S Hotels and Resorts Public Company Limited operates in the investment and hospitality businesses through itself and its subsidiaries. It offers a portfolio of properties to guests in the Republic of Maldives, the Republic of Fiji, the Republic of Mauritius, the United Kingdom, and Thailand. The company was founded in 2014 and is headquartered in Bangkok, Thailand.
KGI highlights AWC and CENTEL as tourism recovery plays for the second half
The analyst team at KGI Securities (Thailand) says it holds an increasingly positive view on the outlook for Thailand's tourism sector, citing a recovering trend in foreign tourist arrivals, rising flight capacity, and still-resilient domestic tourism, all of which should support the operating results of hotel operators in the second half of 2026. Foreign tourist arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.4% from the same period a year earlier. Meanwhile, the Tourism Authority of Thailand expects the number of Chinese tourists during the travel season and the long Golden Week holiday to rise 24% from the same period last year to about 250,000. The research team expects RevPAR to accelerate in the third quarter of 2026, turning back to positive growth after a 10% decline in the second quarter of 2026, and forecasts that RevPAR for hotels in Thailand will grow at rates ranging from single digits up to about 20% compared with the same period a year earlier. Among hotel stocks, Asset World Corp, or AWC, is expected to be one of the leaders of the recovery, with RevPAR forecast to grow 24% from the same period a year earlier, while Central Plaza Hotel, or CENTEL, is expected to post mid-teens RevPAR growth, and The Erawan Group, or ERW, is expected to grow at a single-digit rate. The research team maintains an overweight stance on the hotel sector, naming AWC with a target price of 3.60 baht and CENTEL with a target price of 49.00 baht as its top picks, while keeping a buy rating on ERW with a target price of 4.30 baht, MINT with a target price of 30.00 baht, and SHR with a target price of 1.90 baht.
SHR closes full 1.7 billion baht bond sale with 4.50% annual coupon
S Hotels and Resorts Public Company Limited, or SHR, a subsidiary of Singha Estate, announced that it has fully closed the offering of its bonds totaling 1.7 billion baht, meeting its target in full. This bond series has a tenor of 2 years and 9 months with a fixed interest rate of 4.50% per annum. It was offered to the general public between 14 and 16 September 2026 and received a very good response from investors. Mr. Michael Marshall, Chief Executive Officer of SHR, said this response reflects confidence in the company's business fundamentals and growth potential, and he thanked its five financial partners: Krungthai Bank, Kasikornbank, Asia Plus Securities, Krungthai XSpring Securities, and Land and Houses Securities. The proceeds from the bond issuance will be used to repay maturing bonds and to invest in projects to renovate and upgrade hotel assets. This bond series has been assigned a credit rating of BBB-, which is at investment grade, by TRIS Rating Company Limited.
