Strong Recovery in Airport Passenger Signals Positive Outlook for Upside Potential

Krungsri Capital Securities states that the latest data shows a significant increase in the number of passengers using the vicinity of Airports of Thailand Public Company Limited (SET: AOT) from 1-6 April, reaching 89.6% of the pre-COVID period, compared to 84.9% in the first quarter. This surge is seen as a positive indicator for potential tourism upside.

Highlighting the strong figures in early April, partly attributed to Thai travelers going abroad during the festive seasons, underscores a positive momentum in the tourism sector. The estimated number of foreign tourists in April 2024 is around 2.9 million.

While monthly tourist numbers may show a slight decrease month-on-month due to seasonal factors, targeting 87-90% of pre-COVID levels at 40 million people, the projected number of tourists in 2024 is set at 36 million with potential growth from the estimated market of around 34 million.

The overall tourism outlook remains positive, with expectations of a 5-7% market upside for 2024, with short-term growth anticipated from events like Songkran and medium to long-term prospects being considered through the potential development of the Entertainment Complex by the government. Stocks in the service sector, such as AOT (Consensus TP: THB75.30), MINT (TP: THB41.50), CPALL (TP: THB76), CPAXT (TP: THB39.00), and BJC  (TP: THB36.00), continue to attract interest for investment accumulation.

Meanwhile, the aforementioned stocks will continue to benefit the positive sentiment from the Thai Prime Minister sending orders for a feasibility study on the Entertainment Complex within the stock 30 days.


Earlier this week, Thapanee Kiatphaibool, the Governor of Tourism Authority of Thailand, said during the launch of “ASEAN + India Shoppers in Thailand” project is expected to increase the number of visitor arrivals from ASEAN and India.

The authority expects to welcome more than 10 million tourists from ASEAN countries this year.