The data are complemented and verified using LSEG and Bloomberg. Data are collected at the end of 2024 in current USD, thus no inflation adjustment is needed. Market information for each company is collected from LSEG. The dataset includes the records of owners for 46 086 companies listed across 98 countries covering 99% of the world market capitalisation. For each of the countries/regions presented, the information corresponds to all listed companies in those countries/regions with available information.

The records of owners are collected for each company. Some companies have up to 5 000 records in their list of owners. Each record contains the name of the institution, the percentage of outstanding shares owned, the investor type classification, the origin country of the investor, the ultimate parent name, among other things.

The classification of ownership in this report follows De La Cruz, Medina and Tang (2019_[3]) and presents five categories of owners, including corporations, public sector, strategic individuals, institutional investors and other free-float. Different types of investors are grouped into these five categories of owners. In many cases, when the ultimate owner is identified as a government, a province or a city and the direct owner was not identified as such, ownership records are reclassified as public sector. For example, public pension funds that are regulated under public sector law are classified as public sector, and sovereign wealth funds are also included in that same category.

F.  Corporate bond data

Data presented on corporate bond issues are based on OECD calculations using deal-level data obtained from LSEG on new issues of corporate bonds that are underwritten by an investment bank. The database provides detailed information for each corporate bond issue, including the identity, nationality and sector of the issuer; the type, interest rate structure, maturity date and rating category of the bond; and the amount of proceeds obtained from the issue and intended uses thereof.

Convertible bonds, deals that were registered but not consummated, preferred shares, sukuk bonds, bonds with an original maturity less than or equal to one year or an issue size less than USD 1 million are excluded from the dataset. Industry classifications are based on the Reference data Business Classification (TRBC) from LSEG. Yearly issuance amounts initially collected in USD were adjusted by 2024 USD Consumer Price Index.

Given that a significant portion of bonds are issued internationally, it is not possible to systematically assign issues to a certain country of issue. For this reason, the country breakdown is carried out based on the country of domicile of the issuer. The advanced/emerging market classification is based on IMF country classifications.

G. Private equity and venture capital data

The private equity and venture capital figures are based on OECD calculations using deal and fund-level data from Preqin. The information contains data on investors, funds, fund managers and deals. Data on fundraising and deals only include funds and deals classified by Preqin as private equity and venture capital. Private equity-style deals in infrastructure or real estate are excluded. Data for assets under management is based on estimates provided by Preqin.

Fundraising data is based on funds in one of the following categories: close ended; a first, second, third, fourth, fifth or sixth close; liquidated; evergreen, open ended, semi-open ended. The latest close date is used to classify the fundraising year. Fundraising is classified through the geographic focus of funds. A significant part of this fundraising has a regional rather than national focus so country level data likely underestimates the total available funding in any particular country. Given that the regional classification for Asia used by Preqin differs from the ones used in the rest of this report and that total amount of fundraising is not collected on a national but regional level, Preqin’s classification has been used for fundraising totals for Asia. Asia according to this classification includes Afghanistan, Bangladesh, Bhutan, Brunei, Cambodia, People's Republic of China, Hong Kong (China), Fiji, India, Indonesia, Japan, Kazakhstan, Korea, Democratic People’s Republic of Korea, Kyrgyzstan, Lao PDR, Malaysia, Maldives, Mongolia, Myanmar, Nepal, North Korea, Pakistan, Philippines, Singapore, Sri Lanka, Chinese Taipei, Tajikistan, Thailand, Timor-Leste, Turkmenistan, Uzbekistan and Viet Nam.

Investment and exit deals data is based on completed deals. The following deal types have been excluded: general partner stakes, private debt, venture debt and joint venture. Investments and exits are reported according to the location of the portfolio company. Private equity statistics initially collected in USD were adjusted by 2024 USD Consumer Price Index.

H. Listing requirements on the SET: market capitalisation test

Table A A.5. Market capitalisation test for listing on SET and mai

		SET	mai
Preferred industries	(1) Advanced agriculture and food; (2) Biofuel and biochemical; (3) Medical and health advances; (4) Creative tourism; (5) Next-generation automotive; (6) Aviation and logistics; (7) Digital and electronic commerce; (8) Smart electronics; (9) Robotics; (10) Technology and innovation development, namely (a) Biotechnology development (b) Nanotechnology development (c) Advance material technology development (d) Digital technology development.
Objectives	Specify the purposes of the capital raised and use more than 50% in the operations within the target industries to ensure they remain the issuer’s core business, or the timeframe within which they will become the issuer’s core business.
Market capitalisation	At least THB 7.5 billion.		At least THB 2 billion.
Issuer characteristics	Three years of operation track record, of which at least one year with the same management as for the IPO.		Two years of operation track record, of which at least one year with the same management as for the IPO.
Financial requirements	An operating revenue of THB 5 billion and at more than 50% of total operating revenue originating from target industries, or an operating revenue of at least THB 1 billion and a 20% growth rate from the previous year.		An operating revenue of THB 1 billion and at more than 50% of total operating revenue originating from target industries, or an operating revenue of at least THB 200 million and a 20% growth rate from the previous year.
	Sufficient working capital for the coming 12-month period.
Post-listing disclosure	Proportion of revenue originating from target industries and progress on developments relative the business plan submitted to the SEC until the core business is within the target industries (if it is not already).
	Sufficiency of working capital in the four quarters following the listing.
	The issuers shall arrange an “Opportunity Day” two times a years for at least three consecutive years.

