About This Deep Dive
This documentary was made to dig deeper into things that most foreigners living in or considering Thailand simply don’t know. The Thai stock market affects expats, investors, retirees, and anyone with financial interests in the country, but the structural issues behind the numbers are rarely discussed in plain language. This deep dive is intended as a guide for anyone thinking about moving to, living in, or investing in Thailand. Every claim made in the video is backed by the sources listed below.
Sources
1. OECD Capital Market Review of Thailand 2025 Claim: The OECD published a formal review of Thailand’s capital markets in 2025. Source: OECD Capital Market Review of Thailand 2025 – Assessment and Recommendations https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/assessment-and-recommendations_a3bec273.html The review covers ownership, NVDRs, index construction, and reform recommendations across multiple chapters.
2. Establishment of the Stock Exchange of Thailand Claim: The SET was established on 30 April 1975, when trading officially began. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand
3. Number of listed companies Claim: There are around 870 listed companies across the main board and the MAI. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand States 868 listed companies as of 17 March 2026 – 639 on the main exchange and 229 on MAI.
4. Market capitalisation and ASEAN ranking Claim: Total market capitalisation is roughly $380 billion, making the SET the third largest exchange in ASEAN. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand
5. NVDRs as an available product Claim: When opening a securities account, the system offers NVDRs as an option. Source: SET – Thai NVDR Company Limited https://www.set.or.th/nvdr/en/about/whatis.html Also: Clearstream – Investment Regulation Thailand https://www.clearstream.com/clearstream-en/res-library/market-coverage/investment-regulation-thailand-1280826
6. NVDRs carry no voting rights Claim: As a foreigner, investing via NVDRs provides full financial benefits but no voting rights. Source: SET – Thai NVDR Company Limited https://www.set.or.th/nvdr/en/about/whatis.html Also: Thanathip Partners – Thailand NVDRs Legal Framework https://www.thanathippartners.com/insights/publications/thailand_nvdrs-t2.html
7. NVDRs introduced in 2001 Claim: The NVDR system was introduced in 2001. Source: Thanathip Partners – Thailand NVDRs Legal Framework https://www.thanathippartners.com/insights/publications/thailand_nvdrs-t2.html
8. Foreign ownership limits of 49% Claim: NVDRs were designed to allow foreign participation without breaching the 49% foreign ownership cap. Source: Thanathip Partners – Thailand NVDRs Legal Framework https://www.thanathippartners.com/insights/publications/thailand_nvdrs-t2.html Also: Clearstream – Investment Regulation Thailand https://www.clearstream.com/clearstream-en/res-library/market-coverage/investment-regulation-thailand-1280826
9. 57% of Thai listed companies are family businesses Claim: A SET survey of 791 companies found 451 (57%) were family businesses. Source: Nation Thailand – SET Survey: Thai Family-Run Businesses (September 2023) https://www.nationthailand.com/business/trading-investment/40030745 Also: ASEAN Exchanges – Thai Stock Market: Growth Path for Family Business https://www.aseanexchanges.org/content/thai-stock-market-growth-path-for-family-business
10. Strategic individuals are the largest shareholders in 51% of Thai listed companies Claim: The OECD confirmed strategic individuals are the largest shareholders in 51% of all Thai listed companies, holding an average 26% of equity. Source: OECD Capital Market Review of Thailand 2025 – The Public Equity Market https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-public-equity-market_40efbfd8.html
11. Second highest among OECD peer countries Claim: The 26% strategic-individual figure is second highest among all peer countries surveyed, well above the regional average of 11% and more than triple the global average of 7%. Source: OECD Capital Market Review of Thailand 2025 – The Public Equity Market https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-public-equity-market_40efbfd8.html
12. Minimum free float requirement is 15% Claim: The minimum free float required to stay listed on the SET is 15%. Source: SET – Free Float Requirements https://www.set.or.th/en/listing/listed-company/simplified-regulations/maintaining-status/free-float
13. SET president acknowledged free-float calculation is flawed Claim: The SET president acknowledged that shares classified as free float often haven’t been traded in years and are effectively illiquid. Source: Bangkok Post – SET Hastens Free-Float Share Calculation Changes https://www.bangkokpost.com/business/2054319/set-hastens-free-float-share-calculation-changes
14. Restrictions on foreign directors Claim: Foreigners cannot serve as a director of a Thai public company unless they are a permanent resident. Source: Public Limited Companies Act B.E. 2535 – requires at least half of directors to be domiciled in Thailand. Also: ScienceDirect – Family Control and Cost of Debt: Evidence from Thailand https://www.sciencedirect.com/science/article/abs/pii/S0927538X19304810 Note: This claim should be cross-checked against the Public Limited Companies Act directly or a Thai corporate law source for exact wording.
