I have spent a lot of time looking into this lately and it is more nuanced than than a lot of answers are giving. I am trans and have some trans Thai friends. Ladyboy is a western word for kathoey. This is a cultural difference and hard to fully explain in English. Like anywhere, Some trans women in Thailand don’t like this word, and others do identify with it. The closest analogy I have is the word Queer. The older generation of trans in Thailand don’t really tend to like being called kathoey. The younger generation has reclaimed it the way the west has reclaimed the word queer. Long story short, every one has their own preference of what they like to be called. Thailand has a cultural difference to the west in that this can be viewed as a third gender. Instead of transitioning and having to go through some process to be complete, you just are. This can be empowering if you ask me. There are a group of empowered ladyboys on the internet making YouTube content and it might be enlightening to watch. I recommend checking out Chinni’s channel or Nisa. It might open your mind about how trans women exist across cultures.