Tourism stocks rose on Wednesday, led by Airports of Thailand, as the country recorded over 5.5 million foreign arrivals in the first three months of the year, earning more than THB200 billion for the economy.
The share price of Airports of Thailand Pcl. (SET: AOT) rose THB1.00/share, or 1.42%, to THB71.25/share, with a trading value of THB850 million.
Thailand welcomed 5,578,721 international visitors between January 1 and March 18, 2023, resulting in over THB200 billion in tourism revenue, as stated by government spokesperson Trisulee Trisoranakul on Wednesday.
In comparison, Thailand received 11.5 million tourists in 2022. In 2023, Thailand achieved nearly half of that figure in just nearly three months.
According to Trisulee, the statistics indicate that conditions are “steadily improving” in the tourism industry. But, the spokeswoman did note that there have been issues brought on by the influx of visitors, and that they would need to be addressed.
Krungsri Securities anticipates that the number of foreign visitors to Thailand will be between 6.4 – 6.5 million in the first quarter of 2023, as Chinese tourists have yet to recover to pre-pandemic levels. Krungsri forecasts that by the end of 2023, Thailand will have seen 30 million international visitors, which will be an upside to the country’s tourism industry and airline stocks.
Krungsri forecasts that the reopening plays will enter the bull market and likely outperform the market in the next phase as a result of the robust rebound in tourism. Krungsri suggests AOT, ERW, CENTEL, CPALL, MAKRO, and CRC for short-term investment.
