T&L티앤엘

T&L remains highly profitable on a trailing basis, but its share price has fallen about 14% over the past month and three months.

T&L, a Korean maker of medical wound dressings and related materials, reported trailing twelve-month revenue of ₩175B to H1 2026 with a 33.9% operating margin and ₩35B of net income. Revenue fell 6.1% in 2025 after strong growth in 2023 and 2024, and the shares trade at about 11.3 times earnings with a 6.1% dividend yield. The data does not include recent news headlines, so the reasons for the recent share price decline are not visible here.

What stands out

• Trailing operating income is about ₩59B on ₩175B of revenue, versus a 28.2% operating margin for full-year 2025.
• Net income fell from ₩46B in 2024 to ₩38B in 2025, and trailing net income to H1 2026 is about ₩35B.
• The balance sheet looks conservative, with liabilities at 12.9% of equity, cash of about ₩37B and borrowings of about ₩4B.
• The shares are at ₩24,400, near the 52-week low of about ₩21,800 and well below the 52-week high of ₩35,800.
• Foreign ownership eased from 13.7% to 13.2% over about 60 days, and 20-day flows show foreign and institutional net buying offset by retail net selling.

What to watch

• The trust contract termination result report and the amended half-year report from August 2026 may contain details worth reading in the original filings.
• The DCF fair value model gives a base value of ₩70,744 with a bear case of ₩49,386, well above the current price; the model's assumptions are not described in the data, so treat it with caution.
• Revenue has declined in 2025 and the data does not show the reasons, so watch whether revenue stabilises in upcoming reports.