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Taiwan Liposome Company

Nasdaq:TLC
Snowflake Description

Adequate balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TLC
Nasdaq
NT$4B
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Taiwan Liposome Company, Ltd., a clinical-stage specialty pharmaceutical company, engages in the development and commercialization of nanomedicines that combine its proprietary lipid-assembled drug delivery platform with approved active pharmaceutical ingredients (APIs). The last earnings update was 42 days ago. More info.


Add to Portfolio Compare Print
  • Taiwan Liposome Company has significant price volatility in the past 3 months.
TLC Share Price and Events
7 Day Returns
-5.9%
NasdaqGM:TLC
5.2%
US Biotechs
10.5%
US Market
1 Year Returns
-36%
NasdaqGM:TLC
0%
US Biotechs
-11.5%
US Market
TLC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Taiwan Liposome Company (TLC) -5.9% -25.3% -31.4% -36% - -
US Biotechs 5.2% -6.5% -8.7% 0% 6.2% -10.4%
US Market 10.5% -15.4% -21.4% -11.5% 5.4% 18.1%
1 Year Return vs Industry and Market
  • TLC underperformed the Biotechs industry which returned 0% over the past year.
  • TLC underperformed the Market in United States of America which returned -11.5% over the past year.
Price Volatility
TLC
Industry
5yr Volatility vs Market

TLC Value

 Is Taiwan Liposome Company undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Taiwan Liposome Company to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Taiwan Liposome Company.

NasdaqGM:TLC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:TLC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 6.2%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.2
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.203 (1 + (1- 20%) (11.53%))
1.21
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.21 * 6.21%)
9.25%

Discounted Cash Flow Calculation for NasdaqGM:TLC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Taiwan Liposome Company is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGM:TLC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (TWD, Millions) Source Present Value
Discounted (@ 9.25%)
2020 -845.16 Analyst x2 -773.57
2021 -741.41 Analyst x2 -621.12
2022 -1,176.47 Analyst x1 -902.12
2023 -573.15 Analyst x1 -402.26
2024 181.00 Analyst x1 116.27
2025 245.88 Est @ 35.85% 144.57
2026 308.87 Est @ 25.62% 166.23
2027 365.87 Est @ 18.45% 180.22
2028 415.04 Est @ 13.44% 187.13
2029 456.26 Est @ 9.93% 188.28
Present value of next 10 years cash flows NT$-1,716.00
NasdaqGM:TLC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NT$456.26 × (1 + 1.74%) ÷ (9.25% – 1.74%)
NT$6,177.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NT$6,177.23 ÷ (1 + 9.25%)10
NT$2,549.15
NasdaqGM:TLC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NT$-1,716.00 + NT$2,549.15
NT$833.15
Equity Value per Share
(TWD)
= Total value / Shares Outstanding
= NT$833.15 / 74.19
NT$11.23
NasdaqGM:TLC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NasdaqGM:TLC represents 0.06281x of GTSM:4152
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06281x
Value per Share
(Listing Adjusted, USD)
= Value per Share (TWD) x Listing Adjustment Factor
= NT$ 11.23 x 0.06281
$0.71
Value per share (USD) From above. $0.71
Current discount Discount to share price of $3.74
= -1 x ($3.74 - $0.71) / $0.71
-429.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Taiwan Liposome Company is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Taiwan Liposome Company's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Taiwan Liposome Company's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:TLC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in TWD NT$-12.32
GTSM:4152 Share Price ** GTSM (2020-03-27) in TWD NT$59.5
United States of America Biotechs Industry PE Ratio Median Figure of 37 Publicly-Listed Biotechs Companies 15.4x
United States of America Market PE Ratio Median Figure of 2,939 Publicly-Listed Companies 12.96x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Taiwan Liposome Company.

NasdaqGM:TLC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= GTSM:4152 Share Price ÷ EPS (both in TWD)

= 59.5 ÷ -12.32

-4.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taiwan Liposome Company is loss making, we can't compare its value to the US Biotechs industry average.
  • Taiwan Liposome Company is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Taiwan Liposome Company's expected growth come at a high price?
Raw Data
NasdaqGM:TLC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-9.4%per year
United States of America Biotechs Industry PEG Ratio Median Figure of 34 Publicly-Listed Biotechs Companies 0.96x
United States of America Market PEG Ratio Median Figure of 2,005 Publicly-Listed Companies 1x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Taiwan Liposome Company, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Taiwan Liposome Company's assets?
Raw Data
NasdaqGM:TLC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in TWD NT$9.73
GTSM:4152 Share Price * GTSM (2020-03-27) in TWD NT$59.5
United States of America Biotechs Industry PB Ratio Median Figure of 429 Publicly-Listed Biotechs Companies 2.53x
United States of America Market PB Ratio Median Figure of 5,148 Publicly-Listed Companies 1.26x
NasdaqGM:TLC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= GTSM:4152 Share Price ÷ Book Value per Share (both in TWD)