15. 65% of Thai family firms appoint a family member as CEO Claim: A study found 65% of Thai family firms appoint a controlling family member as CEO, with the largest families holding an average 45% of shares. Source: ScienceDirect – Family Control and Cost of Debt: Evidence from Thailand https://www.sciencedirect.com/science/article/abs/pii/S0927538X19304810
16. 99.7% of Thai startups are family-founded Claim: At the SET’s Family Business Forum in 2025, it was reported that 99.7% of Thai startups are family-founded. Source: Bangkok Post – Breaking the Family Business Curse (SET Forum 2025) https://www.bangkokpost.com/business/general/3129657/breaking-the-family-business-curse
17. SET index peak and decline Claim: The SET index peaked at 1,852 in 2018 and fell to 1,053 intraday by mid-2025. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand
18. Worst performing index globally in Q1 2025 Claim: Bloomberg tracked 92 indices worldwide and Thailand was dead last in Q1 2025, down 16%. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand Original source: Bloomberg – Thai Turmoil Threatens Gains in World’s Worst Stock Market https://www.bloomberg.com/news/articles/2025-07-02/thai-turmoil-threatens-early-gains-in-world-s-worst-stock-market
19. Down 24% year to date by June 2025 Claim: By June 2025 the SET was down 24% year to date. Source: Bloomberg – Thai Stocks Decline to Five-Year Low (June 2025) https://www.bloomberg.com/news/articles/2025-06-19/thai-stock-index-poised-for-five-year-low-on-political-upheaval Also: Kaohoon International https://www.kaohooninternational.com/markets/573548
20. EPS stuck at 90-95 for over a decade Claim: Kasikorn Securities identified flat EPS as one of five structural traps, with quarterly profits capped at around 25 billion baht. Source: Nation Thailand – Thai Stock Market Takes Another Hit (June 2024) https://www.nationthailand.com/business/trading-investment/40038995
21. ROE and ROA declining since 2016 Claim: The OECD confirmed return on equity and return on assets have been declining since 2016. Source: OECD Capital Market Review of Thailand 2025 – The Public Equity Market https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-public-equity-market_40efbfd8.html
22. OECD on old economy stocks Claim: The OECD stated that reliance on old economy stocks with low growth potential has weighed on investor interest. Source: OECD Capital Market Review of Thailand 2025 – Assessment and Recommendations https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/assessment-and-recommendations_a3bec273.html
23. Almost no technology companies on the SET Claim: Thailand’s transition to a new economy has lagged behind, with minimal technology representation on the SET. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand Also: SET sector breakdown https://www.set.or.th/en/market/index/set/overview
24. GDP growth comparisons Claim: Thailand’s 2026 GDP growth is projected at 1.5-1.8%, compared to Vietnam at nearly 6%, Indonesia at 4.5%, and Malaysia at 4.2%. Source: Nation Thailand – Thailand Faces Weakest Growth in Three Decades (December 2025) https://www.nationthailand.com/business/economy/40060602 Also: OECD Capital Market Review of Thailand 2025 – The Corporate Sector https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-corporate-sector_008c96e5.html
25. Average growth rate of 1.9% from 2013-2024 Claim: Thailand’s average growth rate from 2013 to 2024 was 1.9%. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand
26. Consensus target vs actual close in 2025 Claim: The consensus target for the SET at the start of 2025 was 1,550. The index closed the year at 1,259. Source: Nation Thailand – Crisis of Confidence: Corporate Scandals Drove SET to Seven-Year Lows (December 2025) https://www.nationthailand.com/business/banking-finance/40060447
27. CGS International 2026 target of 1,400 Claim: CGS International set a year-end 2026 target of 1,400 for the SET. Note: This figure was referenced in financial media research notes. Search for “CGS International SET target 2026 1400” in Nation Thailand, Bangkok Post, or Kaohoon International for the original source.
