Over the past decades, Thailand has been one of the major destinations for foreign direct investment (FDI) and a net importer of capital. Recently, however, this trend has changed as outward FDI (OFDI) has outpaced inward FDI. Using a unique firm-level FX transaction data, this paper is the first attempt in exploring the distribution of Thai OFDI by types of investment (horizontal, vertical, conglomerate) and as well as by controlling-stakes (Thai-controlled and foreign-controlled companies) and discover a new set of facts on their patterns, trends and main drivers. We use a gravity type model of foreign outward direct investment as a basis for our analysis and augmented by other variables used in earlier empirical studies. Panel data analysis with fixed-Effects (FE), Random-Effects (RE) and Hausman-Taylor (HT) methods are performed on both aggregate and firm-level dataset. The paper highlights key features of Thai OFDI that have not been identified in the literature to date. First, the majority of Thai OFDI is horizontal in nature and more than one-third of these enterprises are in fact foreign-owned. Second, in contrast to what is commonly believed that horizontal OFDI usually flows to developed countries to serve the local market and vertical investment to developing countries to source production of intermediate goods, we show that both horizontal and vertical investment look much more similar than previously thought, with both types of flows going mostly to developed countries. Third, we find that conglomerate investment strategy which has by and large been ignored by the empirical literature is in fact far from uncommon and that a considerable proportion of Thai OFDI involves conglomerate investment. Fourth, evidence is found in support of the market access theories of horizontal investment and the comparative advantage theory of vertical OFDI. The motive of conglomerate investment strategy is found to be more similar to vertical than horizontal investment strategy. Last, we show that Thai-controlled OFDI is market-seeking in nature and tend to prefer investing abroad in the form of equity investment in location closer to home. On the contrary, foreign-controlled companies are driven by other motives than replicating or outsourcing production and the bulk of their investments are in the form of extension of inter-company loans to related corporations abroad.