= 59.5 ÷ 9.73

6.11x

* Primary Listing of Taiwan Liposome Company.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Taiwan Liposome Company is overvalued based on assets compared to the US Biotechs industry average.
X
Value checks
We assess Taiwan Liposome Company's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Taiwan Liposome Company has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TLC Future Performance

 How is Taiwan Liposome Company expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-9.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Taiwan Liposome Company expected to grow at an attractive rate?
  • Unable to compare Taiwan Liposome Company's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Taiwan Liposome Company's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Taiwan Liposome Company's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:TLC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:TLC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -9.4%
NasdaqGM:TLC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 52.3%
United States of America Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 18.6%
United States of America Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 15.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:TLC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in TWD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:TLC Future Estimates Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 2,081 -1,003 4
2023-12-31 831 -1,874 4
2022-12-31 115 -1,535 4
2021-12-31 208 -394 -1,105 5
2020-12-31 74 -693 -1,092 5
2020-03-28
NasdaqGM:TLC Past Financials Data
Date (Data in TWD Millions) Revenue Cash Flow Net Income *
2019-12-31 209 -778 -808
2019-09-30 215 -725 -838
2019-06-30 211 -748 -856
2019-03-31 206 -606 -847
2018-12-31 62 -686 -902
2018-09-30 57 -816 -857
2018-06-30 55 -761 -885
2018-03-31 52 -836 -880
2017-12-31 50 -819 -874
2017-09-30 50 -720 -881
2017-06-30 46 -737 -894
2017-03-31 44 -645 -818

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Taiwan Liposome Company is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Taiwan Liposome Company's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:TLC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Taiwan Liposome Company Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:TLC Future Estimates Data
Date (Data in TWD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 -17.16 -17.16 -17.16 1.00
2023-12-31 -22.28 -22.28 -22.28 1.00
2022-12-31 -20.77 -20.77 -20.77 1.00
2021-12-31 -10.88 -4.67 -17.09 2.00
2020-12-31 -15.29 -15.29 -15.29 1.00
2020-03-28
NasdaqGM:TLC Past Financials Data
Date (Data in TWD Millions) EPS *
2019-12-31 -12.32
2019-09-30 -12.21
2019-06-30 -12.84
2019-03-31 -13.09
2018-12-31 -14.37
2018-09-30 -15.41
2018-06-30 -15.95
2018-03-31 -15.87
2017-12-31 -15.75
2017-09-30 -15.88
2017-06-30 -16.09
2017-03-31 -14.75

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Taiwan Liposome Company will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Taiwan Liposome Company's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Taiwan Liposome Company has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TLC Past Performance

  How has Taiwan Liposome Company performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Taiwan Liposome Company's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Taiwan Liposome Company does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Taiwan Liposome Company's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Taiwan Liposome Company's 1-year growth to the US Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
Taiwan Liposome Company's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Taiwan Liposome Company Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:TLC Past Revenue, Cash Flow and Net Income Data
Date (Data in TWD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 209.14 -807.52 166.38 860.42
2019-09-30 214.58 -838.29 164.74 892.45
2019-06-30 211.02 -855.86 158.88 919.11
2019-03-31 206.00 -846.96 154.61 910.63
2018-12-31 62.32 -901.57 147.74 832.58
2018-09-30 57.34 -857.49 139.61 800.01
2018-06-30 55.43 -885.00 146.48 819.51
2018-03-31 51.86 -880.40 139.68 817.36
2017-12-31 49.64 -873.96 134.87 813.25
2017-09-30 49.88 -881.12 131.10 814.68
2017-06-30 46.33 -894.07 131.76 818.11
2017-03-31 44.03 -818.14 132.96 741.00
2016-12-31 41.67 -824.32 141.49 736.88
2016-09-30 40.44 -701.71 139.22 620.34
2016-06-30 40.62 -651.18 131.85 584.32
2016-03-31 41.51 -690.98 143.65 623.16
2015-12-31 59.77 -675.69 138.32 634.85
2015-09-30 59.10 -735.97 135.99 708.99
2015-06-30 59.08 -714.22 129.21 691.14
2015-03-31 87.70 -653.90 112.99 667.10
2014-12-31 95.92 -632.86 102.99 664.45
2014-09-30 94.21 -581.08 97.41 605.56
2014-06-30 107.81 -618.97 117.91 630.02
2014-03-31 117.42 -524.59 107.66 553.85
2013-12-31 158.64 -400.97 98.14 470.24
2013-09-30 169.28 -417.44 94.27 494.45
2013-06-30 241.20 -190.97 60.86 373.30
2013-03-31 246.24 -187.31 59.71 374.01

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Taiwan Liposome Company has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Taiwan Liposome Company has efficiently used its assets last year compared to the US Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Taiwan Liposome Company improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Taiwan Liposome Company's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Taiwan Liposome Company has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TLC Health

 How is Taiwan Liposome Company's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Taiwan Liposome Company's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Taiwan Liposome Company is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Taiwan Liposome Company's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Taiwan Liposome Company's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Taiwan Liposome Company Company Filings, last reported 2 months ago.