28. Stark Corporation fraud Claim: Auditors found over 200 suspicious transactions, fictitious sales worth 8 billion baht, and the share price dropped 99%. Source: Bangkok Post – A 99% Stock Crash and Shock Default https://www.bangkokpost.com/business/2598188/a-99-stock-crash-and-shock-default-raise-alarm-in-thailand Also: Global Investigations Review – Thailand: Corporate Fraud and Accounting Scandals (2026) https://globalinvestigationsreview.com/guide/the-practitioners-guide-global-investigations/2026/article/thailand-corporate-fraud-and-accounting-scandals-reveal-cracks-in-governance-and-public-trust
29. Total estimated damage of 100 billion baht Claim: The total estimated damage from the Stark fraud was 100 billion baht. Source: Nation Thailand – Thailand’s Stock Market Crisis: Corporate Fraud Shatters Confidence (December 2025) https://www.nationthailand.com/business/banking-finance/40060389
30. Stark majority shareholder and asset seizures Claim: The majority shareholder was heir to the TOA Paint fortune, and creditors filed for 130 billion baht in asset seizures. Source: Global Investigations Review – Thailand: Corporate Fraud and Accounting Scandals (2026) https://globalinvestigationsreview.com/guide/the-practitioners-guide-global-investigations/2026/article/thailand-corporate-fraud-and-accounting-scandals-reveal-cracks-in-governance-and-public-trust
31. Energy Absolute fraud Claim: The CEO was charged with procurement fraud, the share price fell 95%, 81 billion baht in debt, and the company was dropped from the SET’s sustainability index. Source: Nation Thailand – Thailand’s Stock Market Crisis: Corporate Fraud Shatters Confidence (December 2025) https://www.nationthailand.com/business/banking-finance/40060389 Also: Nation Thailand – Scandals and Slumping Market (December 2024) https://www.nationthailand.com/business/banking-finance/40044624
32. JKN Global Group fraud Claim: The founder was convicted of fraud, sentenced to two years, fled to Mexico with a new citizenship, and the SEC found fictitious creditors and debtors. Source: Global Investigations Review – Thailand: Corporate Fraud and Accounting Scandals (2026) https://globalinvestigationsreview.com/guide/the-practitioners-guide-global-investigations/2026/article/thailand-corporate-fraud-and-accounting-scandals-reveal-cracks-in-governance-and-public-trust
33. OECD on low financial penalties Claim: The OECD noted that financial penalties in civil cases are often too low to effectively deter misconduct. Source: OECD Capital Market Review of Thailand 2025 – Assessment and Recommendations https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/assessment-and-recommendations_a3bec273.html
34. Liberator Securities analyst on corruption Claim: An analyst at Liberator Securities called corruption and irregularities a key factor damaging the credibility of the Thai capital market. Source: Nation Thailand – Crisis of Confidence: Corporate Scandals Drove SET to Seven-Year Lows (December 2025) https://www.nationthailand.com/business/banking-finance/40060447
35. Foreign investors pulled 107 billion baht out in 2025 Claim: Foreign investors pulled a net 107 billion baht out of Thai equities in 2025, with nearly 69 billion in Q1 alone. Source: Wikipedia – Stock Exchange of Thailand https://en.wikipedia.org/wiki/Stock_Exchange_of_Thailand Also: Nation Thailand – Crisis of Confidence https://www.nationthailand.com/business/banking-finance/40060447
36. Trading values hit a 20-year low Claim: Trading values on the SET hit a 20-year low. Source: Nation Thailand – Crisis of Confidence: Corporate Scandals Drove SET to Seven-Year Lows (December 2025) https://www.nationthailand.com/business/banking-finance/40060447
37. Thai retail investors bought 158 billion baht in 2025 Claim: Thai retail investors were the only net buyers, purchasing 158 billion baht in 2025. Source: Nation Thailand – Crisis of Confidence: Corporate Scandals Drove SET to Seven-Year Lows (December 2025) https://www.nationthailand.com/business/banking-finance/40060447
38. Commentary on informed investors leaving This is editorial commentary based on the sourced outflow data in sources 35-37.
