Brokers assess that the Thai Teaw Thai Plus scheme is likely to postpone its registration start date from October 1, 2026 to April 2027, creating negative sentiment for the tourism sector in the short term, as travelers may push back their trips. The scheme retains a budget framework of 4 billion baht, with 1 million entitlements, government support of 1,500 baht per night for accommodation up to 5 nights, and digital co-payment coupons on a 50:50 basis, split into 1,500 baht per day for major cities and 2,000 baht per day for secondary cities. Dao Securities assesses that the delay to April 2027 will benefit hotel groups better because it coincides with the start of the low season. The stocks expected to face negative sentiment, ranked from most to least by their share of domestic hotel revenue, are ERW, CENTEL, MINT and SHR. The broker gives an overweight weighting to the tourism sector relative to the market, favoring CENTEL with a target of 48.00 baht on July-August 2026 RevPAR excluding Dubai rising 8% year on year, and favoring ERW with a target of 4.20 baht on its on-the-book volume in the third quarter of 2026, with RevPAR expected to grow about 5% year on year. Meanwhile, Finansia Syrus Securities takes a neutral view, assessing that ERW and CENTEL are likely to benefit the most, but that upside to earnings is expected to be limited to just 1-2%. Krungsri Securities sees it as negative in the short term, but says the new timeframe supports the low season period in 2027, and recommends gradually accumulating tourism stocks with strong operating track records such as AWC and ERW, as well as stocks with clear momentum, namely AOT, THAI and BA.
The Erawan Group Public Company LimitedERW is favored with a 4.20 baht target on Q3 2026 on-the-book volume and ~5% RevPAR growth, and brokers see it benefiting most from the low-season timing despite short-term negative sentiment.
Central Plaza Hotel Public Company LimitedCENTEL is favored with a 48.00 baht target on July-August 2026 RevPAR ex-Dubai up 8% YoY, and brokers see it benefiting most from the scheme's shift to the low season.
Minor International Public Company LimitedMINT is ranked among tourism stocks facing negative sentiment from the Thai Teaw Thai Plus delay as travelers may push back trips, hitting domestic hotel revenue.
S Hotels and Resorts Public Company LimitedSHR is listed among the tourism stocks expected to face negative sentiment from the scheme's delay, ranked by share of domestic hotel revenue.
Airports Of Thailand PCLKrungsri recommends AOT as a stock with clear momentum amid the Thai Teaw Thai Plus delay, but no company-specific development is cited.
Bangkok Airways Public Company LimitedKrungsri lists BA among tourism stocks with clear momentum to accumulate as the new timeframe supports the 2027 low season.
Asset World Corp Public Company LimitedKrungsri recommends gradually accumulating tourism stocks with strong operating track records such as AWC, implying expected benefit from the scheme's low-season timing.
