Australian inbound tourism data for July 2016 has just been released, and shows some positive trends, including: Total inbound for July 2016 at 716k (+14.1% pcp); 12 Months to July 2016 at 7.94m (+10.6% pcp v 10.0% at end June 2016); Leisure 12 months to July 2016 at 6.0m (+14.8% pcp v 13.7% at end June 2016); Chinese inbound 12 months to July 2016 at 1.2m (+23% pcp); Japanese inbound 12 months to July 2016 at 382k (+17% pcp); US inbound 12 months to July 2016 at 671k (+16% pcp). The only negative in the data is that business inbound was soft (-1.2% YTD) although business makes up only 8% of arrivals. The best Exposures to play this tourism thematic are, in order of preference are: 1) Mantra Group (MTR) - BUY $4.95 P.T; 2) Village Roadshow (VRL) - BUY $5.80 P.T; 3) Ardent Leisure Group (AAD)- BUY $3.30 P.T.