Research Notes7

1. Note 01

   The Thailand Cohort Map

   641 SET Mainboard issuers, five archetypes, and a 77.5% small-cap tilt that sets the analytical posture for everything that follows.

   14 min
2. Note 02

   NVDR — Where Voting and Ownership Come Apart

   A Thailand-only mechanism separates ownership from voting across 190 firms — and produces a 32-point B-axis spread that no other market in the framework carries.

   13 min
3. Note 03

   Why Hidden Gem is 34.5% in Thailand

   One in three SET Mainboard firms is governance-intact but transparency-thin — the largest non-Chameleon archetype share in the eight-market series.

   15 min
4. Note 04

   The 18-Group Family Conglomerate Map

   Eighteen family clusters cover 33.4% of firms and 88.8% of market cap. Every SET50 firm sits inside one. Their B-axis means span 24.5 points.

   16 min
5. Note 05

   Big-4 Concentration — 70% and EY's 32% Slice

   EY audits 32% of the SET Mainboard — unmatched in any Asian market the framework covers. The non-Big-4 cohort is where 57.5% of Kill Switch firms sit.

   13 min
6. Note 06

   SETESG Selection-Bias Audit

   Zero of 121 SETESG firms is Kill-Switch-flagged. The hard floor works. Above the floor, 53% are Chameleon — inheriting the Large-cap segment's archetype distribution.

   14 min
7. Note 07

   Thailand vs Korea — B-axis as Mirror Image

   Korea's B-axis means 46. Thailand's means 73. Both describe broken governance — one collapsed, one decorrelated. Same axis, mirror pathology.

   12 min

Case Studies3

1. Case 01

   STARK Corporation — The Counterfactual Kill Switch

   The framework's June 2022 pre-event reconstruction reads STARK as a PARTIAL True Positive — the signal existed, and the mechanism that produced the signal is the mechanism that produced the collapse.

   14 min
2. Case 02

   MORE Return — The Five-Month Pre-Event NVDR Signal

   Five months before the November 2022 episode, the framework's pre-event signal sat 18 points below matched controls — with NVDR-mediated voting separation as the dominant gap driver.

   12 min
3. Case 03

   Minor International — A Founder-Light Counter-Narrative

   Minor International reads as Chameleon [B-weak] — the lowest-B cluster in the 18-group map. The reading is not a distress signal. It is the structural signature of founder-light governance.

   13 min