NasdaqGM:TLC Past Debt and Equity Data
Date (Data in TWD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 721.91 416.65 1,023.87
2019-09-30 713.15 448.78 1,007.54
2019-06-30 332.07 482.24 685.11
2019-03-31 565.29 479.84 988.28
2018-12-31 669.20 480.76 1,114.63
2018-09-30 411.37 478.95 659.02
2018-06-30 596.33 477.35 889.15
2018-03-31 819.26 114.35 732.10
2017-12-31 987.28 116.05 951.71
2017-09-30 1,235.73 116.05 1,253.87
2017-06-30 1,444.09 117.75 1,419.24
2017-03-31 1,656.32 117.75 1,648.27
2016-12-31 1,803.54 117.75 1,798.80
2016-09-30 2,051.32 117.75 1,955.91
2016-06-30 2,262.25 117.75 2,134.81
2016-03-31 2,387.17 119.13 2,267.41
2015-12-31 2,485.47 120.51 2,384.53
2015-09-30 2,646.34 95.89 2,519.19
2015-06-30 2,809.16 63.58 2,694.49
2015-03-31 2,957.68 47.46 2,820.23
2014-12-31 3,071.20 51.33 2,958.47
2014-09-30 3,246.88 55.20 3,085.09
2014-06-30 3,377.82 60.09 3,230.99
2014-03-31 3,482.76 64.97 3,285.55
2013-12-31 3,588.27 69.84 3,437.22
2013-09-30 3,717.26 74.71 3,640.60
2013-06-30 854.61 79.58 722.34
2013-03-31 890.81 84.45 760.96
  • Taiwan Liposome Company's level of debt (57.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (1.7% vs 57.7% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Taiwan Liposome Company has sufficient cash runway for 1.2 years based on current free cash flow.
  • Taiwan Liposome Company has sufficient cash runway for 1.2 years if free cash flow continues to grow at historical rates of 9.9% each year.
X
Financial health checks
We assess Taiwan Liposome Company's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Taiwan Liposome Company has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TLC Dividends

 What is Taiwan Liposome Company's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Taiwan Liposome Company dividends.
If you bought $2,000 of Taiwan Liposome Company shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Taiwan Liposome Company's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Taiwan Liposome Company's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:TLC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 2.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1949 Stocks 3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:TLC Future Dividends Estimate Data
Date (Data in NT$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2020-03-28

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Taiwan Liposome Company has not reported any payouts.
  • Unable to verify if Taiwan Liposome Company's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Taiwan Liposome Company's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Taiwan Liposome Company has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Taiwan Liposome Company's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Taiwan Liposome Company afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Taiwan Liposome Company has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TLC Management

 What is the CEO of Taiwan Liposome Company's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Keelung Hong
COMPENSATION NT$7,845,313
AGE 75
TENURE AS CEO 15.2 years
CEO Bio

Dr. Keelung Hong, Ph.D., founded Taiwan Liposome Company, Ltd. (TLC) in 1997 and serves as its Chairman and Chief Executive Officer. Dr. Hong co-founded Hermes Biosciences, Inc. in 1998. He serves as Executive Officer at The Leland Stanford Junior University. He served as Chief Scientific Officer of Hermes from 1998 to 2004. Dr. Hong joined the Liposome Research Laboratory (LRL) of Demetrios Papahadjopoulos, as a research scientist at the University of California, San Francisco (UCSF) for 20 years. Dr. Hong has been the Operations Leader of LRL since the 1990's, serving as the primary mentor for many LRL postdoctoral fellows. After serving as a Consultant to several biotechnology companies including Nycomed, Salutar, Onyx and Sequus.. He joined California Pacific Medical Center Research Institute, where he helped lead the research efforts even after Dr. Papahadjopoulos passing in 1998. He serves as Director of Hermes Biosciences , Inc. Dr. Hong has authored and co-authored more than a hundred scientific publications and two social science books, one of which titled Taiwanese Culture, Taiwanese Society. Dr. Hong received his B.S. in chemistry from Taiwan Cheng Kung University and M.S. in chemistry from the University of Texas at El Paso. He holds a Ph.D. in Chemistry at the University of California at Berkeley and conducted postdoctoral research at Stanford University.

