Thai Optical Group Public Company Limited (TOG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Thai Optical Group Public Company Limited stock THB 9.42, price THB 7.15, upside +31.7%, quality 54 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 4.79 THB – 10.71 THB · fair‑value band 5.78 THB – 13.92 THB · the 7.15 THB price screens below the 9.42 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Thai Optical Group Public Company Limited manufactures and distributes plastic lenses and related products in Thailand. The company operates in two segments, Plastic and Glass Lens; and Other Products and Services. The Plastic and Glass Lens segment produces and sells optical lenses.
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The Other Products and Services segment engages in the sale of glass mold, trading goods purchased for resale, glasses assembly services, and surface treatments of hard coatings and antireflection coating service for organic lenses.
It also exports its products to Europe, Australia, Asia and Pacific, the United States, Africa, and the Middle East. The company was formerly known as Thai Polymer Lens Company Limited and changed its name to Thai Optical Group Public Company Limited in 2004.
Thai Optical Group Public Company Limited was founded in 1951 and is headquartered in Nonthaburi, Thailand.
Stock analysis
Thai Optical Group Public Company Limited (TOG) currently trades at 7.15 THB, while our model-based Fair Value estimate is 9.42 THB, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 13.79 THB per share, and 14 of the 26 models we run sit above the 7.15 THB price.
Bear case: the Dividend Discount group reads lowest at 4.73 THB, and 12 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 5.78 THB (bear) to 13.92 THB (bull), the price of 7.15 THB sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thai Optical Group Public Company Limited reported revenue of 3.5B THB in FY2025 versus 2.4B THB in FY2021, a compound +10.4%/yr. Reported net income was 334M THB in FY2025, compounding +1.9%/yr from FY2021.
Key figures
Market cap 3.4B THB (≈ $101M) Micro · P/E ratio 12.8 · P/S ratio 0.95 · EPS (TTM) 0.5600 THB · Dividend yield 6.3% · Net margin 7.5% · Return on equity 11.2% · Return on assets (EBIT) 11.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at 32%, TOG screens cheaper than that median.
Fair Value models
Bear5.78 THBFair Value 9.42 THBBull13.92 THB
Price 7.15 THB · Upside +31.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0943 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+26.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.4%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.4% vs 3.8%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +15.0% a year for the price.
Compare Thai Optical Group Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+31.7% · Top 25%
Profitability
Return on equity (12 months)11.2% · Above median
Return on assets7.3% · Above median
Net margin (12 months)7.5% · Below median
Operating margin (12 months)11.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)−4.0% · Bottom 25%
Dividend yield (12 months)6.3% · Top 25%
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/E (12 months)12.8× · Cheapest 25%
P/B1.38× · Cheaper than median
P/S (12 months)0.95× · Cheapest 25%
Price / free cash flow (fiscal year)13.7× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Thai Optical Group Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TOG
Frequently asked questions
Is Thai Optical Group Public Company Limited (TOG) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 9.42 THB versus a price of 7.15 THB, about +32% upside (undervalued).
What is the fair value of TOG?
Our model-based fair value for Thai Optical Group Public Company Limited is 9.42 THB (as of Nov 9, 2026), built from audited fundamentals. The current price: 7.15 THB.
What is the quality score of TOG?
Thai Optical Group Public Company Limited has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thai Optical Group Public Company Limited (TOG)?
Our model-based price target is the fair value of 9.42 THB (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 5.78 THB, optimistic scenario 13.92 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Optical Group Public Company Limited stock forecast for 2026?
Our models put fair value at 9.42 THB, about +32% upside versus a price of 7.15 THB (undervalued). Cautious scenario 5.78 THB, optimistic scenario 13.92 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Optical Group Public Company Limited (TOG)?
Thai Optical Group Public Company Limited reported trailing-twelve-month revenue of about 3.6B THB (latest available figure, as of Nov 9, 2026).
Does Thai Optical Group Public Company Limited pay a dividend?
Thai Optical Group Public Company Limited currently shows a dividend yield of 6.29% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Thai Optical Group Public Company Limited (TOG) and when is the ex-dividend date?
Thai Optical Group Public Company Limited pays a dividend of 0.45 THB per share a year, a dividend yield of 6.3%. The last ex-dividend date was Aug 14, 2026. A dividend has been paid every year since at least 2007. The payout ratio is 80.4% of earnings. Free cash flow covers the dividend 1.16 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Thai Optical Group Public Company Limited (TOG)?
For today's price to be fair in a discounted-cash-flow model, Thai Optical Group Public Company Limited would have to grow free cash flow by +16.4 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of TOG use?
