Tourism - Thailand: Hospitality Forum: Thai tourism looks beyond the Middle East conflict

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Tourism - Thailand: Hospitality Forum: Thai tourism looks beyond the Middle East conflict

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Tourism - Thailand

Hospitality Forum: Thai tourism looks

beyond the Middle East conflict

Industry Overview

Hotel operators and airlines in Hospitality Forum 15 July 2026

We hosted our hospitality forum for local investors and high-net-worth investors Equity

featuring 11 listed companies across hospitals, hotel operators, airline and aviation. We ASEAN | Thailand

invited seven listed tourism-related companies including MINT, AWC, CENTEL, ERW, Tourism

THAI, AAV and SAV to share the outlook in 2H26. Teerapol Udomvej, CFA ^^^

Research Analyst

Hotel RevPAR momentum remains strong into 2H26 Kiatnakin+66 2 305-9216Phatra Securities

Hotel operators remained positive on the outlook, with RevPAR growth continuing across teerapol.udom@kkpfg.com

most markets. AWC expects mid-single-digit RevPAR growth in 2Q26 and high-single-

digit growth for FY26, supported by strong demand from US and Chinese tourists, while

forward bookings for both 3Q26 and 4Q26 are up by double-digits. CENTEL’s 3Q26 Exhibit 1: Recommendation highlights

forward booking is at high single-digits in Thailand led by Phuket and Samui, while ERW Ratings and Price Objective of stocks

expects non-Hop Inn RevPAR to continue growing in 3Q26 despite renovations at Grand Stock BofA Ticker Rating PO (Bt)

Hyatt Erawan. MINT reported resilient RevPAR trends in Europe and Thailand, with MINT MINOF Buy 32.00

management maintaining a positive outlook for forward bookings despite shorter CENTEL XWTDF Buy 40.00

booking windows. Hotel operators also reported improving trends in the Maldives. AWC XQWTF Buy 2.90

THAI TARWF Neutral 8.40