WHITE HORSE BHD

KLSE (MYR): WTHORSE (5009)

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Last Price

0.77

Today's Change

+0.01 (1.32%)

Day's Change

0.765 - 0.77

Trading Volume

61,600

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 418,984 449,444 422,201 413,350 399,553 410,043 531,916 610,527 642,827 695,158 752,729 765,200 -6.38%
PBT -8,656 9,916 -15,689 6,527 26,521 -61,137 -61,764 -28,422 6,797 37,595 47,685 76,359 -
Tax -668 -1,672 -1,599 -5,676 -8,200 4,723 -2,141 1,221 -1,389 -11,150 -13,468 -17,124 -23.14%
NP -9,324 8,244 -17,288 851 18,321 -56,414 -63,905 -27,201 5,408 26,445 34,217 59,235 -
-
NP to SH -9,324 8,244 -17,288 851 18,321 -56,414 -63,905 -27,201 5,408 26,445 34,217 59,235 -
-
Tax Rate - 16.86% - 86.96% 30.92% - - - 20.44% 29.66% 28.24% 22.43% -
Total Cost 428,308 441,200 439,489 412,499 381,232 466,457 595,821 637,728 637,419 668,713 718,512 705,965 -5.12%
-
Net Worth 579,983 579,983 636,000 595,420 602,397 587,494 642,703 722,399 746,233 768,004 761,632 738,722 -1.64%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div - - - - 6,768 - - - 16,023 22,925 22,940 22,941 -
Div Payout % - - - - 36.94% - - - 296.29% 86.69% 67.04% 38.73% -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 579,983 579,983 636,000 595,420 602,397 587,494 642,703 722,399 746,233 768,004 761,632 738,722 -1.64%
NOSH 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 229,407 229,417 0.50%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin -2.23% 1.83% -4.09% 0.21% 4.59% -13.76% -12.01% -4.46% 0.84% 3.80% 4.55% 7.74% -
ROE -1.61% 1.42% -2.72% 0.14% 3.04% -9.60% -9.94% -3.77% 0.72% 3.44% 4.49% 8.02% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 189.99 203.81 175.92 187.44 177.09 180.07 233.39 254.39 280.83 303.22 328.12 333.54 -6.85%
EPS -4.22 3.74 -7.84 0.39 8.12 -24.77 -28.04 -11.91 2.36 11.80 14.92 25.82 -
DPS 0.00 0.00 0.00 0.00 3.00 0.00 0.00 0.00 7.00 10.00 10.00 10.00 -
NAPS 2.63 2.63 2.65 2.70 2.67 2.58 2.82 3.01 3.26 3.35 3.32 3.22 -2.14%
Adjusted Per Share Value based on latest NOSH - 240,000
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 174.58 187.27 175.92 172.23 166.48 170.85 221.63 254.39 267.84 289.65 313.64 318.83 -6.38%
EPS -3.88 3.44 -7.84 0.35 7.63 -23.51 -26.63 -11.91 2.25 11.02 14.26 24.68 -
DPS 0.00 0.00 0.00 0.00 2.82 0.00 0.00 0.00 6.68 9.55 9.56 9.56 -
NAPS 2.4166 2.4166 2.65 2.4809 2.51 2.4479 2.6779 3.01 3.1093 3.20 3.1735 3.078 -1.64%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 28/06/24 28/06/24 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 0.70 0.70 0.63 0.61 0.635 0.645 1.01 1.53 1.94 2.01 2.29 2.00 -
P/RPS 0.37 0.34 0.36 0.33 0.36 0.36 0.43 0.60 0.69 0.66 0.70 0.60 -5.51%
P/EPS -16.56 18.72 -8.75 158.07 7.82 -2.60 -3.60 -13.50 82.11 17.42 15.35 7.75 -
EY -6.04 5.34 -11.43 0.63 12.79 -38.41 -27.76 -7.41 1.22 5.74 6.51 12.91 -
DY 0.00 0.00 0.00 0.00 4.72 0.00 0.00 0.00 3.61 4.98 4.37 5.00 -
P/NAPS 0.27 0.27 0.24 0.23 0.24 0.25 0.36 0.51 0.60 0.60 0.69 0.62 -10.00%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 15/08/24 15/08/24 28/02/24 28/02/23 23/02/22 25/02/21 27/02/20 28/02/19 28/02/18 28/02/17 29/02/16 27/02/15 -
Price 0.74 0.74 0.685 0.61 0.65 0.66 0.965 1.33 1.94 2.03 2.17 2.15 -
P/RPS 0.39 0.36 0.39 0.33 0.37 0.37 0.41 0.52 0.69 0.67 0.66 0.64 -5.35%
P/EPS -17.50 19.79 -9.51 158.07 8.00 -2.66 -3.44 -11.73 82.11 17.60 14.55 8.33 -
EY -5.71 5.05 -10.52 0.63 12.49 -37.54 -29.06 -8.52 1.22 5.68 6.87 12.01 -
DY 0.00 0.00 0.00 0.00 4.62 0.00 0.00 0.00 3.61 4.93 4.61 4.65 -
P/NAPS 0.28 0.28 0.26 0.23 0.24 0.26 0.34 0.44 0.60 0.61 0.65 0.67 -9.97%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
2 people like this. Showing 50 of 157 comments

