Asadej Kongsiri reveals the future of the Thai stock market, using AI to catch fraud and increase the value of listed companies with JUMP+.
The Stock Exchange of Thailand projects the future of the Thai stock market using AI catches corruption, suppresses inappropriate behavior, and increases the value of listed companies with JUMP+, creating confidence and attracting investors, revealing that foreigners see the Thai stock market as having good signs.
The Thai stock market is facing a number of negative factors that are dampening the investment climate. These include shrinking liquidity, lower returns compared to other stock markets, and declining investor confidence. Despite the presence of a large number of stocks offering high dividends of 5-6% per year, these are still insufficient to attract new investment.
So in what direction will the Thai stock market go in the future? bank finance Had a special interview Assadej Kongsiri, Director and Managing Director, Stock Exchange of Thailand (SET) To restore confidence in the Thai stock market to make it attractive for investment again.
"Where will the Thai stock market go in the medium and long term? If all sectors work together, are committed to pushing forward, creating opportunities, and doing the right thing, I believe the Thai capital market can go far."
Thai economy grows slowly
Investor confidence has dwindled
Before looking to the future, Assadej acknowledged that there are currently several factors contributing to volatility in the Thai stock market, both domestic and global, resulting in negative impacts on the Thai stock market index. These factors are changing daily, including US President Donald Trump's import tariff measures, the escalating war in the Middle East, and domestic factors contributing to volatility in the Thai stock market.
However, the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) have a total of 858 listed companies (as of June 20, 2568). This is considered a diverse group of companies, a key indicator or reflection of the Thai economy. The continued decline in the Thai stock index is partly due to confidence, but another important factor is the slowdown in Thai economic growth. In 2568, it is projected that the Thai economy will experience the lowest growth rate in Southeast Asia (ASEAN). This is a fundamental factor that reduces the attractiveness of the Thai stock market.
"Looking back over the past 10 years, Thai listed companies as a whole have seen average annual profit growth of 3%, compared to neighboring economies that grow by 4-7% per year. Meanwhile, foreign investors are seeking alternatives and opportunities to maximize profits relative to the risks. Therefore, if we look at Thailand's GDP growth figures compared to ASEAN, the Thai stock market appears less attractive."
Revealing the plan to restore confidence
ใช้ AI fraud detection
"When it comes to the future of the Thai stock market, I look at the short, medium, and long term. In the short term, the role of the Stock Exchange of Thailand will focus on stability. We're trying to prevent bad behavior, prohibit it, warn against it, and provide information to investors."
Asadej said the Stock Exchange of Thailand (SET) has been utilizing technology to assist with regulatory matters, particularly the use of artificial intelligence (AI) to analyze and detect unusual trading behavior (Market Surveillance), and to alert investors. AI has also been used to provide analysis for mid- and small-cap securities that have not yet been analyzed, providing information for investment decision-making.
"The Stock Exchange of Thailand (SET) is the upstream source of information and can provide rapid analysis. Therefore, when unusual behavior is detected, we must quickly send out a warning signal to investors. Prompt warnings are crucial, as waiting to apprehend the perpetrators may be too late. Arrests and punishments must be handled through legal processes, which require considerable time."
Follow the trading list
per day 500,000 items
Regarding the regulatory measures for listed companies regarding securities trading, Asadej stated that the Stock Exchange of Thailand currently analyzes an average of 500,000 trading transactions per day, examining price correlations, turnover ratios, and other factors. The Stock Exchange of Thailand has previously issued warnings to listed companies for concentrated trading, unexplained price fluctuations, and whether share price movements are attributed to the same group of individuals. Investors have also been warned.
The Stock Exchange of Thailand has established a measure to automatically temporarily suspend the buying or selling of any securities (Auto Pause) if it is found that there are excessive orders or sales in any securities exceeding the rate set by the Stock Exchange of Thailand. This allows securities companies and investors time to examine their orders or sales and to prevent any abnormal trading matching that could cause damage to the industry as a whole.
“Trading irregularities are not encountered every day. Overall, the majority of investors in the Thai stock market are considered to be behaving well.”
For those whose trading behavior is considered to be insider trading, the Stock Exchange of Thailand (SET) will forward the information to the Securities and Exchange Commission (SEC) for further investigation. The two agencies work closely together, and also coordinate with the justice sector for cases related to the capital market to ensure swifter and more effective punishment for offenders.
"The Stock Exchange of Thailand (SET) does not want any behavior that harms the capital market, regardless of who it is, whether it's a robot, a person, or a company. We don't want any bad behavior. Regarding listed companies, the SET has issued more frequent warnings. Furthermore, we have requested disclosure of information that the SET believes investors should know, to provide greater clarity."
