Despite the overall upward momentum, Chinese tourist arrivals were lower than expected, falling 13.4% m-o-m but still 11.8x y-o-y higher in the month of August, they note.
UOB Kay Hian (UOBKH) has maintained its “buy” call on Thai Beverage (SGX:Y92
) (ThaiBev) with a lower target price of 75 cents, from its previous 83 cents. This is on the backing of lower valuations for the beer segment, and a stronger Singapore dollar since UOBKH’s last update.
Analysts Llelleythan Tan and Heidi Mo note that Thailand’s tourist arrivals continue to improve y-o-y, with approximately 2.47 million tourist arrivals in August 2023, roughly 71.2% of pre-Covid-19 levels. This is on the back of the country’s fully reopened international borders, relaxed global travel restrictions and a sharp rebound in Chinese tourists.
