CGSI keeps Overweight on tourism, names THAI and ERW as Top Picks for the high season in Q4 2026

AnalystIndustry
โดย อีไฟแนนซ์ไทย·TH·Read original
Summary · why it matters

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.

Impact on stocks 5

Consumer Discretionary± Mixed · 3 stocks
Aerospace & Aviation▲ · 1 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
± MixedCapitalrelevance

AOT viewed less favourably than THAI as its departure passenger service fee benefit is likely already reflected in its share price.

© 2026 MarketDXNews