39. Thai NVDR Company Limited is a SET subsidiary Claim: The entity that operates the NVDR system is Thai NVDR Company Limited, a subsidiary of the Stock Exchange of Thailand. Source: SET – Thai NVDR Company Limited https://www.set.or.th/nvdr/en/about/whatis.html Also: Loxley – Major Shareholders page (representative example) https://www.loxley.co.th/en/investor-relations/shareholder-information/major-shareholders
40. NVDR registration structure Claim: When an investor buys NVDRs, Thai NVDR Company buys the actual shares and becomes the registered holder. Source: Thanathip Partners – Thailand NVDRs Legal Framework https://www.thanathippartners.com/insights/publications/thailand_nvdrs-t2.html
41. Thai NVDR Company does not exercise voting rights Claim: Thai NVDR Company has a policy of not exercising voting rights, except in the single case of a delisting vote. Source: Thanathip Partners – Thailand NVDRs Legal Framework https://www.thanathippartners.com/insights/publications/thailand_nvdrs-t2.html
42. NVDRs represent 28% of total market value Claim: NVDRs represent 28% of total market value, around 30% of total trading value, and roughly half of all foreign transactions on the main board. Source: OECD Capital Market Review of Thailand 2025 – The Public Equity Market https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-public-equity-market_40efbfd8.html
43. Effective control calculation Claim: With families holding an average 26% and 28% of voting power sitting in a non-voting subsidiary, families need only 36% of total shares for an effective voting majority. Sources: The 26% and 28% figures are from the OECD (sources 10 and 42). The 36% figure is derived arithmetic – 26 out of 72 effective voting shares equals 36.1%.
44. 36% threshold for effective majority This is a derived conclusion based on the sourced figures in source 43. The arithmetic is straightforward and does not require a separate source.
45. OECD on NVDRs reinforcing concentrated control Claim: The OECD stated that NVDRs have reinforced concentrated control and reduced transparency, and recommended Thailand reform or phase out NVDRs. Source: OECD Capital Market Review of Thailand 2025 – Assessment and Recommendations https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/assessment-and-recommendations_a3bec273.html
46. SET index uses full market capitalisation, not free-float adjusted Claim: The main SET index is calculated using full market capitalisation rather than free-float adjusted capitalisation. Source: Wikipedia – SET Index https://en.wikipedia.org/wiki/SET_Index Also: Bangkok Post – SET Hastens Free-Float Share Calculation Changes https://www.bangkokpost.com/business/2054319/set-hastens-free-float-share-calculation-changes
47. OECD recommended phasing out non-free-float-adjusted indices Claim: The OECD recommended Thailand phase out non-free-float-adjusted indices. Source: OECD Capital Market Review of Thailand 2025 https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en.html
48. The headline number overstates investable size This is editorial commentary supported by sources 12, 13, 46, and 47.
All sources were verified at the time of production. Some sources such as Bloomberg articles may be behind a paywall. Where possible, alternative or supporting sources have been provided.