Krungsri sees hotel stocks losing catalyst as Thailand Travel Thailand Plus postponed to April 2027, picks AWC and ERW as top choices

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โดย HoonVision·TH·Read original
Summary · why it matters

Krungsri Securities Public Company Limited stated that the postponement of the Thailand Travel Thailand Plus project from its original start date of October 1, 2026 to around April 2027 is a short-term negative sentiment for hotel stocks, as the positive catalyst has been pushed out. However, the delay does not affect 2026 earnings forecasts because the benefits from the project had not yet been included in the estimates. Meanwhile, the recovery of revenue per available room, or RevPar, and forward room bookings, or On-the-Book, in the second half of 2026 is trending stronger than expected. AWC reported RevPar for July to August 2026 growing more than 25% compared with the same period last year, and On-the-Book for the remainder of 2026 grew more than 30%, higher than the previous assumption that RevPar in the second half of 2026 would grow about 5-10%. On September 16, 2026, Minister of Tourism and Sports Surasak Phanchareonworakul revealed that the Thailand Travel Thailand Plus project is likely to be postponed to start during the off-peak tourism season, or around April 2027, because the Cabinet meeting agreed that budget injections should not be made during the tourism season. In principle, the conditions, details, and budget framework of the project have already received preliminary approval, and the delay to a low-season start could also create upside for hotel sector earnings forecasts in 2027. The brokerage maintains a positive view on hotel stocks, selecting AWC and ERW as its top picks in the sector, since both companies derive more than 90% of their core revenue from domestic hotel operations. It recommends buying AWC with a target price of 3.90 baht and buying ERW with a target price of 4.20 baht. The key risk to monitor is the renewed intensification of war in the Middle East, which could affect confidence and the travel of foreign tourists.

Impact on stocks 3

Real Estate▲ · 1 stocks
Asset World Corp Public Company Limited
AWC
▲ PositiveDemandrelevance

AWC's RevPar for July-August 2026 grew over 25% YoY and On-the-Book for the rest of 2026 rose over 30%, far above prior assumptions, and it is a top pick with a buy rating.

Consumer Discretionary▲ · 1 stocks
The Erawan Group Public Company Limited
ERW
▲ PositiveDemandrelevance

ERW is selected as a top pick with a buy rating, deriving over 90% of core revenue from domestic hotels where RevPar and forward bookings are trending stronger than expected.

Financials▲ · 1 stocks
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