CEO Compensation
  • Keelung's compensation has increased whilst company is loss making.
  • Keelung's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Taiwan Liposome Company management team in years:

4.8
Average Tenure
53
Average Age
  • The tenure for the Taiwan Liposome Company management team is about average.
Management Team

Keelung Hong

TITLE
Founder
COMPENSATION
NT$8M
AGE
75
TENURE
15.2 yrs

George Yeh

TITLE
President
COMPENSATION
NT$7M
AGE
46
TENURE
18.2 yrs

Nicole Lin

TITLE
CFO and VP of Finance & Administration
COMPENSATION
NT$5M
AGE
53
TENURE
6.2 yrs

Wenji Chen

TITLE
Vice President of Corporate Development
COMPENSATION
NT$4M
AGE
59
TENURE
3.4 yrs

George Spencer-Green

TITLE
Chief Medical Officer
COMPENSATION
NT$10M
AGE
72
TENURE
1.2 yrs

Yunlong Tseng

TITLE
Vice President of Research & Development
COMPENSATION
NT$4M
AGE
52
TENURE
6.2 yrs

Vincent Chang

TITLE
Vice President of Manufacturing Development
COMPENSATION
NT$552K
TENURE
1.7 yrs

Luke Guo

TITLE
Chief Scientific Advisor & Member of Scientific Advisory Board

Hung Wei Chih

TITLE
Vice President of Manufacturing Development Division
AGE
47
TENURE
1.7 yrs
Board of Directors Tenure

Average tenure and age of the Taiwan Liposome Company board of directors in years:

6.8
Average Tenure
58.5
Average Age
  • The tenure for the Taiwan Liposome Company board of directors is about average.
Board of Directors

Luke Guo

TITLE
Chief Scientific Advisor & Member of Scientific Advisory Board

May Kang

TITLE
Independent Director
COMPENSATION
NT$190K
AGE
48
TENURE
7.8 yrs

Keelung Hong

TITLE
Founder
COMPENSATION
NT$8M
AGE
75
TENURE
18.2 yrs

Jer-Jye Chiu

TITLE
Member of Scientific Advisory Board

Jeroen Rovers

TITLE
Member of Scientific Advisory Board
AGE
48

Beatrice Liu

TITLE
Independent Director
COMPENSATION
NT$200K
AGE
54
TENURE
8.8 yrs

Michael Silverman

TITLE
Member of Scientific Advisory Board
AGE
70

Chan Yu Lee

TITLE
Representative Director
COMPENSATION
NT$200K
AGE
47
TENURE
5.8 yrs

Moun-Rong Lin

TITLE
Non-Executive Director
COMPENSATION
NT$200K
AGE
63
TENURE
2.8 yrs

Tom Chen

TITLE
Independent Director
COMPENSATION
NT$200K
AGE
67
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Taiwan Liposome Company's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Taiwan Liposome Company has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TLC News

Simply Wall St News

TLC Company Info

Description

Taiwan Liposome Company, Ltd., a clinical-stage specialty pharmaceutical company, engages in the development and commercialization of nanomedicines that combine its proprietary lipid-assembled drug delivery platform with approved active pharmaceutical ingredients (APIs). Its BioSeizer lipid formulation technology enables pharmacokinetic (PK) control and local sustained release of APIs at the site of disease or injury; and NanoX active drug loading technology enables the potential for reduced dosing frequency and enhanced distribution of liposome-encapsulated APIs to the desired site. The company provides various product candidates that target various areas of unmet medical need in pain management, ophthalmology, and oncology. Its lead product candidate is TLC599, an intraarticular injectable BioSeizer formulation of the API steroid dexamethasone sodium phosphate (DSP), which is in the Phase III trial for knee osteoarthritis pain. The company’s product candidates also comprises TLC590, a non-opioid BioSeizer formulation of the API ropivacaine that is in Phase II clinical trial for post-surgical pain management; TLC399, a multilamellar and multivesicular BioSeizer formulation of DSP, which is in Phase II clinical trial for ophthalmology indications; and TLC178, an API that is in Phase I/II dose escalation trial to treat rhabdomyosarcoma. Taiwan Liposome Company, Ltd. was founded in 1997 and is headquartered in Taipei City, Taiwan.

Details
Name: Taiwan Liposome Company, Ltd.
TLC
Exchange: NasdaqGM
Founded: 1997
NT$146,133,068
74,188,934
Website: http://www.tlcbio.com
Address: Taiwan Liposome Company, Ltd.
No. 3 Yuanqu Street,
11th Floor-1,
Taipei,
11503,
Taiwan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
GTSM 4152 Common Stock Taipei Exchange TW TWD 24. Oct 2011
NasdaqGM TLC SPONSORED ADS Nasdaq Global Market US USD 21. Nov 2018
DB 7TLA SPONSORED ADS Deutsche Boerse AG DE EUR 21. Nov 2018
Number of employees
Current staff
Staff numbers
161
Taiwan Liposome Company employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 05:02
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/19
Last earnings filing: 2020/02/15
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.