T&L (340570) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
T&L is a materials company that applies polymer adhesive and materials technology across two lines: a medical division that makes wound dressings — hydrocolloid and silicone-foam dressings and fracture-fixation materials, including acne/blemish patches — and a chemicals division that makes water-based resins and hardeners used in paints, textiles and coatings. Contrary to its classification, it is closer to a materials/manufacturing company than a drug developer. In 2025 it posted annual revenue of ₩164.2 billion, operating profit of ₩46.4 billion and net profit of ₩38.1 billion, and in Q1 net profit rose even as the top line shrank, showing an ability to control costs; on March 27 it also voluntarily disclosed a corporate value-up plan. What stands out recently is that a level of profitability held even as revenue fell — a 28% operating margin and 18.9% ROE — carrying through the year would make a forward P/E of 4.55x (below the peer median) a clear appeal once the top line turns back to recovery; on the other hand, if the top-line decline runs longer than expected, the timing of that recovery could be pushed back.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Medical Devices & Healthcare” (Biotech & Pharmaceuticals), a type typically read first through forward P/E.
In medical devices and healthcare, growth hinges on regulatory approval and product adoption, and profits often lag during the early investment phase. So forward P/E, which reflects expected earnings, is the first lens. But in a loss-making year an earnings multiple breaks down, so the focus shifts to EV/Sales — enterprise value against revenue — to size the business against its scale.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 6.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 12.2% lower than a year earlier.
- ROE is 18.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 28.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Yun-so 23.7% (individual)
Controlling bloc incl. related parties 42.7%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis Reading
T&L earns its money by applying polymer (large molecules formed of small molecules linked in long chains, like plastics and resins) adhesive and materials technology across two business lines. First, the medical division centers on wound dressings that cover and protect wounds and aid healing, with hydrocolloid dressings that turn gel-like on contact with water, silicone-foam dressings that absorb exudate like a cushion, and fracture-treatment fixation materials as its mainstays. The acne and blemish patches applied to the skin come out of this hydrocolloid technology. Second, the chemicals division makes water-based resins and hardeners, functional additives and urethane foam used in paints, textiles, coatings, wastewater treatment and synthetic leather. In other words, contrary to a 'pharma/bio' classification label, it is not a company selling new drugs; it is closer, in terms of its actual business, to a materials/manufacturing company that applies the same polymer adhesive technology to both medical and industrial uses.
The latest close is ₩32,200 and the market capitalization is ₩261.7 billion. The price sits below its 20-day moving average (₩53,955) and below its 60-day moving average (₩55,567). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 30.7, a neutral level. The one-month change is -41.8%, the three-month change is -47.1%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSDAQ is 31 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 31% of all stocks. Over the past three months it lagged the index by 19.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed 2025 annual results, the P/E (how many times one year's net profit the share price represents) is 6.87x and the P/B (how many times net assets the share price represents) is 1.27x. Profitability stands out: ROE (how much is earned in a year on shareholders' equity) is 18.9%, well above the sector average, and the operating margin is 28.2% and net margin 23.2%, so about ₩28 of every ₩100 of revenue remains as operating profit and about ₩23 as net profit. The financials are also solid. The debt ratio (debt relative to equity) is 107.9%, but the current ratio — assets usable immediately versus debt due within a year — is a very high 830% and interest coverage is 222x, so the actual debt burden is small. One point to note is that this 11.0x P/E rests on 2025 confirmed results in which earnings fell for the year (trailing, past-results basis). In a phase like now, where earnings are passing through an inflection, the forward P/E of 4.55x based on this year's earnings shows the real price appeal better than the past figure, and that value sits below the peer median.
Revenue grew quickly from ₩115.5 billion in 2023 to ₩174.9 billion in 2024, then eased with a one-year pause to ₩164.2 billion in 2025, down 6.1%. Operating profit also fell 18.6% from ₩57.0 billion in 2024 to ₩46.4 billion in 2025, largely reflecting a reverse base effect from a very strong 2024 (this year looking lower against high prior-year figures). Even so, on a two-year CAGR basis the trend itself is upward, with revenue +19% and operating profit +23%. The most recent quarter, Q1 2026, showed revenue of ₩45.1 billion (-12.2% year over year) and operating profit of ₩18.3 billion (-9.7%), so the top line shrank, but net profit rose to ₩16.4 billion (+3.7%), confirming a capacity to hold earnings. It was the result of a high quarterly operating margin above 40% offsetting the top-line decline. If this strong Q1 earnings strength and operating leverage carry through, this year's earnings can run at the level the forward P/E of 4.55x implies — comfortably above last year's confirmed net profit of ₩38.1 billion. With margins firm in the high-double-digit range and financial headroom, once the top line begins to grow again, earnings are structured to follow more steeply.
The thread of recent disclosures is 'confirming results' and 'shareholder-value policy.' On March 18, 2026 the business report confirmed 2025 annual results (revenue ₩164.2 billion, operating profit ₩46.4 billion, net profit ₩38.1 billion), and on May 15 the quarterly report disclosed Q1 2026 results. In between, on March 27, the company filed a corporate value-up plan (voluntary disclosure) — a system under which a listed company itself pledges and discloses how it will raise capital returns, shareholder returns and the like. The result of the March 26 annual general meeting was also disclosed, and on April 9 a large-holdings report from a 5%-plus holder was received, indicating a change in stakes. All are verifiable against official source documents, and expansion-type disclosures such as new orders or large facility investment did not stand out in this period.
