TOG, Thai Optical Group, keeps growing -worldwide.
TOG (10) buy view maintained. Post looking at their 3Q '24 just released a couple of days ago. TOG 3 Q. are not as down as it looks at first view. Notable, depreciation expense increased to 154.9 mill. vs. 72.9 mill., FX loss due to strong Baht 3 Q (but now tamed) was some 51 mill. Baht. Interest paid on loans increased 11 mill., Income tax increased some 10 mill. All unusual items. Then, note its total revenues (most all from sales) increased nearly 29% year to date -and nearly +10% , on just its last 3Q., So TOG is doing very well in its top line number and this affirms its products are well received, mostly in competitive USA. ....if you add these above unusual items back, TOG would have shown a very nice increase of net profits. Remember, TOG just this year increased its Fx lenses which is higher margin capacity by some 25% -so massive new machinery & robotics -which require instant depreciation. Your can see the table here on its continued impressive revenues increase, while noting how expenses increases as well, as noted. Here also you can see a new VDO of its impressive factories and solar, just released: https://www.youtube.com/watch?v=X-kvsnNa24U
Here is the summary on their global sales and some other tables, as just reported in TOG last mgt. discussion (Nov. 13):
"For the nine-month period 2024, Sales revenue increased in all regions with the Americas increased by 104 percent, Canada increased by 33 percent, Africa and the Middle East increased by 52 percent, Europe increased by 27 percent, Asia and Pacific increased by 26 percent and increased in Australia increased by 15 percent. As for the cost of sales and services, the proportion to revenue from sales and services increased from the previous year, mainly due to higher raw material prices and production overhead costs, as well as depreciation from replacement machinery and additional investment. In terms of selling and administrative expenses, the increase was mainly due to oversea warehouse service expenses, import expenses, and travel expenses". From TOG mgt. discussion as published on November 13 2024.
Here below are some more TOG tables with details from their SET released 3 Q financials, on November 13 2024. Any question/comments as always most welcome!
Paul A. Renaud. www.thaistocks.com 
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