Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 06 May 2026. Payout ratio is a comfortable 71% and the cash payout ratio is 96%. Trailing yield: 7.2%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (1.5%). New Risk • Mar 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.25b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by cash flows (96% cash payout ratio). Market cap is less than US$100m (฿3.25b market cap, or US$98.9m). Announcement • Feb 18
Thai Optical Group Public Company Limited Proposes Cash Dividend for the Operating Period from 01 July 2025 to 31 December 2025, Payable on 06 May 2026 Thai Optical Group Public Company Limited at its Annual General Meeting of Shareholders to be held on 8 April 2026 proposed cash dividend of THB 0.30 per share for common shareholders, for the operating period from 01 July 2025 to 31 December 2025 and retained earnings. Record date: 20 April 2026; Ex-dividend date: 17 April 2026; Payment date: 06 May 2026. Par value: THB 1.00. Declared Dividend • Feb 18
Final dividend of ฿0.30 announced Shareholders will receive a dividend of ฿0.30. Ex-date: 17th April 2026 Payment date: 6th May 2026 Dividend yield will be 6.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 16
Thai Optical Group Public Company Limited, Annual General Meeting, Apr 08, 2026 Thai Optical Group Public Company Limited, Annual General Meeting, Apr 08, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.14 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.17 (up from ฿0.14 in 3Q 2024). Revenue: ฿846.9m (down 2.6% from 3Q 2024). Net income: ฿80.9m (up 20% from 3Q 2024). Profit margin: 9.5% (up from 7.8% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. New Risk • Oct 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.27b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Dividend is not well covered by cash flows (333% cash payout ratio). Market cap is less than US$100m (฿3.27b market cap, or US$99.9m). New Risk • Aug 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.20b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Dividend is not well covered by cash flows (333% cash payout ratio). Market cap is less than US$100m (฿3.20b market cap, or US$98.5m). Declared Dividend • Aug 06
First half dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 15th August 2025 Payment date: 3rd September 2025 Dividend yield will be 5.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but not covered by cash flows (333% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 71% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: ฿0.088 (vs ฿0.25 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.088 (down from ฿0.25 in 2Q 2024). Revenue: ฿877.3m (down 7.5% from 2Q 2024). Net income: ฿41.5m (down 65% from 2Q 2024). Profit margin: 4.7% (down from 13% in 2Q 2024). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. New Risk • May 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.25b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 12x cash flows per share). Market cap is less than US$100m (฿3.25b market cap, or US$99.2m). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: ฿0.21 (vs ฿0.23 in 1Q 2024) First quarter 2025 results: EPS: ฿0.21 (down from ฿0.23 in 1Q 2024). Revenue: ฿901.4m (up 5.3% from 1Q 2024). Net income: ฿98.4m (down 12% from 1Q 2024). Profit margin: 11% (down from 13% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (8.3%). Higher than average of industry peers (1.7%). Announcement • Apr 09
Thai Optical Group Public Company Limited Approves Dividend for Operating Result from 1 July 2024 to 31 December 2024, Payable on 7 May 2025 Thai Optical Group Public Company Limited approved at its AGM held on 9 April 2025 the dividend payment at this time (for operating result from 1 July 2024 to 31 December 2024) will be at the rate of THB 0.25 per share, in the amount 474.318 million Shares, totaling THB 118.58 million, details as follows: Dividend payment of THB 6.40 million or equivalent to THB 0.01 per share, which shall be paid from the allocation of net profits that is exempted from corporate income tax. Dividend payment of THB 112.18 million or equivalent to THB 0.24 per share, which shall be paid from the allocation of net profits with paid corporate income tax at the rate of 20%. The record date to determine the list of shareholders entitled to receive dividend is 18 April 2025. The dividend payment shall be made on 7 May 2025. Announcement • Mar 26
Thai Optical Group Public Company Limited NVDR SHARES to Be Deleted from OTC Equity Thai Optical Group Public Company Limited NVDR SHARES (Thailand) will be deleted from OTC Equity effective March 25, 2025, due to Inactive Security. Announcement • Mar 12
Thai Optical Group Public Company Limited FOREIGN SHARES to Be Deleted from OTC Equity Thai Optical Group Public Company Limited FOREIGN SHARES (Thailand) will be deleted from OTC Equity effective March 11, 2025, due to Inactive Security. Declared Dividend • Mar 02
Final dividend reduced to ฿0.25 Dividend of ฿0.25 is 44% lower than last year. Ex-date: 17th April 2025 Payment date: 7th May 2025 Dividend yield will be 4.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (226% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
Thai Optical Group Public Company Limited, Annual General Meeting, Apr 09, 2025 Thai Optical Group Public Company Limited, Annual General Meeting, Apr 09, 2025, at 10:00 SE Asia Standard Time. Location: application system, Thailand Announcement • Aug 21
