Equity Analysis /
Thailand

Thailand: Tourism - Sep 2022 foreign arrivals equaled 45% of Sep 2019 number

  • Foreign arrivals to Thailand grew 11% MoM in Sep 2022

  • Global tourism recovered strongly, Jan-Jul 2022

  • Our recommendations

Bualuang Securities
27 October 2022

The Ministry of Tourism & Sports reported 1.31m foreign arrivals in Sep, up 11% MoM. The number for 9M22 was 5.69m persons. We expect numbers to accelerate in Oct-Dec, making for 10m visitors in 2022. Our top-three picks are AOT, AWC, and ERW.

Foreign arrivals to Thailand grew 11% MoM in Sep 2022

The Ministry of Tourism and Sports reported 1.31m foreign arrivals to Thailand in Sep, up 11% MoM (1.17m persons in Aug 2022). Sep 2022 arrivals equaled 45% of the Sep 2019 (pre-COVID era) number. 9M22, foreign arrivals totaled 5.69m persons, equal to only 19% of the 9M21 number. The top-five origination countries in 9M22 were Malaysia, India, Singapore, the UK, and the US. The Economics Tourism & Sports Division estimates 686k foreign arrivals during the first-half of Oct 2022 (suggesting 1.38m persons for full-month Oct, up 6% MoM). Assuming arrival growth of 8% MoM for both Nov and Dec, total arrivals would hit 10m persons for 2022 as a whole.