Thai Industry Codes That Lost the Most Total Assets, 2015-2025
In short
TSIC 41002, a code inside Thailand's construction section, lost 318.89 billion baht in combined total assets between 2015 and 2025, as of 14 Aug 2026. That is the largest absolute asset loss of any five digit code with a meaningful base. Assets fell from 1.14 trillion baht to 822.51 billion baht, a drop of 27.94 percent, even as filing companies kept growing. Across the register, 68 codes posted an outright decline, losing 808.05 billion baht combined. The wider register still grew 78.63 percent over the decade, so this handful of codes moved against the national tide.
Which industry code lost the most in absolute baht terms?
TSIC 41002 answers the question outright (DBD, 2026). This five digit code sits inside section F, construction. Its combined reported total assets fell from 1141.40 billion baht in 2015 to 822.51 billion baht in 2025, a drop of 318.89 billion baht. That is the largest absolute asset loss of any five digit Thai industry code with a meaningful starting base, and it happened while the number of filing companies under the code kept rising, from 32416 to 35299. The runner up, TSIC 61201 inside information and communication, lost 93.39 billion baht, falling from 517.03 billion baht to 423.64 billion baht. Third place, TSIC 61209, also inside information and communication, lost 71.57 billion baht, collapsing from 72.53 billion baht to just 952.06 million baht, a 98.69 percent wipeout. Fourth place, TSIC 47112 inside wholesale and retail trade, lost 58.75 billion baht. The eight biggest losers combined for 636.68 billion baht, which is 78.79 percent of every baht lost across all 68 declining codes.
Eight biggest absolute asset losers by 5 digit industry code, 2015 to 2025
- TSIC 41002319
- TSIC 6120193
- TSIC 6120972
- TSIC 4711259
- TSIC 4652236
- TSIC 3011021
- TSIC 6110221
- TSIC 5911216
Figures in billion baht lost, total assets 2015 to 2025.
TSIC 41002 lost more than three times as much as the runner up. Four of the eight worst losers sit inside information and communication, a section that still grew overall.
The eight biggest absolute asset losers by industry code
| TSIC code | Section | 2015 assets, billion baht | 2025 assets, billion baht | Loss, billion baht | Percent change | Filers 2015 | Filers 2025 |
|---|---|---|---|---|---|---|---|
| 41002 | F, Construction | 1,141 | 823 | 319 | -27.94% | 32,416 | 35,299 |
| 61201 | J, Information and communication | 517 | 424 | 93 | -18.06% | 178 | 132 |
| 61209 | J, Information and communication | 73 | 1 | 72 | -98.69% | 37 | 53 |
| 47112 | G, Wholesale and retail trade | 283 | 225 | 59 | -20.73% | 93 | 193 |
| 46522 | G, Wholesale and retail trade | 126 | 90 | 36 | -28.68% | 1,128 | 1,289 |
| 30110 | C, Manufacturing | 27 | 6 | 21 | -77.62% | 149 | 158 |
| 61102 | J, Information and communication | 38 | 17 | 21 | -54.78% | 303 | 161 |
| 59112 | J, Information and communication | 58 | 42 | 16 | -27.91% | 1,271 | 1,094 |
Total assets and filing companies by 5 digit TSIC code, 2015 versus 2025, as of 14 Aug 2026.
Reading the losses with care
Five digit TSIC codes carry no published activity name in this dataset, so every code here is identified only by its number and parent section, never by an inferred business description. Context still helps. TSIC 41002's largest filer by revenue is China State Construction Engineering Thailand, a construction contractor, and the code sits in a section where total company count more than kept pace even as combined assets shrank. Four of the eight worst losers, TSIC 61201, 61209, 61102 and 59112, sit inside information and communication, a section built around telecommunications and broadcasting. TSIC 61209's near total collapse, from 72.53 billion baht to under one billion, lines up with the timing of a major merger in Thailand's mobile network industry that consolidated network assets under a different corporate entity during this decade. Reported total assets under a specific code can fall sharply when a merger moves the underlying balance sheet elsewhere in the registry, not only when a business genuinely shrinks. That is a real limitation of ranking by industry code rather than by parent company group.
Why this matters
The mirror image is the more important finding. Section F itself grew its combined total assets 8.17 percent overall between 2015 and 2025, despite TSIC 41002's steep drop. Section J grew 50.64 percent overall despite four of its codes landing in this list. Of the 18 industry sections with enough filing data in both years to compare, every single one posted growth. Public administration, households and extraterritorial organizations carry too few filing companies to compare and are excluded from that count. That means the codes here did not sink because their whole section struggled. Other codes inside the same section grew enough to offset the loss and then some. A reader sizing an industry from section level data alone would miss this entirely. The 68 declining codes represent just 10.54 percent of the 645 codes with a large enough base to rank fairly. Together they still account for 808.05 billion baht in lost ground, concentrated overwhelmingly in a handful of names. Thailand's construction sector faces its own headwinds. The Bank of Thailand cut its policy rate to 1.5 percent in 2025 partly to support a property market where low rise home transfers fell for three straight years, and that macro backdrop makes TSIC 41002's decline worth watching rather than dismissing as a data quirk.
Definitions
- TSIC
- Thai Standard Industrial Classification, a hierarchy of codes that groups companies by economic activity. A 5 digit code is the most detailed level and sits inside one of 21 lettered sections.
- Statement year
- The Buddhist calendar year the DBD registry uses to timestamp a filed financial statement. Buddhist year 2568 corresponds to Gregorian year 2025, and 2558 corresponds to 2015.
- Total assets
- The sum of the balance sheet total assets line reported by every company that filed a financial statement under a given TSIC code for that statement year.
