Thailand’s proposed “Thailand Travel Plus” scheme, with a budget ceiling of THB 3.5 billion, has drawn positive assessments from securities firms, with hotel and tourism operators expected to benefit from accommodation subsidies and tourism coupons.
On September 8, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas discussed the stimulus measures with Tourism and Sports Minister Surasak Phancharoenworakul. The proposal is expected to reach the Cabinet within one to two weeks.
The scheme would offer one million privileges, comprising a fixed-rate accommodation subsidy of up to THB 1,500 per night per privilege, capped at five privileges per person, and a co-payment tourism coupon. Coupons would be worth THB 1,500 per privilege in primary cities and THB 2,000 in secondary cities.
Public registration is scheduled for October 1 – 25, 2026. Benefits would be available during two periods: November 1 – December 15, 2026, and January 15 – February 28, 2027.
Maybank Securities (Thailand) expects the measure to support tourism and services from late 4Q26 through early 1Q27. It described the scheme as more generous than previous initiatives, with twice the budget scale and coupons covering a wider range of service businesses.
Maybank named AWC, ERW and SPA as its top picks, highlighting SPA’s eligibility for THB 1,500 – 2,000 coupons covering spa massage services as a potential boost to operating performance from 2H26 onward.
InnovestX Securities also viewed the proposal positively, identifying ERW, CENTEL, MINT and SPA as key beneficiaries.
Apinya Ngamapichon, chief financial officer of The Erawan Group Public Company Limited (SET: ERW), said the company remains confident of positive revenue per available room (RevPAR) growth across all business segments in both 3Q26 and 4Q26.
Group revenue is projected to rise approximately 7% in 3Q26. July portfolio RevPAR increased 5%, with luxury-to-economy hotels recording 8% growth and HOP INN posting 6%.
Room rates and occupancy are expected to support growth. In 4Q26, room rates should be the main driver as occupancy remains close to year-earlier levels. October events, including the World Bank and IMF meetings in Bangkok and a music festival in Pattaya, are expected to support luxury-to-economy hotel rates.
Kasikorn Securities maintained a positive outlook after ERW’s 2Q26 earnings exceeded expectations, despite management cutting its full-year revenue growth forecast from 9% to 6% because of Middle East conflicts.
Management expects luxury-to-economy RevPAR to rise approximately 5% year-on-year in 3Q26, supported by Chinese and Indian tourists and U.S. corporate clients. HOP INN’s same-store RevPAR is projected to increase 1% on higher occupancy.
ERW retains its target of nine hotel openings in 2026, adding approximately 710 rooms: three opened in 1Q26, with four scheduled for 3Q26 and two for 4Q26.
Lower financing costs provide further support. Average funding costs fell to 2.9% in 2Q26 from 3.1% in 1Q26 and 4% a year earlier. With approximately 93% of interest-bearing debt carrying floating rates, management expects further declines in 2H26 following refinancing completed in the first half.
Kasikorn maintained its “Buy” rating and THB 3.41 target price, forecasting strong double-digit growth in 3Q26 core profit. It also sees potential upside to full-year estimates, with first-half core profit already representing 53% of its annual forecast.