This is a stock with clear strengths: profitability held even as revenue fell for the year — a 28% operating margin and 18.9% ROE — stable financials with a small debt burden, and a forward P/E of 4.55x on this year's earnings that sits below the peer median. That net profit rose in Q1 even as the top line shrank can be read as a signal of firm cost control. The P/B of 2.1x is slightly above peers relative to net assets, but that is partly the market reflecting the high capital efficiency of 18.9% ROE, so it is hard to view as an excessive burden in itself. In short, this is a stock where, if the earnings strength confirmed in Q1 carries through the year and the top line turns back to recovery, the low forward P/E becomes a clear appeal; and conversely, one where, if the top-line decline runs longer than expected, the timing of that recovery could be pushed back. Because the 'pharma/bio' classification is based on the official classification and differs in character from the actual business (medical wound dressings plus industrial chemical-materials manufacturing), it is more appropriate to view it through the margin durability and top-line trend of a materials/manufacturing business than through the value of a drug pipeline. Whether revenue begins to grow again each quarter is the key point to watch.
🔎 Valuation vs peers Fairly valued
Rather than a drug-pipeline company, we chose as the peer set listed domestic firms that manufacture medical devices/materials and earn stable profits. The site's P/E, P/B and ROE are base values calculated at current prices.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| InBody | 30.81x | 2.87x | 12.20% |
| i-SENS | — | 1.62x | -1.73% |
| Huons | 7.33x | 0.84x | 8.22% |
(a) Position versus peers: compared with medical/precision-instrument makers such as InBody (P/E 20.3, ROE 9.6%) and Huons (P/E 8.3, ROE 11.4%), T&L has the highest profitability (ROE 18.9%) while its P/E (12.6x) is in the middle and its P/B (2.39x) is the highest. (b) Premium/discount: it is a mixed picture — a discount relative to earnings, a premium relative to net assets — so it is hard to declare it cheap or expensive from one side. (c) Limitation of the trailing basis and forward basis: the P/E of 12.6x rests on 2025 confirmed results in which earnings fell, so with earnings mid-inflection there is risk of both over- and under-valuation. Applying a DART seasonality approximation for 2026 net profit (about ₩57.6 billion) lowers the forward P/E to about 8.4x, but that is not a company official forecast and is an unverified approximation. Weighing an advantage in profitability and financials, a top line in reverse growth, and a somewhat high price relative to net assets, we set the verdict at Fairly valued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩56.6 billion | approx. ₩21.2 billion | approx. ₩18.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩32,200 and the market capitalization is ₩261.7 billion. The price sits below its 20-day moving average (₩53,955) and below its 60-day moving average (₩55,567). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 30.7, a neutral level. The one-month change is -41.8%, the three-month change is -47.1%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSDAQ is 31 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 31% of all stocks. Over the past three months it lagged the index by 19.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -19.45% / 6M -18.60% / 12M -44.54%
Key metrics Computed vs sector median
Valuation
The P/E of 6.87x is below the sector median (15.02x). The P/B of 1.27x is above the sector median (1.10x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.51x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 18.8%, above the sector average (1.0%). The operating margin is 28.1%. The debt ratio is 16.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $81.1M | $122.9M | $115.3M | -6.14% ↓ slower |
| Operating profit | $21.7M | $40.0M | $32.6M | -18.62% ↓ slower |
| Net profit | $19.3M | $32.6M | $26.7M | -17.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $50.5M | $57.3M | $81.1M | $122.9M | $115.3M |
| Operating profit | $15.7M | $17.1M | $21.7M | $40.0M | $32.6M |
| Net profit | $13.8M | $14.8M | $19.3M | $32.6M | $26.7M |
| Revenue CAGR | 4-yr avg 22.92% | ||||
Revenue fell 6.1% year over year (2023 ₩115.5 billion → 2024 ₩174.9 billion → 2025 ₩164.2 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 18.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 22.9%. The two-year revenue CAGR is 19.2%. In the most recent quarter (Q1 2026), revenue was 12.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.7%, is on the high side.
- ROE of 18.8% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 6.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-27FilingCorporate value-up plan (voluntary disclosure) filed — the company voluntarily discloses its direction for raising corporate value, including capital returns and shareholder returns.Over the medium term, material for gauging the direction of dividend and capital-efficiency policy. That said, it is not a binding disclosure of fixed figures, so follow-through on execution should also be watched. Source
- 2026-05-15EarningsQuarterly report (2026.03) filed — Q1 2026 revenue of ₩45.1 billion (-12.2%), operating profit of ₩18.3 billion (-9.7%), net profit of ₩16.4 billion (+3.7%) confirmed.Near term, top-line reverse growth continued, but net profit rose, confirming a phase of defended profitability. Source
- 2026-04-09FilingLarge-holdings report (general) received — a change in the holding ratio of a 5%-plus holder reported.Near term, material reporting a change in a major shareholder's stake. Depending on the purpose and direction of the change, it can affect supply and demand, so the source document needs checking. Source
- 2026-03-18EarningsBusiness report (2025.12) filed — 2025 annual revenue of ₩164.2 billion (-6.1%), operating profit of ₩46.4 billion (-18.6%), net profit of ₩38.1 billion confirmed.Over the medium term, material confirming the first top-line reverse growth after high growth in 2024, showing the slowdown in numbers. Source
- 2026-03-26FilingAnnual general meeting result disclosed — outcome of agenda such as approval of financial statements, appointment of directors, and dividends.Over the medium term, material for confirming decisions related to dividends and governance. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-03Amended filing
- 2026-02-24Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.