AOT-AAV-BA Edge Higher as Thailand Plans to Reopen Phuket for Vaccinated Visitors in July

AOT-AAV-BA Edge Higher as Thailand Plans to Reopen Phuket for Vaccinated Visitors in July

AOTAAVBA edged higher in the afternoon session after the Government approved to reopen Phuket in July for vaccinated travelers to recover the tourism industry.

 

The share price of Airports of Thailand Public Company Limited (AOT) rose ฿1.25/share or 1.87% to ฿68.25/share with a trading value of 966 million baht.

 

The share price of Asia Aviation Public Company Limited (AAV) rose ฿0.10/share or 3.62% to ฿2.86/share with a trading value of 255 million baht.

 

The share price of Bangkok Airways Public Company Limited (BA) rose ฿0.35/share or 4.24% to ฿8.60/share with a trading value of 37 million baht.

 

KGI Securities (KGI) said that the gain in share price of AOT and airline stocks was mainly driven by the announcement to reopen Phuket for vaccinated tourists without quarantine requirements. Those stocks also received a positive factor from the approval of the third Covid-19 vaccine for emergency use from Johnson & Johnson.

 

KGI maintained its “BUY” recommendation on AOT with a target price of ฿79.25/share and AAV with a target price of ฿3.25/share.

 

Thailand will open the resort island of Phuket for vaccinated foreign visitors without the requirement for quarantine from July 1 as a pioneer project to test the reopening plan before expanding to other tourist spots such as Koh Samui to recover and boost the tourism industry, damaged by the coronavirus outbreak last year.

 

The first key reopening for one of the main economic drivers in Thailand, tourism, will kick off in July after the panel chaired by the Thai Prime Minister Prayut Chan-o-cha on Friday approved the inoculation of at least 70% of the island’s resident to prepare for the reopening and tourist arrivals.

 

To prepare for the reopening, Phuket residents will be prioritized in the vaccine rollout, with more than 930,000 doses expected to be administered before the reopening.

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