Thai Optical Group Public Company Limited

TOG.BK

Medical - Instruments & Supplies · Healthcare

Price

7.05 THB

-0.05 (-0.70%)

Market Cap

3.34B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Thai Optical Group Public Company Limited (TOG.BK), headquartered in Bang Bua Thong, Thailand, is a prominent producer and distributor of plastic optical lenses and associated products. Established in 1951, the company underwent a name change from Thai Polymer Lens Company Limited to its current title in 2004. TOG's operations are divided into two primary divisions. One segment focuses on the creation and supply of optical lenses, offering both mineral and prescription options. The other segment provides a range of additional products and services, including the sale of glass molds, reselling various goods, applying specialized hard coatings, performing anti-reflection treatments on organic lenses, and offering eyewear assembly services. The company boasts a significant international presence, exporting its goods to diverse markets across Europe, Australia, the wider Asia-Pacific region, the United States, Africa, and the Middle East, catering to both wholesale and retail clients.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-176.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Cash Runway

~6 months

130M THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Thai Optical Group Public Company Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 474.3M (2021) → 474.3M (2025)

Score breakdown

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Quality

Profit per sale

Gross Margin

21.9%

Thin — 21.9% gross margin

Profit after running costs

Operating Margin

10.8%

Modest — 10.8% operating margin

Return on the money invested

ROCE

9.2%

Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.4%

Nearly flat sales (+1.4% YoY)

Profit growth

EPS YoY

-16.8%

Earnings shrinking (-16.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

181%

Turns 181% of profit into real cash

Spare cash per sale

FCF Margin

4.5%

Thin free cash flow (4.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Covers its interest

Interest Cover

9.74x

Comfortably covers interest (9.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.5x

Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.5 → 7.0)

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Dividends

Dividend

Dividend Yield

4.26%

Healthy income — 4.26% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-36.0%

Dividend cut (-36.0% YoY) — warning sign

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