One player - Olle Nordberg - did not finish his round. He stands at minus-1 through 17 holes with the projected cut coming at even-par 144.
Two-time European Ryder Cup performer Thomas Bjorn fired an 8-under 64 to climb into second place at 12-under-par 132. Prom Meesawat (65) and Henrik Stenson (64) are one stroke further back at minus-11.
Miguel Angel Jimenez, another two-time Ryder Cupper, carded a 67. He was joined in fifth place at 9-under-par 135 by Peter Gustafsson, who shot a 7-under 65 on Friday.
Jaidee opened his round in the afternoon Friday and found himself trailing several players. He quickly got into red figures with a birdie at the second.
The 34-year-old tripped to a bogey at the third, but bounced right back with a birdie at No. 4 on the Palm Course at Saujana Golf & Country Club. Jaidee settled in with six straight pars around the turn.
Jaidee turned it on from there. He birdied the par-4 11th for the second straight round to get to 10 under. The Thailand native came back with a birdie on the 13th from 5 feet out.
Jaidee kicked in a 1-foot birdie putt at the 16th to grab a share of the lead at minus-12. He birdied the next to take the outright lead. Jaidee closed in style with a birdie at the last to move two strokes clear of the field.
'The front nine is always quiet for me,' Jaidee said. 'I always can't shoot a score there, but it's a bit different on the back nine. There are a lot of chances there, some short par-4s and birdie opportunities on the par-5s.'
Bjorn started on the back nine and quickly climbed the leaderboard. He birdied the 10th and 11th, but tripped to a three-putt bogey at the 12th. The Dane came back with a birdie on No. 15 to get to 6 under.
The seven-time winner on the European Tour closed out his opening nine with a birdie at the 18th. Bjorn dropped in back-to-back birdies from the second to climb to 9 under.
Bjorn moved to 10 under with a birdie at the par-3 fifth. He jumped to 12 under with consecutive birdies from the seventh. He parred the last to remain two strokes behind Jaidee.
'I got off to a really good start on the first two holes and just settled into the round really easily,' said Bjorn, who celebrated his 34th birthday on Friday. 'I hit the ball really well and didn't make any mistakes except for a three-putt on the third which was the only blip.'
Simon Dyson and Pelle Edberg share seventh place at 8-under-par 136. Gary Murphy, Niclas Fasth, Emanuele Canonica, Anders Hansen, Padraig Harrington and are one stroke further back at minus-7.
The projected cut stands at even-par 144 with 75 players in line to advance to the final two rounds.