DBS Vickers says 1,000-baht exit fee hits tourism and aviation stocks, ranking AAV, AOT, BA, THAI

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Summary · why it matters

DBS Vickers assesses that the Ministry of Finance's revival of the exit fee on departures from the kingdom, at 1,000 baht per trip collected through airline tickets and applied to both Thai and foreign travellers, is a negative sentiment for the tourism and airline sectors. Although this issue surfaced in late April 2026, at that time it applied only to Thais and could not be implemented. This time it is more likely to proceed because a public consultation has already opened. The research team cites 2025 figures showing about 15 million Thais travelled abroad and roughly 28 million foreign tourists excluding Malaysians. It expects that if the fee is actually collected, it could be worth as much as 43 billion baht per year. At 1,000 baht per person per trip, that represents only 2.1% of tourist spending per trip of 48,000 baht per person based on 2025 data, and in 2027 airfares are expected to fall in line with oil prices, which would help soften the impact. The research team favours an overweight stance on the tourism sector, selecting CENTEL with a target of 48.00 baht and ERW with a target of 4.20 baht as top picks. For the aviation sector it also sees negative sentiment, ranking the affected stocks from most to least affected as AAV, AOT, BA and THAI. THAI and BA are moderately affected because they are full-service airlines whose fares are already high, while AAV, a low-cost carrier flying short-haul routes, will be hit harder, with average round-trip fares to Malaysia and Vietnam of 4,000 to 7,000 baht set to rise by 15% to 25%. However, Thai AirAsia derives 55% of its revenue domestically, which may offset some of the impact if Thais turn to travelling within the country more. As for AOT, with a target of 73.00 baht, the research team expects a secondary impact through PSC revenue from international outbound passengers and duty-free revenue if fewer Thais travel abroad, though foreign passengers are not expected to be much affected.

Impact on assets 6

Industrials▼
Asia Aviation Public Company Limited
AAV
▼ NegativeRegulationrelevance

Revived 1,000-baht exit fee collected via airline tickets is negative for AAV, ranked most affected as a low-cost short-haul carrier with fares set to rise 15-25%.

Airports Of Thailand PCL
AOT
▼ NegativeRegulationrelevance

AOT faces a secondary impact from the exit fee, ranked third most affected among aviation stocks.

Consumer Discretionary▲
Aerospace & Aviation▼