Brokers say Thailand Travel Thailand Plus likely delayed to April 2027, hitting hotel stocks short-term but an upside for next year
Two brokers assess that the Thailand Travel Thailand Plus scheme is likely to be pushed back from October 1, 2026 to around April 2027, because private-sector surveys, especially among hotel businesses, found that running the scheme during high season yields no added benefit since rooms are already full and tourists have already planned their trips in advance. The research team at DAOL Securities (Thailand) sees this as negative sentiment for the tourism group, because it prompts tourists to postpone their travel, but the delay to April 2027 should help the hotel group more since it begins to enter the low season. The scheme still keeps its budget framework of 4 billion baht, with 1 million entitlements, government support of 1,500 baht per night for accommodation, up to 5 nights, plus digital co-payment coupons on a 50-50 basis, split into 1,500 baht per day for main cities and 2,000 baht per day for secondary cities. The stocks receiving the most negative sentiment, in descending order of their domestic hotel exposure, are ERW, CENTEL, MINT and SHR. DAOL gives the tourism group an overweight rating versus the market, and likes CENTEL with a target price of 48.00 baht, from July to August 2026 RevPAR excluding Dubai rising 8% year on year and third-quarter 2026 on-the-book up 8% year on year, with Thailand up 13% year on year, the Maldives up 35% year on year, but Japan down 12% year on year and Dubai down 25% year on year. Meanwhile, fourth-quarter 2026 on-the-book RevPAR rises by double-digit growth year on year, from Thailand at 13% year on year, the Maldives at 40% year on year and Japan at 18% year on year. Fourth-quarter 2026 profit is expected to recover strongly, with the stock trading at an EV/EBITDA of only 13 times, equivalent to minus 0.50 standard deviations over the past 8 years. It also likes ERW with a target price of 4.20 baht, from third-quarter 2026 on-the-book RevPAR growing another roughly 5% year on year off a low base, while the fourth quarter of 2026 has events such as the World Bank and IMF meetings in October 2026 and Tomorrowland in December 2026, which have seen bookings continue to rise, with occupancy already as high as 80%. It currently trades at a PER of 20 times, against an average of about 25 times. Meanwhile, Krungsri Securities sees the scheme's delay pushing back the positive catalyst for the hotel group, but it does not affect 2026 profit forecasts because the research team had not yet included it in estimates, and the stronger-than-expected recovery in RevPAR and on-the-book in the second half of 2026, at 25-30% year on year, offsets it. Moreover, the delay of the scheme to the low season of 2027 could create upside for 2027 profit, so it maintains a bullish stance on hotel stocks and picks AWC with a target price of 3.90 baht and ERW with a target price of 4.20 baht as top picks, as they benefit most from the recovery in the domestic hotel business.
Dao Securities says tourism has bottomed out, recommends ERW, CENTEL, MINT, SHR
Dao Securities assesses that tourist numbers have already hit their lowest point in 2Q26E and will recover prominently in 4Q26E, driven by China's National Day in October and several events in December 2026. Foreign tourist arrivals in the latest week of September 6-12 stood at 439,069, down 7% week-on-week and 22% year-on-year, or an average of 62,724 per day. The markets posting the biggest declines were Malaysia at 53,638 (-28% WoW/-63% YoY), China at 65,380 (-10% WoW/-2% YoY), and Japan at 19,628 (-5% WoW), while Russia at 18,154 (+4% WoW/+7% YoY) and India at 39,857 (+2% WoW/-26% YoY) still rose. Dao Securities estimates total tourist arrivals for 2026E at 32 million, down 3% YoY from 33 million in 2025, and Chinese tourists for 2026E at 4.8 million, up 7% YoY from 4.5 million in 2025. Cumulative arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.38% YoY. Dao Securities assigns an "overweight" investment rating to the tourism sector. It favours CENTEL (Buy/target 48.00 baht) on RevPAR for July-August 2026 excluding Dubai rising 8% YoY and 4Q26E on-the-book growth in double digits YoY, and favours ERW (Buy/target 4.20 baht) on 3Q26E on-the-book RevPAR growth of around 5% YoY with occupancy already as high as 80%. The stocks that benefit, ranked by proportion of domestic hotels from highest to lowest, are ERW, CENTEL, MINT, SHR.
CGSI keeps Overweight on tourism, names THAI and ERW as Top Picks for the high season in Q4 2026
CGS International Securities (Thailand) has maintained its Overweight rating on Thailand's tourism sector, naming THAI and ERW as its Top Picks for the fourth-quarter 2026 high season, after foreign tourist arrivals fell only 3% year-on-year in July and August 2026, an improvement from a decline of about 5% year-on-year in the first half of 2026, when the first quarter fell 2.4% and the second quarter fell 8.1%. The recovery was led by Chinese tourists, who rose 9% in July 2026 and 18% in August 2026 to 482,000, the highest since February 2026, while Middle Eastern tourists rose 9% in July 2026 and 15% in August 2026. In the hotel group, ERW is the best choice given its high proportion of hotel business and more attractive valuation than its peers, while SHR is viewed more favourably than MINT, which still faces uncertainty over the establishment of a REIT. In the aviation group, THAI is viewed more favourably than AOT because its earnings have already passed their trough in 2026 and are likely to recover from the third quarter of 2026 on lower fuel costs, with cabin factor at about 85% and ticket bookings for September 2026 higher than in September 2025, while the benefit from AOT's increase in the departure passenger service fee is likely to have already been largely reflected in its share price.
