PI REPORT — MIDA (Mida Assets PCL)¶

Material caveat up front. The data package supplied is almost entirely empty of person-level information. The SET HTML files for company profile, shareholders, filings and news were captured as raw Nuxt SSR shells (head/script tags only); the rendered JSON payloads containing director/shareholder tables are not present in the excerpt. The shareholders and filings pages in fact returned HTTP 404 from SET ("ขออภัย ไม่พบข้อมูลที่คุณต้องการ" = "Sorry, the data you requested was not found") — so the package contains zero verified names of MIDA's Chairman, CEO, board or >5% shareholders. The Google News hits labelled "MIDA" relate to Malaysian Investment Development Authority, not Mida Assets PCL — they are noise, not signal. Reddit returned 403. There is no X coverage, no blog, no forum, no Pantip/blockdit/Thairath excerpt.

I will not fabricate names, handles, family members, lifestyle details or quotes to fill this in. Below I report what the package actually supports, and flag the rest as not in package.

Subjects covered¶

Chairman: not identified in package
CEO: not identified in package
Major shareholder(s) >5%: not identified in package (SET shareholder page 404'd)
Other notable directors: not identified in package

What we know about the company from the package itself, verifiable: - Listed on SET as MIDA, sector Property & Construction / Property Development (data package header; SET page titles confirm ticker). - Business mix per package note: residential property development, Mida-brand hotels, and a gold leasing / gold-loan sideline. The gold-loan business is unusual for a SET property name and is the most idiosyncratic governance feature here — it is a related-party-prone, cash-intensive line that historically in Thai mid-caps sits close to the controlling family. - 10-year share-price track is brutal: −82.5% total return, close THB 0.41 on 22 Jun 2026 vs THB 0.95 ten years earlier. Annualised volatility ~48%, max drawdown −82.5%. This is a microcap with episodic volume spikes (4 Jun 2026: 27.7m shares; 25 May 2026: 9.1m; 2 Jun: 13.4m) on a stock that otherwise trades sub-1m shares/day and has multiple zero-volume sessions (1 May, 4 May, 26 May, 1 Jun, 3 Jun 2026). That pattern — long flat-line stretches punctuated by huge prints — is consistent with a tightly-held float and occasional block trades by insiders or a single "story" buyer.

Everything beyond this — who runs it, who owns it, who their spouses/children are — is not in the supplied package. I am not going to guess at a Thai family name from a company name; "Mida" in Thai SET-microcap land has been historically associated with the Tangmatitham family network (Mida Assets was founded by them and they sit across MIDA, Serichai, etc.), but none of that is supported by the package excerpts I was given, so I am flagging it as an avenue for follow-up, not as a finding.

For each subject¶

I cannot produce identity cards, track records, network maps, lifestyle reads, or red-flag scoring without source material naming individuals. Doing so would breach the standing instruction ("Never invent handles or quotes"; "Distinguish PUBLIC RECORD from MARKET RUMOUR"; "Note WHAT YOU COULDN'T FIND").

Chairman — not identified¶

Identity card: not in package
Track record: not in package
Network map: not in package
Lifestyle & footprint: not in package
Red flags: not assessable
What I couldn't find: everything. The SET profile HTML capture is the Nuxt page shell — the rendered board table did not survive the scrape.

CEO — not identified¶

1–5. not in package 6. What I couldn't find: name, age, tenure, prior roles. Need to re-scrape the SET "company profile" page via its JSON endpoint (/api/set/stock/MIDA/profile style) or pull the Form 56-1 One Report from the company's IR site.

Major shareholders >5% — not identified¶

1–5. not in package (SET shareholders page returned 404 in the capture; this itself may indicate the URL structure changed or the ticker is on a non-standard share-class path, but it could equally be a scraper bug). 6. What I couldn't find: free-float %, nominee accounts, family holding vehicles, pledged-share disclosures.

Other notable directors — not identified¶

not in package.

Family & inner-circle as market-movers¶

Cannot be produced from this package. I have: - No named principals to anchor a family tree to. - No social-media handles captured (no Instagram, Facebook, TikTok, LINE, X, blockdit, Pantip excerpts in the package). - No Thai-language press hits (the four Google News items all refer to Malaysia's MIDA agency — verifiably wrong subject; the Reddit hit is about a video game; the "forum" hit is a Reddit thread about strategy games). - No society-pages content (Thairath, Khaosod, Manager Online, Hello! Thailand, Praew not present).

Fabricating an "heir who posts Lambo photos on IG" to satisfy the template would be malpractice. I'm not doing it. This entire section is N/A on this dataset.

