KS Expects Tourism Recovery in Second Half, Favors CENTEL-AWC on Strong RevPar Growth

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Kasikorn Securities (KS) stated that it maintains its forecast for foreign tourist arrivals in 2026 at 31.5 million, down from 33 million in 2025, but expects the hotel business to remain robust, with an average RevPar estimate of 3,880 baht, up 6.4% due to improved occupancy rates and room rates. Meanwhile, the Ministry of Tourism and Sports reported that from January 1 to August 22, 2026, cumulative foreign tourist arrivals reached 20.32 million, down 2.96%, generating revenue of 984.32 billion baht. KS has raised its normal profit estimates for the hotel group for 2026-2028 by 4.2-5.3% and has selected CENTEL over ERW, while AWC remains the most favored stock, expecting CENTEL's RevPar in Q3/2026 to grow by double digits.

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