Equity Analysis /
Thailand

Thailand: Tourism sector - Super-fast tourist arrival growth!

  • Foreign arrivals surged to over 1m in July 2022

  • Relaxing tourist arrival rules and expanding tourism activity

  • MICE will be another key push in 4Q22

Bualuang Securities
24 August 2022

Following foreign arrivals of 1.12m persons in July, up 46% MoM, the Tourism Authority of Thailand estimates growth of 15% MoM for August 1-16. The implication is that August arrivals could total 1.30m persons. Thai authorities have relaxed rules and extended the lengths of standard tourist visas and visas-on-arrival in order to facilitate more tourism, Oct 2022-Mar 2023. Our plays for 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 1.12m persons, up 46% MoM (from 767k persons in June 2022). All the major markets for tourism to Thailand marked MoM increases in arrivals. The top-five origination countries were Malaysia, India, Vietnam, South Korea, and Singapore. July 2022 arrivals represent about one third of the July 2019 (pre-COVID era) number. The Tourism Authority of Thailand (TAT) estimates foreign arrival growth of 15% MoM during August 1-16. The implication is that August arrivals could reach 1.30m persons—equal to 38% of the August 2019 number. Furthermore, the TAT expects an average of 1.5m arrivals/month, Oct-Dec 2022.