Thailand Travel Thailand Plus 2026 opens registration 1-25 October via Paotang, 1 million slots
The Thailand Travel Thailand Plus 2026 programme has had its latest conditions approved by the Ministry of Finance and the Ministry of Tourism and Sports. Registration will open from 1 to 25 October 2026 through the Paotang application, with a total of 1,000,000 slots, and the programme will be submitted to the Cabinet for approval soon. For the accommodation subsidy, the government pays the actual cost of accommodation up to a maximum of 1,500 baht per night, capped at 5 nights per person, amounting to a maximum accommodation discount value of 7,500 baht. The electronic travel coupon is a co-payment model, with the government paying 50% and the public paying 50%. For travel to main cities, the government supports a coupon worth 1,500 baht per entitlement, and for travel to secondary cities, the government supports a coupon worth 2,000 baht per entitlement. If there is spending in a secondary city area at least once, the system will immediately adjust the limit up to 2,000 baht. The travel period for using the entitlement runs from 1 November 2026 to 28 February 2027, divided into Phase 1 from 1 November to 15 December 2026 and Phase 2 from 16 January to 28 February 2027, with the entitlement suspended during the New Year holiday from 16 December 2026 to 15 January 2027. Eligible persons must be Thai nationals aged 18 or over as of the registration date and must hold an original, unexpired national ID card. The stocks that benefit, ranked by proportion of domestic hotels from highest to lowest, are ERW, CENTEL, MINT and SHR. Restaurant stocks that benefit from the increased coupon, ranked by number of branches from highest to lowest, are M, ZEN, CENTEL and MAGURO. The spa business group is SPA.
SHR to Issue 2-Year 9-Month Debentures with 4.5% Interest, Offered Sept 14-16
S Hotels and Resorts Public Company Limited (SHR) has filed a registration statement with the Securities and Exchange Commission (SEC) to issue unsubordinated, unsecured debentures with a tenor of 2 years and 9 months, carrying an interest rate of 4.50% per annum, payable quarterly. The offering will be made to the general public from September 14 to 16, 2026, through the underwriters: Krungthai Bank, Kasikorn Bank, Krungthai Xspring Securities, Land and Houses Securities, and Asia Plus Securities. Krungthai Bank will act as the debenture holders' representative. The debentures have been assigned a credit rating of BBB-, while the company's corporate rating is BBB, from Tris Rating on July 8, 2026. The proceeds will be used to repay debt from previous debenture issuances and to fund asset acquisitions, investments, or business operating expenses.
S Hotels and Resorts Public Company Limited (SHR), under Singha Estate, has announced an interest rate of 4.50% per annum for its 2-year 9-month bonds, with interest paid every 3 months. The bonds will be offered to the general public from September 14-16, 2026, through 5 leading financial institutions. The bonds have been rated BBB- by Tris Rating, which is an investment grade, while the company itself is rated BBB with a Stable outlook. Mr. Michael Marshall, CEO of SHR, stated that this bond issuance reflects confidence in the business fundamentals, and the proceeds will be used to repay existing bonds and support major hotel renovations. The underwriters expect the bonds to attract investor interest similar to previous Singha Estate bond offerings.
