Thai Industry Codes With the Widest ROA Swing, 2015 to 2025
In short
TSIC code 05100 posted the widest return on assets swing of any Thai industry code with a meaningful revenue base between 2015 and 2025, a move of 169.4 percentage points. Its return on assets stood at negative 157.0 percent in 2015 and had climbed to positive 12.4 percent by 2025. Total assets in the code fell from 30.3 billion baht to 5.0 billion baht over the same decade, an 83.5 percent drop. The next widest move ran the other way. Code 32302 fell 63.7 points, from a strong 63.5 percent down to roughly zero.
Which Thai industry code swung hardest on return on assets?
TSIC code 05100 moved further than any other Thai industry code with a meaningful revenue base between 2015 and 2025. Its return on assets sat at negative 157.0 percent in 2015, a loss deep enough that filers in the code posted a combined net loss of 47.6 billion baht against just 4.4 billion baht of revenue that year. By 2025 the same code had turned around to a positive return on assets of 12.4 percent on 620 million baht of net profit. That is a swing of 169.4 percentage points, the widest of any code that cleared our revenue and asset floor. Total assets recorded under the code fell from 30.3 billion baht in 2015 to 5.0 billion baht in 2025, an 83.5 percent decline, a pattern more consistent with a heavy asset writedown than with ordinary growth. Lanna Resources Public Company Limited is the top revenue filer recorded for this code across the full history of the dataset (DBD, 2026). The code sits inside Section B, mining and quarrying, a sector that suffered through the global commodity price crash of 2015, when coal and other energy commodities fell sharply worldwide (World Bank, 2015). A companion analysis found that mining and quarrying as a whole swung just 9.4 points over the same decade, from negative 4.0 percent to positive 5.3 percent. One five digit code buried inside that section moved about eighteen times as far. Section level statistics can hide code level extremes this large.
The ten widest return on assets swings by 5-digit industry code
- 05100169
- 32302-64
- 7730346
- 61302-42
- 5913241
- 30990-40
- 1399136
- 26201-30
- 3520229
- 6621028
Figures in percentage point swing in return on assets, 2015 to 2025.
Positive bars turned more profitable on assets. Negative bars went the other way, several from a strong starting point down toward zero.
Top 10 Thai industry codes by return on assets swing, 2015 to 2025
| TSIC code | Section | ROA 2015 | ROA 2025 | Swing (points) |
|---|---|---|---|---|
| 05100 | B | -157.0% | 12.4% | 169.4 |
| 32302 | C | 63.5% | -0.2% | -63.7 |
| 77303 | N | -23.5% | 22.0% | 45.6 |
| 61302 | J | 42.0% | 0.2% | -41.9 |
| 59132 | J | -0.5% | 40.9% | 41.4 |
| 30990 | C | 44.1% | 3.9% | -40.2 |
| 13991 | C | 4.4% | 40.4% | 35.9 |
| 26201 | C | 33.6% | 3.6% | -30.0 |
| 35202 | D | 4.2% | 33.4% | 29.1 |
| 66210 | K | 7.6% | 35.7% | 28.2 |
Ranked by the absolute size of the swing. Codes below a 100 million baht revenue and asset floor in both years, and with fewer than 5 filers in either year, are excluded to keep the ratio meaningful. As of 17 Jul 2026.
Why a code-level ranking matters more than a sector average
Thailand publishes industry statistics down to 21 lettered sections, and most published analysis stops there. This ranking works one level deeper, at the 5-digit TSIC code, where individual companies are few enough that one filer's fortune can move the entire code. That is exactly what happened at 05100. A single large writedown in 2015 was big enough to drag a code with only 13 filers to a triple digit negative return on assets, and its later recovery was just as sharp because the filer base stayed small. The same pattern cuts both ways further down the table. Code 32302 ran a healthy 63.5 percent return on assets in 2015 and slid to roughly breakeven by 2025, while code 59132 did the reverse, climbing from slightly negative to 40.9 percent. For a lender, a supplier, or an investor screening Thailand by industry code rather than by broad sector, the lesson is blunt. A sector average of a few points can sit directly on top of individual codes moving well over a hundred points in either direction. Anyone pricing risk by section alone is missing where the real swings live.
Definitions
- Return on assets
- Net profit divided by total assets for all filers in a group, expressed as a percentage. It measures how much profit a group of companies generates for every baht of assets it holds.
- Percentage point
- The plain difference between two percentages. A move from negative 157.0 percent to 12.4 percent is a swing of 169.4 percentage points, not a percent change.
- TSIC 5-digit code
- The most detailed level of Thailand's Standard Industrial Classification, nested under 21 lettered sections. This dataset does not publish the text description for 5-digit codes, so codes are referenced by number and section letter.
