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 7.19x (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.
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 18.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 28.2%.
- The forward P/E sits below the sector median.
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
- 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 ₩50,900 and market capitalization is ₩413.7 billion.
- The price sits below the 20-day line (₩54,435) and below the 60-day line (₩57,738).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- RSI (a supplementary gauge that measures the strength of gains versus declines over the past 14 days on a 0–100 scale) is 40.7, a neutral level.
- The one-month change is -14.2%, the three-month change is +3.5%, and the position versus the 52-week high is -22.3%.
- Relative strength versus KOSDAQ is 80 (on a 1–99 scale, computed from the past year's return versus the index with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 20% of all stocks by strength.
- Over the past three months it outpaced the index by 38.4%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- On confirmed 2025 annual results, the P/E (how many times one year's net profit the share price represents) is 10.87x and the P/B (how many times net assets the share price represents) is 2.06x.
- 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 7.19x 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 7.19x 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 7.19x 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 | 24.42x | 2.35x | 9.64% |
| i-SENS | — | 1.40x | -1.63% |
| Huons | 7.44x | 0.85x | 11.41% |
(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 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 ₩50,900 and the market capitalization is ₩413.7 billion. The price sits below its 20-day moving average (₩54,435) and below its 60-day moving average (₩57,738). 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 40.7, a neutral level. The one-month change is -14.2%, the three-month change is +3.5%, and the position relative to the 52-week high is -22.3%. Relative strength versus the KOSDAQ is 80 (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 80% of all stocks. Over the past three months it outpaced the index by 38.4%. 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 +38.35% / 6M +30.39% / 12M -15.24%
Key metrics vs sector median
Valuation
The P/E of 10.87x is below the sector median (15.98x). The P/B of 2.06x is above the sector median (1.37x).
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)
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 1.512x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 18.9%, above the sector average (3.0%). The operating margin is 28.2%. The debt ratio is 107.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $76.5M | $115.9M | $108.8M | -6.14% ↓ slower |
| Operating profit | $20.4M | $37.7M | $30.7M | -18.62% ↓ slower |
| Net profit | $18.2M | $30.8M | $25.2M | -17.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $47.7M | $54.1M | $76.5M | $115.9M | $108.8M |
| Operating profit | $14.8M | $16.1M | $20.4M | $37.7M | $30.7M |
| Net profit | $13.0M | $14.0M | $18.2M | $30.8M | $25.2M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 18.9% 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
- 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.