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1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 9 to 10.12872359 Asia Viewpoint Intra-regional tourism:Chinas outbound lagging,while ASEANs stepping up Asia tourism recovery remains gradual and uneven We believed Asia tourism sector was entering the last leg of recovery in mid-2024,but

3、 the pace of recovery has remained subdued year to date.As of 2Q25,inbound tourism has only recovered to 90%of the pre-pandemic level.That said,notable regional divergences exist.Inbound tourism in Japan and Vietnam was 25%higher vs the pre-COVID level,while that in Hong Kong,Taiwan,and several ASEA

4、N countries was still around 20%below.Travel rebound or setback?FX and China tourists key Two factors are key to explain the regional divergence:1)“frontrunners”,including Japan,Vietnam,and Korea,overall saw weaker local currencies against USD vs the“laggards”;and 2)frontrunners also witnessed a str

5、onger return of Chinese tourists than laggards for a variety of reasons.Retreat of Chinese travelers from Asia Any further normalization of regional tourism hinges on the return of outbound Chinese tourists the largest source of tourism demand in the region.However,we believe an immediate return to

6、the pre-pandemic trend will be unlikely.It is notable that Chinese travelers increasingly preferred domestic trips over overseas ones,due to budget concerns and better tourism infrastructure at home.Further,shopping abroad once a major part of Chinese outbound tourism seems to have lost its appeal.I