Thai Industry Codes With the Biggest Asset Turnover Gains 2025
In short
TSIC code 46621, a wholesale and retail trade code, roughly tripled its asset turnover ratio between 2015 and 2025, climbing from 14.44 times to 47.56 times. That is the single biggest gain among 401 Thai industry codes large enough to rank here. Six of the ten biggest gainers sit inside wholesale and retail trade. Most codes moved the other way. Only 32.2 percent of the 401 codes analyzed saw their ratio rise at all over the decade, as of 14 August 2026.
Which Thai industry code squeezed the most extra revenue out of each baht of assets?
TSIC code 46621 wins this contest outright. Its asset turnover ratio climbed from 14.44 times in 2015 to 47.56 times in 2025, a gain of 33.12 points and roughly a threefold jump (DBD, 2026). That code sits in section G, wholesale and retail trade, and counted 458 filing companies for the 2025 statement year, up from 351 a decade earlier. The runner up, TSIC code 46492, also wholesale and retail trade, rose from 8.42 times to 21.77 times, a gain of 13.35 points. Six of the ten biggest point gains across the whole registry sit inside wholesale and retail trade, a section that holds just 29.7 percent of the 401 industry codes large enough to rank. Most Thai industry codes did not share in this surge. Only 129 of those 401 codes, 32.2 percent, saw their ratio rise at all between 2015 and 2025. The other 272 codes, 67.8 percent, ended the decade turning their assets over more slowly than they did in 2015.
The ten biggest asset turnover point gains, 2015 to 2025
- 46621, G33
- 46492, G13
- 47732, G11
- 92001, R6
- 46699, G4
- 63113, J2
- 46201, G2
- 79110, N2
- 66123, K1
- 46313, G1
Figures in points of revenue per baht of assets.
Six of the ten codes shown, marked G, belong to wholesale and retail trade. Section codes follow Thailand's TSIC lettering.
Top ten Thai industry codes by asset turnover point gain, 2015 to 2025
| TSIC code | Section | 2015 ratio | 2025 ratio | Point gain | Multiple | 2025 revenue, billion baht |
|---|---|---|---|---|---|---|
| 46621 | G, wholesale and retail trade | 14.44 | 47.56 | 33.12 | 3.29x | 3,525 |
| 46492 | G, wholesale and retail trade | 8.42 | 21.77 | 13.35 | 2.59x | 2,599 |
| 47732 | G, wholesale and retail trade | 13.51 | 24.12 | 10.60 | 1.78x | 8,848 |
| 92001 | R, arts and entertainment | 0.51 | 6.39 | 5.88 | 12.55x | 17 |
| 46699 | G, wholesale and retail trade | 1.76 | 5.34 | 3.58 | 3.03x | 207 |
| 63113 | J, information and communication | 0.78 | 3.20 | 2.42 | 4.11x | 116 |
| 46201 | G, wholesale and retail trade | 1.91 | 3.76 | 1.85 | 1.97x | 120 |
| 79110 | N, administrative and support | 1.40 | 3.15 | 1.76 | 2.26x | 40 |
| 66123 | K, financial and insurance | 1.23 | 2.40 | 1.18 | 1.96x | 61 |
| 46313 | G, wholesale and retail trade | 2.81 | 3.93 | 1.13 | 1.40x | 248 |
Asset turnover ratio is total revenue divided by total assets for filing companies under each 5 digit TSIC code, statement years 2015 and 2025, as of 14 Aug 2026.
Why a rising asset turnover ratio in trading codes matters
A rising asset turnover ratio usually means a business is squeezing more sales out of the same shelf space, warehouse or loan book. Thailand's wholesale and retail trade section has done exactly that on a national scale, expanding 6.1 percent in 2025 after growing 3.2 percent the year before, a pace that outran the wider economy (NESDC, 2025). Faster online ordering, leaner inventory holding and consolidation toward larger distributors can all push a trading code's ratio higher without a single new baht of equipment on the books. TSIC code 92001 deserves one caution flag. Its filer count fell from 1,136 companies in 2015 to just 382 in 2025, so part of its ratio jump reflects a smaller, more concentrated group of filers rather than one uniform improvement across every company that once carried the code. TSIC code 46621 carries no such flag. Its filer count grew from 351 to 458 over the same decade, so its threefold ratio gain sits on a broader and growing base of companies rather than a shrinking one. For anyone assessing capital efficiency across Thai industries, this ranking is a reminder that margin and turnover tell separate stories. A code can look transformed on one measure while its company count barely moves on the other, and only checking both tells you which kind of transformation actually happened.
Definitions
- Asset turnover ratio
- Total revenue divided by total assets for a group of companies in a given period. A ratio of 14.44 means 14.44 baht of revenue was generated for every baht of assets on the books that year.
- Point gain
- The simple difference between a code's 2025 asset turnover ratio and its 2015 ratio, used instead of a percentage change so that a tiny 2015 base cannot exaggerate the size of the move.
- TSIC code
- A 5 digit code in Thailand's Standard Industrial Classification, the most detailed industry grouping the registry publishes, nested under one of 21 lettered sections.
- Statement year
- The fiscal year covered by a company's filed financial statement. The source registry records it in the Buddhist calendar, converted here to the Gregorian year, so statement year 2558 is 2015 and 2568 is 2025.
- Filing company
- A company that submitted a financial statement for a given statement year, as opposed to a registered company that may hold the same TSIC code but never filed.