Thai Optical Group Public Company Limited Announces Chief Accountant Changes Thai Optical Group Public Company Limited announced termination of Miss Pawinee Phadtho as Chief Accountant. Position of Chief Accountant: Head of Accounts Receivable. Effective Date of Termination is 21 August 2024. The company also announced appointment of Miss Chonlada Prompanjai as Chief Accountant. Position of Chief Accountant: Financial planning & analysis specialist. Effective Date of Appointment is 21 August 2024. Declared Dividend • Aug 16
First half dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 27th August 2024 Payment date: 13th September 2024 Dividend yield will be 6.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (72% earnings payout ratio) but not covered by cash flows (157% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 15
Thai Optical Group Public Company Limited Announces Cash Dividend Payment for Operating Period from January 1, 2024 to June 30, 2024, Payment Date Is September 13, 2024 Thai Optical Group Public Company Limited announced the Cash dividend payment of THB 0.20 per share. Operating period from January 1, 2024 to June 30, 2024. Payment date is September 13, 2024. Ex-dividend date is August 27, 2024. Record date for the right to receive dividends is August 28, 2024. Announcement • Jul 01
Thai Optical Group Public Company Limited Announces Appointment of Pawinee Phadtho as Head of Accounts Receivable Thai Optical Group Public Company Limited announced appointment of Miss Pawinee Phadtho as Head of Accounts Receivable, Effective Date of Appointment July 01, 2024. Announcement • Jun 15
Thai Optical Group Public Company Limited Appoints Chartri Pattanalertphan as Chief Financial Officer Thai Optical Group Public Company Limited announced the appointment of Chartri Pattanalertphan as Chief Financial Officer of the company. Effective Date of Appointment: June 12, 2024. New Risk • May 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks High level of debt (49% net debt to equity). Paying a dividend despite having no free cash flows. Announcement • May 10
Thai Optical Group Public Company Limited Announces the Change of Company Secretary The Board of Directors meeting of Thai Optical Group Public Company Limited held on 8 May 2024, the Board of Directors has resolved to appoint Ms. Supannikar Komolboon as the Company Secretary in accordance with Sections 89/15 and 89/16 of the Security and Exchange Act (No. 4) B.E. 2551, to replace Ms. Amolrat Pracharktam. This appointment shall be effective on 9 May 2024 onwards. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.23 (vs ฿0.24 in 1Q 2023) First quarter 2024 results: EPS: ฿0.23 (down from ฿0.24 in 1Q 2023). Revenue: ฿856.3m (up 19% from 1Q 2023). Net income: ฿111.6m (down 1.0% from 1Q 2023). Profit margin: 13% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year and the company’s share price has also increased by 25% per year. Buy Or Sell Opportunity • Apr 09
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿12.00. The fair value is estimated to be ฿9.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 35%. Upcoming Dividend • Apr 05
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.7%). Announcement • Apr 03
Thai Optical Group Public Company Limited Approves Dividend for the Period from 1 July 2023 to 31 December 2023, Payable on May 2, 2024 Thai Optical Group Public Company Limited at its Annual General Meeting held on April 03, 2024, approved allocation of net profits and annual dividend payment for 2023. Dividend payment for operating result in 2023 at the rate of THB 0.65 per share, 474.318 Million Shares and totaling THB 308.3 Million, details are as follows: According to the Approval Resolution of the Board of Directors' Meeting No.113 (4/2023) held on August 9, 2023, the Company made an interim dividend payment (for the operating result from 1 January 2023 to 30 June 2023) at the rate of THB 0.20 per share, totaling THB 94.86 Million. The dividend payment at this time (for operating result from 1 July 2023 to 31 December 2023) will be at the rate of THB 0.45 per share, in the amount of 474.318 million shares, totaling THB 213.44 Million, details as follows: The record date to determine the list of shareholders entitled to receive dividend is 17 April 2024. The dividend payment shall be made on 2 May 2024. Declared Dividend • Feb 16
Final dividend increased to ฿0.45 Dividend of ฿0.45 is 4.7% higher than last year. Ex-date: 12th April 2024 Payment date: 2nd May 2024 Dividend yield will be 5.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 15
Thai Optical Group Public Company Limited, Annual General Meeting, Apr 03, 2024 Thai Optical Group Public Company Limited, Annual General Meeting, Apr 03, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider Cash dividend payment; to Certify the minutes of the 2023 Annual General Meeting of Shareholders ; to Consider and acknowledge the Company's Operating Results of the previous year ; to Consider and approve the Financial Statements for the fiscal year ended 31 December 2023 and report of External Auditor ; to Consider and approve the dividend payment for the operating result in 2023; to Consider and approve the re-election of the directors retired by rotation; and to consider other matters if any. