Equity Analysis /
Thailand

TH : Hotels - Monkeypox unlikely to disrupt tourist arrivals

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    CGS-CIMB
    7 June 2022
    Published by

    We believe the risk of monkeypox turning into a pandemic is low given that the disease is not airborne. We expect fully vaccinated foreign tourists to be exempted from registering for Thailand Pass soon, thus facilitating even more inbound tourists. We upgrade our sector call from Underweight to Neutral with SHR as our top pick with an unchanged THB5 target price (15x forward EV/EBITDA, -1 s.d).