On Wednesday, the share price of Minor International Public Company Limited (SET: MINT) closed at THB 24.60, a THB 0.50 or 2.07% increase with a total trading value of THB 592.10 million.
Bualuang Securities (BLS) maintains its conservative estimate for the number of foreign tourists in 2026 at 34.0 million, an increase of 3.7% from the previous year. However, early signs of recovery from the Chinese tourist market could become a significant driver, creating upside potential for actual tourist numbers to exceed forecasts.
There are three main supporting factors:
1. Passenger numbers grow against the trend of declining tourists, which supports AOT. During the end of 2025 (September–December), statistics indicate total passenger numbers grew by an average of 3% year-on-year, despite tourist arrivals declining by 7–11%, reflecting robust travel activity especially through frequent flights and repeat travelers. This has a direct positive impact on AOT’s revenue.
2. BLS expects the total net profit of the tourism group in 2026 to grow by 15% from the previous year. Differences in cost structure, profit-making ability, and leverage to demand will be key variables in stock selection.
3. The affluent segment boosts hotels. Survey results reveal that “tourism” is the second-highest category for increased spending, especially among high-income households, who tend to spend more per trip. This has a positive impact on revenue per available room (RevPAR) and hotel business profit margins.
BLS recommends a “Selective Buy” approach, focusing on stocks with strong fundamentals and specific drivers including:
1. Central Plaza Hotel Public Company Limited (SET: CENTEL) as Top Pick, standing out for clear profit recovery and high leverage to tourism demand.
2. Airports of Thailand Public Company Limited (SET: AOT), suitable for long-term investment. Although some of the PSC rate hike is priced in, AOT continues to benefit from passenger growth.
3. MINT with a strengthened balance sheet since 1Q26, providing positive factors.
Additional attractive stocks are Asset World Corp Public Company Limited (SET: AWC) and The Erawan Group Public Company Limited (SET: ERW); both benefit from the recovery in tourism and the hotel sector.
