Thai Beverage - UOB Kay Hian 2023-01-18: Returning To The Land Of Smiles

• Thailand’s robust tourism recovery is expected to continue with its upward momentum in 2023, driven by an influx of Chinese tourists. China’s abrupt zero-COVID-19 policy shift provides strong tailwinds for Thailand’s tourism sector, benefitting consumer companies such as Thai Beverage.
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No more zero-COVID-19 policy, welcome Chinese tourists back to Thailand.

• China ended most of its nationwide zero-COVID-19 policies in a bid to boost its economy and transition into COVID-19 endemicity. After three years of self-isolation and strict lockdowns, China lifted domestic quarantine restrictions and also relaxed domestic and foreign travel guidelines, whereby inbound travellers are now able to enter the country quarantine-free.
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• Thailand initially re-implemented COVID-19 travel restrictions such as requiring proof of vaccination for incoming foreign tourists. This was in response to the upcoming surge in Chinese tourists and the ongoing COVID-19 wave in China. However, Thailand has reversed its decision - incoming foreign travellers, including Chinese tourists, now do not need to show proof of vaccination. The only requirement for foreign tourists would be a US$10,000 travel health insurance if they were to return to countries that require a negative PCR-test pre-departure, such as China and India.
• We reckon that this would not deter Chinese tourists from revenge travelling, which benefits top destinations for Chinese tourists such as Thailand.

Longer stays but higher fees.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.