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: ฿0.90 (vs ฿0.85 in FY 2022) Full year 2023 results: EPS: ฿0.90 (up from ฿0.85 in FY 2022). Revenue: ฿3.01b (up 1.8% from FY 2022). Net income: ฿425.7m (up 5.5% from FY 2022). Profit margin: 14% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Thai Optical Group Public Company Limited Proposes Dividend for the Period from 1 July 2023 to 31 December 2023, Payable on May 2, 2024 Thai Optical Group Public Company Limited announced the resolutions of the Board of Directors held on 14 February 2024 as follows: The dividend payment at this time (for operating result from 1 July 2022 to 31 December 2022) will be at the rate of THB 0.45 per share, in the amount of THB 474.318 million shares, totaling THB 213.44 million. The record date to determine the list of shareholders entitled to receive dividend is 17 April 2024. The dividend payment shall be made on 2 May 2024. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.22 (vs ฿0.24 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.22 (down from ฿0.24 in 3Q 2022). Revenue: ฿782.8m (up 2.7% from 3Q 2022). Net income: ฿106.3m (down 8.0% from 3Q 2022). Profit margin: 14% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 50% per year. Announcement • Nov 09
Thai Optical Group Public Company Limited Announces Board Changes Thai Optical Group Public Company Limited at its board meeting held on November 8, 2023 appointed Mr. Don Pramudwinai as a new Director, for the remaining term of the vacant position, following the passing of Mr. Sarote Pracharktam, Pursuant to Dr. Sawang Pracharktam's decision to tender his resignation as Chairman of the Board of Directors, the Board has appointed Mr. Don Pramudwinai, an Independent Director, as the new Chairman of the Board of Directors and to ensure a smooth transition and maintain continuity, the Board has appointed Dr. Sawang Pracharktam as Vice Chairman of the Board of Directors. These appointments are effective as of 8th November 2023. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.20 per share at 5.0% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.5%). New Risk • Aug 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.25 (vs ฿0.23 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.25 (up from ฿0.23 in 2Q 2022). Revenue: ฿665.6m (down 4.2% from 2Q 2022). Net income: ฿116.9m (up 7.1% from 2Q 2022). Profit margin: 18% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 54% per year. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿10.20, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 25x in the Medical Equipment industry in Asia. Total returns to shareholders of 244% over the past three years. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿12.60, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 26x in the Medical Equipment industry in Asia. Total returns to shareholders of 325% over the past three years. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.16 in 1Q 2022) First quarter 2023 results: EPS: ฿0.24 (up from ฿0.16 in 1Q 2022). Revenue: ฿722.1m (up 10% from 1Q 2022). Net income: ฿112.7m (up 48% from 1Q 2022). Profit margin: 16% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 11
Upcoming dividend of ฿0.43 per share at 6.4% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 71% and the cash payout ratio is 97%. Trailing yield: 6.4%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (1.4%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 9 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Banchong Chittchang was the last independent director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.24 (vs ฿0.11 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.24 (up from ฿0.11 in 3Q 2021). Revenue: ฿762.1m (up 38% from 3Q 2021). Net income: ฿115.6m (up 127% from 3Q 2021). Profit margin: 15% (up from 9.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Nov 10
Thai Optical Group Public Company Limited Announces Demise of Sarote Pracharktam, Director Thai Optical Group Public Company Limited announced that Mr. Sarote Pracharktam, a Director of the Company, had passed away on November 6, 2022. Buying Opportunity • Nov 10
Now 21% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be ฿12.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 49%. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio and cash payout ratio are on the higher end at 79% and 81% respectively. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.18 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.23 (up from ฿0.18 in 2Q 2021). Revenue: ฿694.6m (up 19% from 2Q 2021). Net income: ฿109.1m (up 26% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Aug 11
Thai Optical Group Public Company Limited Announces Interim Dividend Payment for the Operating Period from 01 January 2022 to 30 June 2022, Payable on 9 September 2022 Thai Optical Group Public Company Limited announced interim cash dividend payment of THB 0.17 per share for the common shareholders for the operating period from 01 January 2022 to 30 June 2022 and retained earnings. For the dividend record date for the right to receive dividends 25 August 2022, ex-dividend date of 24 August 2022 and payment date of 9 September 2022. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.20 in 1Q 2021) First quarter 2022 results: EPS: ฿0.16 (down from ฿0.20 in 1Q 2021). Revenue: ฿654.5m (up 12% from 1Q 2021). Net income: ฿76.0m (down 21% from 1Q 2021). Profit margin: 12% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿8.50, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 21x in the Medical Equipment industry in Asia. Total returns to shareholders of 80% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 10 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Banchong Chittchang was the last independent director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 7.4%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.7%). Buying Opportunity • Feb 19