SHR first-half profit 171 million baht, interim dividend 0.015 baht
S Hotels and Resorts Public Company Limited, or SHR, reported first-half net profit of 171 million baht and announced an interim dividend of 0.015 baht per share. The ex-dividend date is 26 August 2026, the record date for shareholders entitled to the dividend is 27 August 2026, and payment will be made on 10 September 2026. Chief Executive Officer Michael David Marshall said that in the second quarter of 2026 the company posted service revenue of 2.266 billion baht, and revenue for the first six months was 4.9 billion baht, amid challenges from geopolitical conditions and seasonal factors. Hotels in the Republic of Fiji delivered standout performance as they entered the high season, with revenue growing more than 9 percent year on year and revenue per available room reaching an all-time high for the second quarter, supported by occupancy of almost 90 percent. Meanwhile, SAii Laguna Phuket and SAii Koh Samui Villas recorded revenue per available room growth of 22 percent and 14 percent respectively. The company is confident that second-half performance will recover significantly as geopolitical tensions begin to ease, forward bookings improve, and oil prices start to decline, together with the high season in Fiji and the United Kingdom in the third quarter and in Thailand and the Maldives in the fourth quarter, as well as the launch of SunRay Social and Swim Club, a new day-club concept at SAii Koh Samui Villas on 1 August 2026 to boost non-room revenue.
CGS International maintains buy on SHR but cuts target to 2.50 baht
CGS International maintains a buy rating on S Hotels and Resorts Public Company Limited, or SHR, but has lowered its target price to 2.50 baht from 3.00 baht, after cutting its normalized earnings per share estimates for 2026 through 2028 by 10.9 to 38.1 percent to reflect the impact of weaker-than-expected hotel operations in the Maldives. The firm expects SHR to post a normalized operating loss of 77 million baht in the second quarter of 2026, compared with a normalized profit of 24 million baht in the same period last year and 259 million baht in the previous quarter, as hotel revenue is forecast to decline to 2.3 billion baht, down 4 percent year-on-year and 12 percent quarter-on-quarter. The main drag comes from the Middle East conflict, which has reduced international tourist arrivals in the Maldives, and higher oil prices pushing up utility costs. Revenue per available room at the Maldives hotels is expected to drop 12 percent year-on-year in the second quarter of 2026, while utility costs are set to rise by around 35 to 40 million baht after diesel prices increased roughly 45 percent year-on-year. The research team sees earnings recovering in the second half of 2026 as the UK travel season kicks in, and expects the Maldives business to gradually improve if the Middle East situation eases. In addition, the planned sale of the investment in Jupiter Hotels Limited, which operates 15 hotels in the United Kingdom, may be delayed until late 2026 from the original plan announced in February 2026. Once the transaction is completed, it is expected to boost SHR's net profit by about 50 to 100 million baht per year as the company will no longer have to recognize losses from Jupiter Hotels Limited. Under its latest estimates, CGS International projects SHR will post revenue of 10.101 billion baht and a normalized profit of 387 million baht in 2026, before rising to 581 million baht and 744 million baht in 2027 and 2028 respectively.
SHR to issue new 2-year 9-month debentures with 4.40%–4.60% coupon, offered 14–16 September
S Hotels and Resorts Public Company Limited, or SHR, is preparing to offer new debentures to the general public, with the filing currently under review by the Securities and Exchange Commission. The debentures have a tenor of 2 years and 9 months, carry a coupon of 4.40% to 4.60% per annum, pay interest every three months, and require a minimum subscription of 100,000 baht. The offering is expected to take place from 14 to 16 September 2026 through five arrangers: Krung Thai Bank, Kasikornbank, Asia Plus Securities, Krungthai XSpring Securities, and Land and Houses Securities. The issue has been assigned a credit rating of BBB minus, which is investment grade, by TRIS Rating, while the corporate credit rating stands at BBB with a stable outlook. Chief Executive Officer Michael Marshall disclosed that the company plans to use the proceeds to repay maturing debentures and to fund hotel renovation investments across its portfolio, aiming to enhance asset quality and support long-term growth. For the first quarter of 2026, the company reported total revenue of 2.63 billion baht and net profit of 264 million baht, representing 51 percent growth from the same period a year earlier.
Thailand