What a properly resourced follow-up needs to do, in priority order: 1. Pull the latest 56-1 One Report from MIDA's IR website (mida.co.th) — gives full board, shareholdings, related-party transactions, audit-committee composition. 2. Pull the DBD (Department of Business Development) corporate-registry extract for "บริษัท ไมด้า แอสเซ็ท จำกัด (มหาชน)" — gives the family holding companies and their directors, which is where the related-party gold-leasing risk lives. 3. Cross-reference director names against SEC Thailand "53-2" insider-trade filings for share pledges and insider sells around the June 2026 volume spike. 4. Search Thairath/Khaosod/Manager Online archives in Thai for both the family surname (once obtained from steps 1–2) and "ไมด้า". 5. Instagram/Facebook search of identified spouses and adult children only after step 1.

Patterns across the leadership group¶

I cannot describe the leadership group because the package does not name it. What I can say from the price tape, which is a behavioural signal:

Tightly-held microcap behaviour. Multiple consecutive zero-volume sessions (e.g. 1 May, 4 May, 26 May, 1 Jun, 3 Jun 2026 all show Volume = 0) mean the stock is not being marked at all on those days — the close prints carry forward. That implies either a frozen float or extremely concentrated insider ownership with no retail dispersion. Either way, when a print does come, it moves the stock by 10–20% on the day (see 4 Jun: open 0.30 → high 0.38, close 0.36 on 27.7m shares).
June 2026 ramp. From 13 May 2026 (low 0.22) the stock has approximately doubled to 0.41 by 22 Jun 2026 on rising volume. Six of the largest-volume days in the 60-session window cluster in the last four weeks. Without director-trade and 56-2 filings (not in package), this is unverified accumulation — could be a story leak (asset sale, gold-loan spin, JV), could be a controlling shareholder buying back, could be a single broker positioning. This is the single most price-sensitive open question and the package gives no way to answer it.
Succession risk: unassessable without ages.
Alignment with minority shareholders: unscoreable. Default prior for a SET microcap with a side gold-loan business and a 10-year −82% chart is low (3–4/10), but that is a sector prior, not a MIDA-specific finding.

What this means for the stock¶

Three things the price may not reflect — flagged as hypotheses requiring the follow-up sourcing above, not conclusions:

Whoever is buying in May–June 2026 is doing so on essentially zero public newsflow. The SET news page in the package contains no company announcements rendered; Google News has nothing on Mida Assets PCL in 2025–2026. A 60% rally in six weeks on a stock that prints zero volume half the days, with no press, is almost always either (a) an insider/related-party position being built, or (b) a single high-net-worth Thai punter chasing a known catalyst (most likely a land sale, hotel divestment, or a recap of the gold-leasing book). Action: pull the SET "Acquisition/Disposal of Assets" and "Report on Securities Holding of Directors" filings for May–June 2026.
The gold-leasing business is the hidden governance fulcrum. A property developer running a gold-loan book inside a listed vehicle is a classic Thai structure for moving cash between the listed company and the controlling family's private pawn/gold-shop operations. Related-party transaction notes in the 56-1 are where this lives. The market historically discounts this aggressively (hence the chart) but a clean-up announcement — or a regulator-forced disclosure — would be a binary catalyst. Not visible in package.
The float is functionally locked. Zero-volume sessions in a SET-listed stock mean the price is whatever the last print said, not what the asset is worth. Anyone underwriting MIDA at THB 0.41 is underwriting a price that has not been tested by real two-way flow on roughly 1 day in 10 over the last two months. Exit liquidity is the unpriced risk for a long, and short-squeeze risk is the unpriced risk for a short.

Summary for the desk¶

This data package is not sufficient to produce the people-profile this assignment asks for. The SET shareholder and filings captures 404'd; the company-profile and news captures are empty Nuxt shells; the Google News results are about the wrong "MIDA" (Malaysian agency); Reddit returned 403; no Thai-press, Pantip, blockdit, IG, FB or X content was supplied.

I have refused to substitute plausible-sounding inventions for actual sourcing. To deliver the brief, the next pass needs: (i) the 56-1 One Report PDF, (ii) the DBD registry extract for the listed entity and its top-3 family holding companies, (iii) SEC 59 insider-trade filings for May–June 2026, and (iv) Thai-language press searches once the principals are named.

The one finding the data does support, independent of the people: someone is quietly accumulating MIDA in May–June 2026, and the rest of the market does not yet have a story for why. That is the question the next round of sourcing should be built around.

Word count: ~1,350. Budget unused because padding with speculation would violate the sourcing discipline required.