Our models discount Thai Optical Group Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.01, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thai Optical Group Public Company Limited that is +16.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Thai Optical Group Public Company Limited (TOG) delivered so far?
Over the past 5 years revenue at Thai Optical Group Public Company Limited grew +14.0 % a year. The price currently implies free-cash-flow growth of +16.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thai Optical Group Public Company Limited (TOG) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Thai Optical Group Public Company Limited (+16.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thai Optical Group Public Company Limited (TOG)?
The free-cash-flow yield on the price is 7.31 %: that much free cash flow Thai Optical Group Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thai Optical Group Public Company Limited (TOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Optical Group Public Company Limited it is 9.42 THB per share (as of Nov 9, 2026), against a price of 7.15 THB. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Thai Optical Group Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 9, 2026, TOG trades below its calculated fair value: price 7.15 THB, fair value 9.42 THB, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TOG?
No. The price is what the market pays today (7.15 THB); the fair value is what the company's own numbers justify (9.42 THB). For Thai Optical Group Public Company Limited the two are 2.27 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Optical Group Public Company Limited worth?
The market values Thai Optical Group Public Company Limited at about 3.4B THB (market capitalisation, as of Nov 9, 2026). Per share that is 7.15 THB; our models calculate a fair value of 9.42 THB per share.
What do the bullish and bearish scenarios say about TOG?
Our models span a range for Thai Optical Group Public Company Limited: cautious scenario 5.78 THB, base 9.42 THB, optimistic 13.92 THB per share (as of Nov 9, 2026, price 7.15 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOG?
Thai Optical Group Public Company Limited trades at a price-to-earnings ratio of 12.8 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.42 THB is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.0. Other multiples: PEG 4.0, P/B 1.4, P/S 1.0, EV/EBITDA 5.3.
What is the PEG ratio of TOG?
The PEG ratio of Thai Optical Group Public Company Limited is 4.01 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Thai Optical Group Public Company Limited (TOG)?
Balance-sheet figures for Thai Optical Group Public Company Limited (as of Nov 9, 2026): return on equity 11.2%, debt of 0.18 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is TOG from its 52-week high?
Thai Optical Group Public Company Limited trades at 7.15 THB, about 7% below its 52-week high of 7.70 THB and 18% above the low of 6.07 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 9.42 THB is for.
Which stocks are comparable to Thai Optical Group Public Company Limited?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thai Optical Group Public Company Limited stock attractive at the current price?
The data as of Nov 9, 2026: price 7.15 THB, calculated fair value 9.42 THB (+32%), Quality Score 54/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TOG calculated?
We run Thai Optical Group Public Company Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 9.42 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Thai Optical Group Public Company Limited currently trades 24% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thai Optical Group Public Company Limited (TOG)?
The closing price on Nov 6, 2026 was 7.15 THB. Our model-based fair value is 9.42 THB, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Optical Group Public Company Limited right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (5.78 THB to 13.92 THB) leaves room in how you read the outcome.
Where does the earnings growth of Thai Optical Group Public Company Limited (TOG) come from?
Earnings per share at Thai Optical Group Public Company Limited grew +6.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin −1.0 %, tax rate +1.3 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thai Optical Group Public Company Limited
How large is the market capitalisation of Thai Optical Group Public Company Limited (TOG)?
The market capitalisation of Thai Optical Group Public Company Limited is 3.4B THB (≈ $101M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thai Optical Group Public Company Limited (TOG)?
The price-to-sales ratio of Thai Optical Group Public Company Limited is 0.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thai Optical Group Public Company Limited (TOG)?
Earnings per share at Thai Optical Group Public Company Limited are 0.5600 THB (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Optical Group Public Company Limited (TOG)?
The dividend yield of Thai Optical Group Public Company Limited is 6.3% (payout 80.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thai Optical Group Public Company Limited (TOG)?
The net margin of Thai Optical Group Public Company Limited is 7.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thai Optical Group Public Company Limited (TOG)?
The return on equity (ROE) of Thai Optical Group Public Company Limited is 11.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thai Optical Group Public Company Limited (TOG)?
On an EBIT basis the return on assets of Thai Optical Group Public Company Limited is 11.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thai Optical Group Public Company Limited (TOG)?
The operating margin of Thai Optical Group Public Company Limited is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Optical Group Public Company Limited (TOG)?
Revenue at Thai Optical Group Public Company Limited is growing −4.0% versus a year earlier (3y avg +6.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thai Optical Group Public Company Limited (TOG)?
Earnings per share at Thai Optical Group Public Company Limited are growing +4.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thai Optical Group Public Company Limited (TOG) carry?
The net debt of Thai Optical Group Public Company Limited is 1.4B THB (fiscal year 2025, ≈ 5.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 9, 2026