Source: SET (2025_[4]), Summary of the revision of listing requirements for companies in the target industries (Market Capitalization Test), https://www.set.or.th/en/listing/equities/common-stocks/thai-company/operating-company.

I. Admission requirements for corporate bond issuance

Table A A.6. Admission requirements and fees for corporate bond public offering

Criteria	Public Offering
Eligible investors	General public
Approval process	Formal application required: prepare financial statements according to Thai Financial Reporting Standards for Publicly Accountable Entities. timely submission of financial statements and related reports to the SEC/SET. directors and executives must be listed in the official securities issuer database. controlling persons must not exhibit untrustworthy characteristics. no record of serious regulatory or legal breaches, particularly involving fraud or misleading disclosures. no conflict of interest among directors, executives, or major shareholders. no default on debt securities or loan payments. no breach of debt securities terms and conditions.
Fast track	Available (if qualified)
Approval time	Fast Track: Observation: 10 days if terms and conditions match SEC’s sample form 30 days if terms and conditions differ from the sample form Consideration: 14 days
	Normal Track: Observation: 90 days Consideration: 30 days
Fees	Application fees: THB 30 000
	Filing fees for SEC: 0.01% of issuance with minimum THB 50 000 and maximum THB 500 000
Filing requirements	Complete, sufficient and not misleading
Factsheet	Yes
Additional disclosure	Key financial ratios. Historical records of default on principal or interests of debt securities or default on loan payments, and breach of terms and conditions in the past three years. Risks of business and investment in debt securities.
Intermediaries	Fast track: securities company is required.
	Normal track: financial advisor is required.
Bondholders’ representative	Required
MTN programme	Available
ThaiBMA registration	Required only for long-term bonds
Credit rating	Required.

Note: Factsheet is included in the registration statement and prospectus, offering a concise summary of the corporate bonds such as their key features, issuer details and main risks. The Medium-Term Note (MTN) programme, launched by the Thai SEC in 2018, streamlines corporate bond issuance by allowing issuers to gain pre-approval for a series of offerings under a single framework.

Source: SEC Thailand (2025_[5]), Regulations - Debt Securities, https://www.sec.or.th/EN/Pages/LawandRegulations/DebenturesorBillofExcha nge.aspx, SEC Thailand (2023_[6]) https://www.asco.or.th/uploads/articles_attc/1693828559.pdf

Table A A.7. Admission requirements and fees for corporate bond private placement

Criteria	PP-10	PP-II	PP-HNWI
Eligible Investors	No more than 10 persons, including persons related to the issuer, institutional investors (II) or HNW inv.	Institutional investors	High-net-worth (HNW) investors
Approval Process	Approval will be granted upon registration of: transfer restrictions bond features draft terms and conditions bondholders’ representative agreement (if applicable)		Formal application required: financial statements must follow acceptable standards and not be qualified due to director/executive actions issuer must have submitted all required reports to the SEC/SET directors and executives must be listed in the official database controlling persons must not have untrustworthy characteristics no serious legal or regulatory violations, especially involving fraud or misleading disclosures full and accurate disclosure of information as per the required format
Fast track	Not available for private placement
Approval time	Not specified	Not specified	15 days for the consideration
Application fees	None	None	THB 10 000
Filing requirements	None	Minimum requirements under section 69 – 70 of the Securities and Exchange Act
Factsheet	Not required	Required	Required
Additional disclosure	Not required	Not required	Key financial ratios | A 3 year history of any defaults on debt or loans and breaches of terms | Risks of business and investment in debt securities
Intermediaries	Securities company is required for issuance to HNW investor who is not related to the issuer	Not required	Securities company is required
Bondholders’ representative	Required for secured bonds	Required for secured bonds	Required
MTN programme	Not available	Available	Available
ThaiBMA registration	Not required	Required for long-term bonds	Required for long-term bonds
Credit rating	Not required for private placement

Note: Factsheet is included in the registration statement and prospectus, offering a concise summary of the corporate bonds such as their key features, issuer details and main risks. The Medium-Term Note (MTN) programme, launched by the Thai SEC in 2018, streamlines corporate bond issuance by allowing issuers to gain pre-approval for a series of offerings under a single framework.

Source: SEC Thailand (2025[5]), Regulations - Debt Securities, https://www.sec.or.th/EN/Pages/LawandRegulations/DebenturesorBillofExcha nge.aspx.