Thailand’s tourism in January 2025 sees a surge in arrivals to match 2019 figures, with Asian tourists driving growth during the Chinese New Year holiday.
Despite safety worries, Chinese arrivals show a 30% YoY increase after prominent incidents, but recovery lags at 62% compared to 2019. While Chinese arrivals dip slightly during the holiday, other markets excluding China exceed 2019 levels by 15%, propelling total arrivals to pre-pandemic heights for the first time since the 2022 reopening.
The analyst from Citi stated that momentum is expected to continue in 2025, with Europe, South Asia, and the Middle East displaying strong growth rates.
Meanwhile, UOB Kay Hian projects Airports of Thailand Public Company Limited (SET: AOT), the main operator of airports in Thailand, to achieve a net profit of Bt5.78 billion in 1QFY25, marking a substantial 26.7% YoY and 35.3% QoQ increase, driven by robust international passenger growth during peak travel season. Despite concerns regarding the Chinese market, UOB Kay Hian remains optimistic due to the continued rise in international arrivals and the strong growth rates of Chinese passengers. The firm maintains a BUY rating with a target price of Bt70.00.