- Filing company
- A company that submitted a financial statement to the DBD for a given statement year. Not every registered company files every year.
- Absolute decline
- The plain baht amount a code's combined total assets fell by, calculated as the 2015 figure minus the 2025 figure. This ranking uses baht amounts rather than a percentage, so a large base with a smaller percent drop can still outrank a small base that nearly vanished.
Assumptions
- Total assets is the sum of each company's self reported balance sheet total for that statement year, not adjusted for consolidation between related companies.
- Codes with fewer than 30 filing companies or under 1 billion baht in 2015 total assets are excluded from the ranking to avoid tiny base distortion.
- Five digit TSIC codes are identified only by number and parent section, since the source data publishes no activity description for this level of detail.
- Part of TSIC 61209's near total decline likely reflects a known 2023 merger in Thailand's mobile network industry that moved balance sheet assets to a different corporate entity, rather than a real collapse in the underlying business.
- Naming China State Construction Engineering Thailand as the top filer under TSIC 41002 by revenue reflects the source data's own top filer field and does not imply that company caused the code's asset decline.
Methodology
Total assets by five digit TSIC industry code are drawn from market_tsic_year_insight, aggregated across every company that filed a financial statement in a given statement year, sourced from the Department of Business Development registry as of 14 August 2026. The 2015 figures use Buddhist calendar statement year 2558 and the 2025 figures use statement year 2568. The change is measured code by code as 2015 total assets minus 2025 total assets, ranked in descending order so the largest absolute baht loss appears first. Codes with fewer than 30 filing companies or under 1 billion baht in reported assets in 2015 are excluded so a tiny denominator cannot manufacture a misleading ranking. Section level totals are computed by summing every code under a parent section, using market_tsic_insight for the section mapping. Five digit TSIC codes carry no published description field in this dataset, so codes are identified by number and parent industry section only, never by an inferred activity name.
How we verified this
- TSIC 41002 loss recomputed as 1,141,402,060,616.84 minus 822,512,961,422.79, equal to 318,889,099,194.05 baht, or 318.89 billion baht.
- TSIC 41002 percent decline recomputed as 318,889,099,194.05 divided by 1,141,402,060,616.84, equal to 27.94 percent.
- TSIC 41002 filer growth recomputed as 35,299 minus 32,416, divided by 32,416, times 100, equal to 8.89 percent, confirming assets fell while filer count rose.
- TSIC 61209 collapse recomputed as 71,573,007,524.30 divided by 72,525,069,881.34, equal to 98.69 percent of its base lost.
- Sum of the eight largest losses recomputed directly as 318,889,099,194.05 plus 93,385,875,654.42 plus 71,573,007,524.30 plus 58,752,948,825.35 plus 36,233,164,945.08 plus 20,857,078,290.11 plus 20,741,196,900.97 plus 16,249,095,559.88, equal to 636,681,466,894.16 baht.
- Total decline across all 68 qualifying codes with a 2025 asset figure below their 2015 figure summed directly to 808,053,939,364.26 baht, confirmed by summing the same 68 codes grouped by parent section, which independently totals to the identical 808,053,939,364.26 baht.
- Top eight share of total decline recomputed as 636,681,466,894.16 divided by 808,053,939,364.26, equal to 78.79 percent. TSIC 41002 alone recomputed as 318,889,099,194.05 divided by 808,053,939,364.26, equal to 39.46 percent.
- Whole economy total assets growth recomputed as 103,875,267,250,195.93 minus 58,150,005,519,231.42, divided by 58,150,005,519,231.42, equal to a 78.63 percent increase over the decade.
- Section F total assets recomputed by summing every TSIC code under section F for both years, confirming an increase from 2,030,739,628,262.30 baht in 2015 to 2,196,589,743,406.49 baht in 2025, an 8.17 percent rise despite TSIC 41002's individual decline.
- Section J total assets recomputed the same way, confirming an increase from 1,469,204,774,752.32 baht in 2015 to 2,213,268,046,186.73 baht in 2025, a 50.64 percent rise despite four of its codes appearing among the eight worst losers.
- Declining code share of the qualifying base recomputed as 68 divided by 645, equal to 10.54 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Krungsri Research. (2026). Thailand Industry Outlook 2025 to 2027, Real Estate and Housing in the Bangkok Metropolitan Region. Bank of Ayudhya. https://www.krungsri.com/en/research/industry/industry-outlook/real-estate/housing-in-bmr/io/housing-in-bmr-2025-2027
Frequently asked questions
Which Thai industry code lost the most total assets between 2015 and 2025?
TSIC 41002, inside the construction section, with combined reported assets falling 318.89 billion baht, from 1141.40 billion baht to 822.51 billion baht.
Did the whole construction sector shrink along with TSIC 41002?
No. Section F, construction, grew its combined total assets 8.17 percent overall between 2015 and 2025. Other codes inside the section grew enough to offset TSIC 41002's decline and still add to the total.
How many industry codes posted an outright decline?
68 codes out of 645 with a large enough base to rank fairly, a combined loss of 808.05 billion baht, even as the whole company register grew 78.63 percent over the same decade.
Why did TSIC 61209 nearly disappear?
Its reported assets fell 98.69 percent, from 72.53 billion baht to under one billion. The timing lines up with a major mobile network merger in Thailand that moved network assets to a different corporate entity, a reminder that a code level collapse can reflect a merger rather than a genuine business failure.
Cite this page
Chatpong L. (2026). Thai Industry Codes That Lost the Most Total Assets, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-that-lost-the-most-total-assets-2015-2025
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.