Thailand Expects 2024 New Year Festival to Be Busiest in Years

Thailand’s tourism is expected to be positively busy in the New Year Festival 2024 with money circulating in the kingdom of more than THB 54.4 billion.


The Tourism Authority of Thailand (TAT) estimated tourists of over 1.18 million to visit Thailand and 3.76 million Thais to travel across the country, which could generate revenue of more than THB 54.4 billion. 

Meanwhile, the Airports of Thailand Public Company Limited (SET: AOT) also affirmed the capability to serve all travelers, especially in Suvarnabhumi Airport with the potential to support 80 million travelers per year.


Miss Thapanee Kiatphaibool, Governor for Tourism Authority of Thailand, stated that during the New Year Festival 2024, the TAT expected the travel traffic of both domestic and international to be positively busier compared to last year, estimating the income from traveling to be more than THB 54.4 billion, an increase by 45% YoY.


This conforms to what Mr. Kirati Kitmanawat, Chief Director of Airports of Thailand Public Company Limited (SET: AOT), stated earlier that during the New Year 2024 festival traffic through six AOT’s airports will be around 2.65 million or 379,830 passengers per day, increasing by 35.5% compared to last year. Meanwhile, operating flights will increase 27.4% to 15,152 or 2,165 flights per day.


Krungsri Capital Securities anticipated the net profit of AOT in 2024 (Oct 2023 – Sep 2024) to grow more than 156% YoY. Passengers and flights are expected to continue growing due to its low base, while income from concessionaires will rise above pre-Covid level from the new Minimum Guarantee contract. In addition, Krungsri Capital recommended “BUY” on AOT with a target price at THB 73.25 per share. 


Phillip Securities expected Bangkok Airways Public Company Limited (SET: BA) to record higher profit from Q4/2023 performance (Oct – Dec 2023), compared to last year, as it estimated Bangkok Airways Public Company Limited (SET: BA) to serve around 600,000 travelers in October – November 2023. 

Moreover, travelers tend to visit Thailand at the highest rate in December. The estimated number of travelers in December is likely to accelerate more than the number in October and November 2023, making the number of travelers in Q4/2023 to be at 1 million. 

Meanwhile, the ticket price is still high in the fourth quarter, resulting in an average price to be THB 3,700 per seat. 


As for another listed airline in the Thai stock market, the performance of Asia Aviation Public Company Limited (SET: AAV) in Q4/2023 is expected to be better for both QoQ and YoY as high season arrives and a higher number of travelers emerges. 

Tourist arrivals are expected to continue to recover in 2024 with a forecast of around 34.5-35 million, compared to 27-28 million in 2023. Phillip noted that AAV has the most market shares in Thailand and is ready to increase the number of flights to support the return of demands to travel. Despite the loss in 2023, the company will gain more profit in 2024, as the number of travelers increases. Phillip recommended “BUY” on AAV with a price at THB 2.20 per share.