Now 20% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be ฿12.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% per annum over the last 3 years. Earnings per share has grown by 17% per annum over the last 3 years. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ฿0.65 (up from ฿0.14 in FY 2020). Revenue: ฿2.42b (up 31% from FY 2020). Net income: ฿310.1m (up 351% from FY 2020). Profit margin: 13% (up from 3.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 15% share price gain to ฿9.10, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 25x in the Medical Equipment industry in Asia. Total returns to shareholders of 137% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.044 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿554.7m (up 3.0% from 3Q 2020). Net income: ฿51.0m (up 145% from 3Q 2020). Profit margin: 9.2% (up from 3.9% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 17% share price gain to ฿9.45, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 24x in the Medical Equipment industry in Asia. Total returns to shareholders of 135% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 10 September 2021. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.18 (vs ฿0.11 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿585.1m (up 158% from 2Q 2020). Net income: ฿86.8m (up ฿140.0m from 2Q 2020). Profit margin: 15% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 17% share price gain to ฿7.25, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 24x in the Medical Equipment industry in Asia. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 32% share price gain to ฿6.05, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 23x in the Medical Equipment industry in Asia. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.08 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿587.2m (up 29% from 1Q 2020). Net income: ฿96.1m (up 152% from 1Q 2020). Profit margin: 16% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 07 May 2021. Trailing yield: 5.2%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 18% share price gain to ฿4.28, the stock is trading at a trailing P/E ratio of 29.5x, up from the previous P/E ratio of 25.1x. This compares to an average P/E of 26x in the Medical Equipment industry in Asia. Total return to shareholders over the past three years is a loss of 30%. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.14 (vs ฿0.28 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.85b (down 8.4% from FY 2019). Net income: ฿68.8m (down 48% from FY 2019). Profit margin: 3.7% (down from 6.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 18
New 90-day high: ฿4.26 The company is up 18% from its price of ฿3.60 on 20 November 2020. The Thai market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 13% over the same period. Announcement • Feb 18
Thai Optical Group Public Company Limited, Annual General Meeting, Apr 08, 2021 Thai Optical Group Public Company Limited, Annual General Meeting, Apr 08, 2021, at 10:00 SE Asia Standard Time. Location: Optic Gallery, Thai Optical Company Limited or TOC, located at 61/9 Moo 5 Bangbuathong-Suphanburi Road, Laharn, Bangbuathong Nonthaburi Thailand Agenda: To certify the minutes of the annual general meeting of shareholders no. 17/2020 which was held on July 15, 2020; to acknowledge the company's operating results for the year 2020 in accordance with the annual registration statement 2020 (56-1 one report); to approve the statement of financial position and statement of comprehensive income ended on 31st December 2020, and to acknowledge the auditor's report; to approve of the company's appropriation of net profit and dividend payout for the year 2020, and the Record Date to determine those who are eligible to receive dividend (XD); to approve of the re-appointment of the company's auditor and fixing the audit fee for the year 2021; to approve of the nomination of directors whose tenures are expired by rotation; to approve of the remuneration of the Board of Directors and the Sub-Committees, and bonus for the year 2021; and to consider other matters (if any). Announcement • Jan 22
Thai Optical Group Public Company Limited Announces Management Changes Thai Optical Group Public Company Limited announced the termination of Miss Phadto Pawinee as Head of General Accounting and Tax with effect from January 15, 2021 and appointed Mrs. Thaweekul Benjawan as General Accounting Manager with effect from January 16, 2021. Is New 90 Day High Low • Nov 11
New 90-day high: ฿3.54 The company is up 7.0% from its price of ฿3.30 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is flat over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS ฿0.044 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿538.3m (up 15% from 3Q 2019). Net income: ฿20.8m (down 16% from 3Q 2019). Profit margin: 3.9% (down from 5.3% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 09
New 90-day high: ฿3.52 The company is up 2.0% from its price of ฿3.44 on 10 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 1.0% over the same period. 
