The JUMP+ project by the Stock Exchange of Thailand (SET) is drawing considerable attention as a flagship measure to restore confidence in the Thai capital market. Its goal is to promote growth, enhance governance, and sustainably create added value for listed companies.
As of the latest data (16 Dec 2025 GMT+7), more than 99 listed companies have applied to join the project, reflecting the business sector's keen interest in boosting competitiveness and commitment to transformation.
Particularly notable are the first 11 companies that have reached Active status in the project. Among them are stocks recognized by investors as highly volatile or having experienced steep price drops.
This represents a crucial opportunity for these companies to prove themselves by presenting clear business plans aimed at enhancing profitability and sustainable growth, thereby regaining long-term investor trust.
Looking at the historical returns of the first 11 companies to achieve Active status, most have faced heavy selling pressure over the past 1-3 years, highlighting the challenges these firms currently confront.
These figures indicate that participation in JUMP+ is not merely about seeking growth opportunities but may represent a significant step toward business recovery and rebuilding investor confidence after severe stock price declines.
1. Britania Public Company Limited (BRI)
1-year return: -61.56%
3-year return: -86.09%
2. Fortune Part Industry Public Company Limited (FPI)
1-year return: -14.43%
3-year return: -50.60%
3. Inspire IVF Public Company Limited (IVF)
1-year return: -54.30%
4. Kumwel Corporation Public Company Limited (KUMWEL)
1-year return: -25.00%
3-year return: -52.34%
5. Origin Property Public Company Limited (ORI)
1-year return: -49.74%
3-year return: -81.78%
6. SAF Special Steel Public Company Limited (SAF)
1-year return: -27.45%
3-year return: -80.83%
7. SCL Motor Part Public Company Limited (SCL)
1-year return: +3.17%
Return since listing (1 Nov 2023): -5.11%
8. Skin Laboratory Public Company Limited (SKIN)
Return since listing (24 Sep 2025): +23.33%
9. STC Concrete Products Public Company Limited (STC)
1-year return: -49.09%
3-year return: -63.16%
10. TMC Industry Public Company Limited (TMC)
1-year return: -37.50%
3-year return: -73.88%
11. ZIGA Innovation Public Company Limited (ZIGA)
1-year return: -49.71%
3-year return: -74.27%
Note: Data from setsmart, closing prices as of 15 Dec 2025 GMT+7.
Participation requirements for JUMP+ stipulate that companies must not have financial warning signs (CB, CS, CC, CF, NP, SP) or have faced SEC sanctions in the past five years (for applicants). This represents a significant effort by the SET to improve the quality of Thai listed companies, which should benefit the overall capital market.
However, it remains crucial to closely monitor whether these companies can demonstrate tangible changes in operations, profit growth, and governance improvements aligned with the JUMP+ plan.
These factors will serve as key success indicators for the project and may signal to investors the potential to identify turnaround stocks with stronger fundamentals in the future.
Analysts view the initial activation of 11 companies in JUMP+, mostly from the mai market with previously steep price declines, as a promising start to help these firms raise management standards and transparency.
Koraphat Worachet, Assistant Managing Director and Head of Research at Krungsri Securities Public Company Limited, told Thairath Money that JUMP+ is a positive initiative encouraging listed companies to enhance disclosure and long-term growth plans. Although overall stock performance may still be weak in the short term due to necessary fundamental adjustments and business restructuring, the project lays important groundwork.
He advises investors to adopt a medium- to long-term view and study analyst opinions to assess business growth opportunities and weigh potential upside and downside. He believes stocks in JUMP+ Action Plans will gradually improve over time.
Currently, it is a time to steadily review business plans rather than rush into investments. Investors should also watch for the Thai stock market stabilizing above 1,300 points, which could renew interest in small and mid-cap stocks.
. . . Apichat Phobcharoenkul, CISA, Senior Director of Strategic Analysis at TISCO Securities Public Company Limited, sees the project benefiting only individual participating stocks by establishing standardized systems aimed at sustainable growth. He regards it as a good starting point and expects these companies to improve.
However, recovery depends largely on industry fundamentals supporting business activities. If the industry is growing and valuations have been undervalued, stock prices could adjust upward to appropriate levels.
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