- Statement year
- The fiscal year of a filed financial statement, recorded in the Buddhist calendar in the underlying data. Statement year 2558 equals calendar year 2015, and statement year 2568 equals calendar year 2025.
- Meaningful revenue base
- The revenue and asset floor of 100 million baht in both years, plus a minimum of 5 filers per year, applied in this analysis so extreme ratios from a tiny handful of filers do not distort the ranking.
- Filer
- A company that submitted a financial statement for the given year. The number of filers in a code can change year to year as companies form, close, or start or stop filing.
Assumptions
- Aggregate return on assets is total net profit over total assets across all filers in a code, not the average of each individual company's own ratio, so a handful of large filers can dominate a code's figure.
- The set of filers in a code is not the same panel of companies in 2015 and 2025, since companies form, close, or begin and stop filing between the two years.
- The 5-digit TSIC text description is not published in this dataset, so codes with the widest swings are identified by number and section letter only, not by an named sub-industry.
- A single very large one-off event at one company, such as an asset writedown, can be big enough to move an entire code's return on assets when the code has only a handful of filers.
- The revenue and asset floor of 100 million baht was chosen to exclude tiny codes without erasing genuinely mid-sized industry codes, and a different floor would shift which codes appear near the bottom of the ranking.
Methodology
Return on assets swing is calculated as the aggregate ROA for a 5-digit TSIC code in statement year 2568, which is 2025 in the Gregorian calendar, minus the aggregate ROA for the same code in statement year 2558, which is 2015, using company level financial statements filed with Thailand's Department of Business Development and aggregated in market_tsic_year_insight as of 17 July 2026. Aggregate ROA is total net profit divided by total assets across all filers in the code for that year, not an average of individual company ratios. To keep the ranking meaningful, codes were required to report more than 100 million baht of both revenue and assets in each of the two years, and at least 5 filers in each year, which excludes tiny codes where a handful of shell-like filers can produce an extreme but meaningless ratio. Because Thailand's TSIC 5-digit descriptions are not published in this dataset, codes are identified by number and by their 1-letter section only.
How we verified this
- TSIC 05100 swing recomputed directly from raw figures: 12.40582 percent minus negative 156.98443 percent equals 169.39025 points, rounded to 169.4.
- TSIC 32302 swing recomputed: negative 0.20660 percent minus 63.47843 percent equals negative 63.68503 points, rounded to negative 63.7.
- TSIC 05100 asset decline recomputed: 30,342,740,719.86 baht minus 4,999,297,363.83 baht equals 25,343,443,356.03 baht, which is 83.5 percent of the 2015 base.
- TSIC 05100 filer count change recomputed: 16 filers in 2025 minus 13 in 2015 is 3 more filers, a 23.1 percent increase.
- Confirmed 05100 remains the single widest swing even without the revenue and asset floor. The only larger unfiltered swing, code 03211 at 99.1 points, was correctly excluded because its 2015 revenue was only 4.9 million baht, well under the 100 million baht floor, which is the exact kind of tiny-base distortion the floor is designed to catch.
- Section B aggregate ROA recomputed independently from the same underlying code-level rows: negative 4.05 percent in 2015 rising to 5.34 percent in 2025, a 9.39 point swing, confirming the section-level figure cited for comparison and showing code 05100 moved roughly 18 times as far as its own section average.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2015). Commodity prices expected to drop across the board in 2015, led by energy price declines. https://www.worldbank.org/en/news/press-release/2015/10/20/commodity-prices-expected-to-drop-across-the-board-in-2015-led-by-energy-price-declines
Frequently asked questions
Which Thai industry code had the widest return on assets swing between 2015 and 2025?
TSIC code 05100, in Section B, mining and quarrying. Its return on assets moved 169.4 percentage points, from negative 157.0 percent in 2015 to positive 12.4 percent in 2025.
What is TSIC 05100's return on assets as of 2025?
Positive 12.4 percent, on total assets of 5.0 billion baht and net profit of 620 million baht across 16 filers, as of 17 July 2026.
Did any code swing nearly as far in the opposite direction?
Yes. TSIC code 32302 fell 63.7 points, from a strong 63.5 percent return on assets in 2015 to roughly zero, negative 0.2 percent, in 2025.
Why does this ranking exclude some codes with even bigger swings on paper?
Codes below 100 million baht of revenue and assets in either year, or with fewer than 5 filers, were dropped. One such code showed a 99.1 point swing but had only 4.9 million baht of 2015 revenue, too small a base for the ratio to mean anything.
Cite this page
Chatpong L. (2026). Thai Industry Codes With the Widest ROA Swing, 2015 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-the-widest-roa-swing-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.