Equity Analysis /
Thailand

Thailand: Tourism sector - Over 1m tourist arrivals in July

  • Foreign arrivals surged to over 1m in July 2022

  • TAT maintains its 2022 target of 10m arrivals

  • Our recommendations

Bualuang Securities
5 August 2022

The Ministry of Tourism and Sports reported foreign tourist arrivals in July 2022 of over 1m persons—the first month of more than 1m arrivals since March 2020. This great news was in line with our expectation and should catalyze tourism-related stocks. Our stock preferences in Tourism space are AOT, MINT, CENTEL, ERW, and AWC.

Foreign arrivals surged to over 1m in July 2022

The Ministry of Tourism and Sports reported foreign arrivals in July of 1.07m persons, up 39% MoM (from 767k persons in June 2022). The top five origination countries were Malaysia, India, Singapore, the UK, and the US. July 2022 arrivals represent about one third of the July 2019 (pre-COVID era) number. 7M22, foreign arrivals totaled 3.15m persons, equal to only 14% of the Jan-Jul 2019 number. We expect the recovery to accelerate further, Oct-Dec (Thai tourism high season), as airlines resume operating more routes and airfares—which are currently far above Pre-COVID era prices for many routes—decline somewhat.