For example, an incident where a company is found to have invested in an asset and placed a deposit, but the following quarter or a year later, it is reported that the transaction no longer occurred. In cases where listed companies create issues like this, particularly when announcing an investment and causing the stock price to rise, but later failing to make the investment as stated, Assadej said the Stock Exchange of Thailand (SET) has sought to address this by requiring listed companies to disclose additional information to promptly explain to investors. The goal is to promptly review any misconduct, as lack of clarity will likely lead to questions from the SET.
"If we look at the actual figures, out of 858 companies listed on the Stock Exchange of Thailand, we find that there are only a few companies that are doing bad things, but they are causing damage to the overall picture. We don't want companies that are doing well to suffer as well or incur unnecessary expenses. Therefore, we must strike a balance."
Adjusting investor group criteria HFT
Reduce price volatility
In addition, the Stock Exchange of Thailand (SET) has revised its regulations to enhance supervision and boost investor confidence. This new regulation will allow high-frequency trading (HFT) investors to purchase only large-cap and highly liquid securities. HFT investors will only be able to trade stocks in the SET100. This measure aims to reduce price volatility in mid- and small-cap securities, which may lack sufficient trading liquidity. Effective July 7, 2568, the new regulation will be implemented.
"HFT is a topic of much discussion. I'm not certain whether it's a problem or not, but the new measures are designed to build confidence and create opportunities for investors. They require trading in large-cap, highly liquid securities, such as the SET 100, to reduce price volatility in mid- and small-cap securities that may lack sufficient liquidity."
As for whether excessive regulation will reduce the attractiveness of the Thai stock market to foreign investors, Assadej stated that if the Thai stock market were to be traded only on the SET 100, it would be limiting compared to developed markets. However, he acknowledged that this factor may not be a major concern at present. We must first improve our fundamentals. When comparing with other emerging markets, we must consider the regulations of each market. Overregulation risks placing the stock market in a frontier market or a newly developed country. Therefore, the Stock Exchange of Thailand must study and achieve a balance.
However, the current proportion of trading value by automated systems or Program Trading remains close to the original proportion, at over 40 percent of the total trading value.
Raise the level of service Co-location
Creating equality for investors
Mr. Asadej stated that the Thai stock market currently has a diverse range of investors, and it must be acknowledged that technology still cannot analyze data at the same speed. This is comparable to the human brain, where each person's speed may differ. However, one thing the Stock Exchange of Thailand is striving to do, and has already implemented quite a few, is to focus on creating opportunities and equality for the balanced benefit of all investor groups.
By supporting all member securities companies (brokers) to have access to Co-location services, which provide server space and connectivity to the trading system from the Stock Exchange of Thailand's computer center, to allow all investor groups to conduct trading transactions and access trading information efficiently, quickly, and equally, reducing the advantages and disadvantages of each investor group, and promoting member securities companies to enhance services for investors.
“The Stock Exchange of Thailand's most important position is to create opportunities for investors from all sectors to conduct trading transactions and access trading information efficiently, quickly, and equally.”
Move forward with the project JUMP +
Increase the value of the company and attract investors.
Regarding the medium- and long-term plan to encourage more investors to invest in the Thai stock market, Asadej said the Stock Exchange of Thailand has studied the patterns of the Japanese and South Korean stock markets. He believes that ultimately, what these two markets are pursuing is to create greater value for listed companies, focusing on return on equity (ROE).
Therefore, the Stock Exchange of Thailand (SET) has launched the "JUMP+" (Promotion of Value Added to Listed Companies) project. The project aims to build confidence in the Thai capital market and incentivize listed companies to increase shareholder value. The project focuses on companies with potential and a commitment to implementing their growth plans. The project also promotes the disclosure of information on plans and operating results to communicate with investors. The target is for approximately 50-100 listed companies to participate in the project.
For listed companies participating in the JUMP+ project, they will receive support for their operations in various areas from the Stock Exchange of Thailand, government agencies, and partner organizations as follows:
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- Planning and implementation (Planning and Execution) A team of consultants will be available to provide advice on the development of the plan and monitor its implementation. Listed companies participating in the project will also receive financial support, including expenses for the development of the JUMP+ plan and expenses for its implementation, from the Capital Market Development Fund (CMDF) based on actual expenses, up to a maximum of 5,000,000 baht throughout the project period. There will also be a cash prize of up to 500,000 baht for companies that can achieve growth in accordance with the conditions set by the Stock Exchange of Thailand.
- creation Corporate Visibility and Broad Public Relations By collaborating with supporting partners, preparing Analysis View analysis and organizing Roadshow activities, meeting various media programs to communicate the company's information to investors, demonstrating the company's growth opportunities according to the plans made in the JUMP+ project, which builds the company's credibility among investors.
- giving Rewards and Recognition Program There is a discount on the Stock Exchange Group's fees, including a 10% annual discount on securities registrar services for companies participating in the project and applying for TSD's QR Code Sealer service for 3 years (2569-2571) and a discount on using services from partners.
