We maintain a BUY rating on TOG with a target price of Bt12.00, implying a 2025E PER of 12x, which is positioned at -1 SD below the 5-year historical average. A recent group conference call with TOG reaffirmed our positive earnings outlook. The company targets to achieve +10-12% YoY revenue growth in 2025E (our estimate: +9% YoY), driven by the recent addition of an Rx lens production line that currently operates at 85% utilization. While an investment for the phase 1 plant in Vietnam is estimated at Bt600-800mn, the company expects to conclude its funding sources, including a potential capital increase, by May 2025E. If the company taps funds from financial institutions, the D/E ratio will increase from the current 0.8x to 1.1x, still below the 1.2x covenant. Moreover, the company’s established presence in the US market provides a solid foundation for continued growth, particularly if a potential tariff increase on Chinese imports materializes.