47 Million Tourists Are Coming. Which Bursa Stocks Could Benefit?
47 Million Tourists Are Coming. Which Bursa Stocks Could Benefit?

47 Million Tourists Are Coming. Which Bursa Stocks Could Benefit?

Fri, Jul 3, 2026 10:58 AM

You've probably seen the Visit Malaysia 2026 campaign everywhere by now.

But beyond the tourism advertisements and government targets lies a bigger investment question: where will tourists actually spend their money?

Malaysia is targeting 47 million international tourist arrivals in 2026, with tourism receipts expected to reach RM329 billion. Here are the listed companies that could potentially benefit from this tourism recovery theme.

42.2 million
International tourist arrivals in 2025 — up from 38 million in 2024.
2026 government target: 47 million.
RM110.6 billion
Tourism receipts in 2025 — up from RM95.3 billion in 2024.
2026 government target: RM329 billion.
Source: Finance Ministry of Malaysia, official tourism data, February 2026

Airlines

AirAsia X Berhad (AAX, 5238) operates medium and long-haul international routes and is the most direct Bursa play on rising inbound arrivals. As passenger numbers grow, load factor improvements and pricing power translate into potential earnings upside. Capital A Berhad (CAPITALA, 5099), the parent of AirAsia, offers broader exposure across travel and aviation services.

"AirAsia X remains our preferred aviation exposure for the VM2026 theme - rising inbound traffic load factors and improving yield per passenger should support earnings recovery through H2 2026, though investors should be aware the carrier is still in recovery mode and fuel cost volatility remains a key risk to watch."
— Rakuten Trade Research

Gaming and Integrated Resorts

Genting Malaysia Berhad (GENM, 4715) earns a significant portion of income from international visitors at Resorts World Genting. The VM2026 tourism tailwind supports the recovery outlook. However, Genting Malaysia's casino operations slipped into losses in early 2026 due to transition costs – the recovery is still underway.

"Genting Malaysia is a VM2026 recovery story, not a momentum play — the tourism tailwind is real, but investors should wait for the casino transition costs to fully clear before expecting a meaningful re-rating. We prefer to see one clean quarter of profitability before becoming more constructive."
— Rakuten Trade Research

Food and Beverage

Oriental Kopi Holdings Berhad (KOPI, 0338) has a direct partnership with Tourism Malaysia under the Truly Malaysian Taste campaign. Farm Fresh Berhad (FFB, 5306) and Nestlé Malaysia Berhad (NESTLE, 4707) are expected to benefit from tourist consumption of local food and beverages across hotels, restaurants and retail.

"Among the F&B names, Oriental Kopi has the most direct VM2026 narrative given its Tourism Malaysia partnership and city-centre locations – but Farm Fresh's distribution reach across hotel and food service channels gives it a broader volume exposure as tourist footfall builds across the country."
— Rakuten Trade Research

Retail

MR D.I.Y. Group (M) Berhad (MRDIY, 5296) has over 1,000 national outlets and benefits from higher consumer footfall. AEON Co. (M) Berhad (AEON, 6599) and Padini Holdings Berhad (PADINI, 7052) have strong presence in tourist hubs like Kuala Lumpur, Penang and Johor Bahru.

"MR D.I.Y. is our preferred retail exposure to the consumer spending recovery – its national store network, everyday price positioning and consistent traffic make it an apparent benefiaciary from rising domestic and tourist consumption compared to more discretionary-focused retailers."
— Rakuten Trade Research

Healthcare – Medical Tourism

IHH Healthcare Berhad (IHH, 5225) and KPJ Healthcare Berhad (KPJ, 5878) derive a portion of revenue from international patients. As air connectivity improves and medical tourists return, both groups stand to benefit from longer stays and higher per-visit spending.

"Medical tourism recovery has been gradual but consistent – IHH's international patient volumes have been building steadily and VM2026 provides additional visibility on inbound arrivals. We view IHH as the cleaner exposure given its broader international footprint across the region."
— Rakuten Trade Research

The Risk Worth Knowing

Malaysia welcomed 42.2 million arrivals in 2025, already close to the 47 million 2026 government target. Hitting that target requires sustained growth through the second half of the year. Middle East geopolitical tensions have created some uncertainty around European long-haul arrivals. The opportunity is real and supported by official data – but government targets carry execution risk.

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