On Monday at 10:56 AM (Bangkok time), the share price of Airports of Thailand Public Company Limited (SET: AOT) rose by 4.50% or THB 2.25 to THB 52.25, with a trading value of THB 935.42 million.
Thai Airways International Public Company Limited (SET: THAI) grew by 2.99% or THB 0.25 to THB 8.60, with a trading value of THB 113.69 million.
Bangkok Airways Public Company Limited (SET: BA) surged by 2.80% or THB 0.40 to THB 14.70, with a trading value of THB 60.43 million.
Asia Aviation Public Company Limited (SET: AAV) gained 6.03% or THB 0.07 to THB 1.23, with a trading value of THB 82.59 million.
DAOL Securities (Thailand) expressed optimism for the Thai tourism industry following insights from a recent seminar by the Thai-Chinese Tourism Alliance Association (TCTA), which featured Mr. Chanapan Kaewchaiyawuth, President of TCTA.
The brokerage firm noted that Chinese tourist arrivals to Thailand have likely bottomed out in 2025, with expectations for a robust recovery during the Lunar New Year in 1Q26. Over the full year 2026, arrivals could reach as high as 8 million, rising sharply from approximately 4.1 million over the first 11 months of 2025. Supporting factors include the historic state visit to China by His Majesty the King of Thailand and the return of Chinese tour groups.
Tourism during the upcoming Lunar New Year from 17 February to 3 March 2026 is predicted to show strong year-on-year growth, driven partly by restrictions that limit Chinese travel to Japan and the rebound in traditional group tourism. In contrast, ongoing tensions between Thailand and Cambodia are considered to have minimal impact on the tourism sector.
DAOL Securities maintains that Thailand remains competitive against Vietnam, citing strengths in service quality, nature-based tourism, and the capability to host visitors year-round—unlike Vietnam, which relies more on man-made attractions and faces seasonal limitations.
The analyst forecasts core earnings for tourism-related companies at THB 12.2 billion in 2025 and THB 13.2 billion in 2026, representing annual growth rates of 8.5% and 8.4%, respectively. These gains are expected to stem from higher revenue per room and efficient cost management.
Consequently, DAOL Securities has upgraded its industry view for tourism to ‘Overweight’ from ‘Neutral’ as the sector enters its peak season from 4Q25 to 1Q26 in both Thailand and the Maldives, with further support by the notable recovery of Chinese arrivals.
Valuations have become more appealing with the sector’s price-to-earnings (P/E) ratio falling to 13 times, down from 20 times in the previous quarter and well below pre-pandemic levels of 35 times. The firm continues to favor Central Plaza Hotel (CENTEL) and The Erawan Group (ERW) as its top picks within the sector.