Assumptions
- Only companies with a filed financial statement in both the 2558 and 2568 statement years contribute to a code's ratio in that year.
- The ranking universe is capped at codes with 50 or more filers in both years and over 10 billion baht of 2025 revenue, which excludes thousands of smaller or thinly reported codes where a single company's filing could swing the ratio.
- Ratios are aggregate figures, total revenue over total assets summed across every filer in the code, not an average of each company's own ratio.
- Asset values are book values as reported by each company, not adjusted for inflation or revalued to current market prices.
- The registry does not publish an English description for 5 digit TSIC codes, so this page identifies codes by number and section letter only and does not claim to know the exact product or service each code covers.
- The underlying aggregate tables were refreshed on 14 August 2026, after this routine's standing reference date of 7 July 2026, so this page uses the newer computed_at date and live figures rather than the older anchor.
Methodology
Asset turnover ratio here is total reported revenue divided by total reported assets for companies with a filed financial statement under a given 5 digit TSIC code, drawn from the Department of Business Development registry via the market_tsic_year_insight aggregate table, refreshed 14 August 2026. Statement years follow the Buddhist calendar in the source system, so statement year 2558 equals calendar 2015 and 2568 equals 2025, converted throughout. The ranking universe is limited to codes with at least 50 filing companies in both 2015 and 2025 and at least 10 billion baht of 2025 revenue, which keeps the comparison to 401 codes large enough that one company joining or leaving cannot swing the ratio on its own. The gain is measured as the simple point difference between the 2025 and 2015 ratios, not the percentage change, because a percentage change from a near zero base can produce misleadingly huge multiples for tiny codes. Section letters are the 21 fixed ISIC top level categories used throughout this site. The registry does not publish an English description for individual 5 digit TSIC codes, so codes are identified by number and section only, never by an inferred product name.
How we verified this
- TSIC 46621, 2015: total revenue 304,982,239,109.51 baht divided by total assets 21,120,898,900.65 baht equals 14.4398, rounded to 14.44. TSIC 46621, 2025: 3,525,379,852,542.88 divided by 74,121,684,668.49 equals 47.5621, rounded to 47.56. Point gain recomputed as 47.5621 minus 14.4398 equals 33.1223, rounded to 33.12, and the multiple as 47.5621 divided by 14.4398 equals 3.2938, confirming the roughly threefold headline.
- TSIC 46492, 2015: 696,891,802,785.30 divided by 82,778,227,982.71 equals 8.4188, rounded to 8.42. TSIC 46492, 2025: 2,599,416,638,071.29 divided by 119,426,005,878.33 equals 21.7659, rounded to 21.77. Point gain recomputed as 21.7659 minus 8.4188 equals 13.3471, rounded to 13.35, confirming the runner up figure.
- Universe count recomputed directly from market_tsic_year_insight: joining statement years 2558 and 2568 on tsic_code, keeping only codes with company_count of 50 or more in both years and 2025 total revenue above 10,000,000,000 baht, returns exactly 401 codes.
- Of those 401 codes, counting where the 2025 ratio exceeds the 2015 ratio gives 129 codes, and counting where it falls gives 272 codes. 129 plus 272 equals 401 with no ties, and 129 divided by 401 equals 0.3217, rounded to 32.2 percent, while 272 divided by 401 equals 0.6783, rounded to 67.8 percent.
- Grouping the 401 code universe by section shows section G, wholesale and retail trade, accounts for 119 codes, and 119 divided by 401 equals 0.2968, rounded to 29.7 percent. Manually counting the section letters in the top ten point gain table shows 6 of the 10 rows are section G, confirming wholesale and retail trade is over represented among the biggest gainers relative to its 29.7 percent share of the universe.
- TSIC 92001 filer counts recomputed directly from the same table: company_count of 1,136 in statement year 2558 and 382 in statement year 2568, confirming the filer count fell rather than grew, unlike TSIC 46621 where company_count rose from 351 to 458 over the same span.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of the National Economic and Social Development Council. (2025). Thai economic performance in Q2 of 2025 and the outlook for 2025. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/08/05.-PRESSENG-Q2-2025-Final-edit.pdf
Frequently asked questions
Which Thai industry code had the biggest asset turnover gain between 2015 and 2025?
TSIC code 46621, in the wholesale and retail trade section, whose ratio rose from 14.44 times to 47.56 times, a gain of 33.12 points and roughly a threefold increase, the largest gain of any code in this ranking as of 14 August 2026.
What does a rising asset turnover ratio mean for a company or industry code?
It means more revenue is being generated from the same stock of assets on the books, whether through faster inventory cycles, leaner balance sheets or growing sales without matching new investment.
Why does wholesale and retail trade dominate this ranking?
Six of the ten codes with the biggest point gains sit in section G, wholesale and retail trade, even though that section holds only 29.7 percent of the 401 codes large enough to be analyzed here.
Did most Thai industry codes see their asset turnover ratio rise or fall over the decade?
Fall. Only 129 of the 401 codes analyzed, or 32.2 percent, saw their ratio rise between 2015 and 2025. The remaining 272 codes, 67.8 percent, turned their assets over more slowly in 2025 than they did in 2015.
Cite this page
Chatpong L. (2026). Thai Industry Codes With the Biggest Asset Turnover Gains 2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-the-biggest-asset-turnover-gains-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.