In addition, the Stock Exchange of Thailand (SET) offers a preliminary financial analysis tool (Preliminary Analysis Tool), designed and developed in collaboration with the Sasin Graduate Institute of Business Administration. This tool analyzes and evaluates preliminary financial performance, covering key indicators across various dimensions. This tool reflects a company's overall performance across multiple dimensions, including its ability to generate returns for shareholders, revenue and profit growth, profitability and efficient resource utilization, financial stability, and good corporate governance. This tool can be accessed via the SETLink system.
As for details and operating schedules for listed companies participating in the JUMP+ project, applications are open from June 26 to December 31, 2568. Listed companies will prepare a three-year plan (3-2569) approved by the board of directors and report progress to investors quarterly or according to events throughout the project period.
Asadej stated that the Jump+ project will provide investors with access to listed companies' growth plans and continuous updates on progress according to the plans. This will be done through various channels, including Opportunity Day, which will provide investors with information to support their investment decisions in listed companies with growth potential. Furthermore, the Stock Exchange of Thailand (SET) plans to organize Jump+ Corporate Day, an event that will provide investors with the opportunity to meet with executives of listed companies participating in the Jump+ project, providing investors with additional information to support their investment decisions.
It is expected that the Jump+ plans of listed companies will begin to be seen from the fourth quarter of 4 onwards, and the company's implementation of the plans will be available to monitor from the first quarter of 2568.
Duties of the Stock Exchange of Thailand
Create opportunities-Equality
Regarding the role of the Stock Exchange of Thailand (SET), Mr. Asadej commented that the SET is an organization whose duty is to create opportunities for all sectors. Regarding investors, one area the SET has consistently strived to address is diversifying investments. A clear example is the Foreign Securities Depository Receipts (DRs), which provide opportunities for Thai investors to invest in attractive foreign stocks.
Therefore, the future role of the Stock Exchange of Thailand will be to create continuity in finding new products and opportunities, as well as providing investors with sufficient information for making investment decisions.
At the same time, all stakeholders, including securities companies, listed companies, and fund management companies, must strive to create opportunities. For example, the Stock Exchange of Thailand (SET) is striving to build infrastructure. The SET recently launched a new application, "AomWise," a savings and investment platform, to provide new retail investors with greater access to the capital market. It meets the needs of modern lifestyles and serves as a one-stop platform for investing in multiple assets, including stocks, funds, DRs, and ETFs. Portfolios can be viewed in a single account, making it ideal for beginners. Similarly, listed companies with the JUMP+ program can add value to their companies and attract investors.
Foreigners see Thailand as a "good sign"
Believe that the Thai stock market can still go far.
Regarding foreign investors' views on the Thai stock market, Assadej said the Stock Exchange of Thailand (SET) traveled to Singapore to present information at the SET Singapore Roadshow 2025 on May 22-23, 2568, with a large number of interested investors attending. The exchange revealed that foreign investors remain interested in Thailand.
"We asked foreign investors about HFT. The response they received was that they had no concerns, as HFT is available in every market. Stock trading is not measured on a day-to-day or minute basis, but rather on wealth and long-term value accrual. Furthermore, government representatives provided a presentation on Thailand's economic data and infrastructure investment. The response was very encouraging, a positive sign for Thailand, which is revitalizing foreign investors."
When asked about the overall market value target, Asadej said he doesn't have a set target. Instead, he emphasizes that listed companies should generate growth to increase profits and increase ROE. The rest will follow, including increased liquidity and share prices, and the Stock Exchange of Thailand will do its best to fulfill its mission.
In this regard, when considering the value of Thai stock holdings by foreign investors (Foreign Holding) as of April 2568, it was 4.76 trillion baht, representing a proportion of holding value to market cap of 32.48%, which is at a similar level throughout the past 10 years.
MSCI's latest round of Thai stock weighting is a result of a decline in the market cap of Thai stocks compared to other countries in the Emerging Markets group. MSCI also prioritizes market practices and market governance, as the Thai capital market remains well-established regionally. This reweighting may primarily reflect price valuations. In the medium term, it is believed that the Jump+ program, which aims to increase quality companies and expand the market base, will enhance interest and support Thailand's weighting in the index to rise again.
Asadej stated that while the overall Thai stock market is still in a correction phase, there are still attractive stocks, particularly high-dividend stocks included in the SETHD index, which boast an average dividend yield of 6.76%, compared to 4.48% for the SET Index. Considering long-term total returns since 2564, SETHD has delivered a total return of over 25%, reflecting its potential for generating stable income over the long term.
In this group, there are more than 20 stocks that are priced below book value (P/BV less than 1) and have an average ROE as high as 12%, indicating an opportunity to invest in companies with good fundamentals and consistent returns.
"I believe we have a very high chance. Thailand has potential, whether it's its location, society, livability, or the Thai people themselves. But we need to make that potential tangible and tangible."
As for where the Thai stock market is headed, Asadej believes, "In the medium and long term, if all sectors come together to support each other, are committed to pushing forward, creating opportunities, and doing the right thing, I believe the Thai capital market can go far."
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