The database I wanted and couldn't find
What Thai Industrial Platform (TIP) is, and why it exists.
For years I looked at Thai industrial companies one at a time. Pull the filing, translate it, rebuild the numbers by hand, form a view, move on to the next one.
Every company started from zero, because there was no map of the field to start from.
The raw data has been there all along. Thailand’s Department of Business Development holds filed accounts on every registered company in the country: revenue, profit, the balance sheet, the shareholders, going back years, all public.
What it does not come with is any read of what the numbers mean, and it sits in Thai, in a compliance format, one company at a time. Bloomberg and CapIQ barely reach the private mid-market here, so a fund looking at a Thai manufacturer is either working blind or paying a boutique to rebuild each name from scratch.
So I built the thing I kept wishing existed.
Thai Industrial Platform is a database of mid-market industrial acquisition targets in Thailand, each one worked up the way I would want it before a first call. I rebuild the financials from the official filings.
Every target carries a thesis, a key risk, and a valuation range, plus flags on the things that actually kill deals: earnings quality, leverage, customer concentration, succession and ownership, margin trajectory, supply chain.
It reads like an analyst’s working file, because that is what it is.
It is built for the people who buy these businesses: private equity associates screening a mandate, M&A teams running a buy-side search, family offices and operators looking for the next thing to own.
You screen the database the way you would screen anything. Revenue band, sector, margin, whatever the mandate needs.
Open a target and you get two layers. A short read at the top: the verdict, the headline numbers, a five-year revenue and margin picture, the thesis, the risk, the enterprise value range, the flag strip. About twenty seconds to know whether the name is worth your time. Below that sits the full note, for when it is.
The point of the read is to catch what a single filing will not tell you on its own. A company quietly doubling its registered capital, which often means it is being prepared for a sale or a listing. A dividend line pulling most of three years of profit out of the business while the expansion runs on debt. Patterns like these only surface when you hold the years side by side, which is most of the work and most of the reason the database exists.
One rule sits underneath all of it. Every number is sourced, and where I have estimated something, the page says so. A reconstructed figure and a filed figure are marked differently, always. The moment you cannot tell the two apart, the database is worth nothing, so I would rather show you a flagged estimate than a clean-looking guess.
The platform is free.
You give an email to get in, and in return you get this newsletter:
Thailand’s economy read through the industrial lens, the mid-market that never makes the headlines, and the private equity and deal activity moving through it. Roughly every two weeks. If the targets are the standing reference, the newsletter is the running commentary on the field they sit in.
That is the whole offer. A database I spent a long time wishing existed, and the reason I stopped waiting for someone else to build it.
The platform is at thaiindustrialplatform.com. Start with the filter.