kyy_superinvestor

Just buy....follow me

2021-06-24 20:32

Musfaz83

they shud take it private

2021-06-25 08:44

Musfaz83

up 10c

2021-06-25 11:34

Musfaz83

laii

2021-06-25 16:40

DobitaLim

Limit down soon
Wakahkahkah

2021-06-27 20:13

Musfaz83

still hold

2021-06-28 10:42

kyy_superinvestor

I heard Guan ni ma said tommorow whitehirse will fly to the sky

2021-07-12 22:57

risktoreward

collect @ 0.655

2021-07-26 11:01

risktoreward

sold all @ 0.845 for 30% gain

2021-08-09 16:10

7chewe

WTHORSE catch my attention as it fulfilled limit up criteria. Price has been high previously and now drop to bottom.

Can obviously see low volume previously, and lately a bit active. Just break recent high. To verify why, we notice they selling a piece of land worth RM 113.45 million. This could translate into RM 0.472 per share. After checking into balance sheet, not hard to see they are quite cash and asset rich which have NTA above RM 2.00. Selling this piece of land will bring them into net cash position of roughly RM 0.525 per share. Special dividend might be potentially announce after this land disposal deal.

Since NTA (property and plant) worth above RM 2.00, and cash so rich, I wound think that if boss wanna do privatization, it should give a price tag of at least RM 1.30-RM 1.80.

https://klse.i3investor.com/blogs/logicdiary/2021-08-09-story-h1569653804-HOW_TO_SPOT_A_LIMIT_UP_STOCK_PART_2_Answer_by_LTA.jsp

2021-08-10 20:12

7chewe

HOW TO SPOT A LIMIT UP STOCK ? PART 2 Answer by LTA

2021-08-10 20:13

7chewe

White Horse: Disposes of land in Vietnam for RM113m. White Horse is disposing of a piece of leasehold land with buildings in Vung Tau, Vietnam for RM113.45m. The group is selling the land measuring 278,511 sqm to Vietnam's Viglacera Tien Son Joint Corp. The disposal is expected to improve its bottom line in the long run as the ceased operation in Vietnam would reduce its loss position. (The Edge)

2021-08-10 20:14

7chewe

White Horse disposes of land in Vietnam for RM113m

KUALA LUMPUR (June 22): Ceramic tile maker White Horse Bhd is disposing of a piece of leasehold land with buildings in Vung Tau, Vietnam for RM113.45 million.

The group is selling the land measuring 278,511 square metres to Vietnam's Viglacera Tien Son Joint Corp, it said in a bourse filing.

White Horse said the disposal is expected to improve its bottom line in the long run as the ceased operation in Vietnam would reduce its loss position, besides consolidating the production facility in Malaysia.

The expected gain from the disposal is RM58.3 million, the group added.

White Horse's share price rose one sen or 1.63% to 62.5 sen today, giving the group a market capitalization of RM148.79 million.

https://www.theedgemarkets.com/article/white-horse-disposes-land-vietnam-rm113m

2021-08-10 20:17

dompeilee

dompeilee Speculatively bought some WTHorse @ 66.5c & recommended 2 preferred clients =)
16/04/2021 9:30 AM

SOLD all my WTHorse for 85c =D

2021-08-17 09:53

dompeilee

Re-purchased WTHorse for 70c today.

2021-09-03 18:29

Degil88

BUY TP 1.50

2021-09-06 11:12

dompeilee

Flyyyy!!!

2021-09-09 09:09

dompeilee

FLYYYY some more! =)

2021-09-09 09:58

SpicyMcDeluxe

kekw

2021-09-15 11:36

kyy_superinvestor

I have sold all... bye-bye whitehorse

2021-09-27 13:29

risktoreward

Enter at 0.715

2021-09-28 15:50

kyy_superinvestor

I buy back again coz I heard whitehorse will increase asp by ten percent next week...hehehe

2021-10-02 18:45

risktoreward

Added more at 0.705

2021-10-05 17:33

dompeilee

Cannot jump already lo...so how?

2021-10-12 09:04

risktoreward

Yeah, need to hold 2-3 months more. I have a guessing how this will pan out

2021-10-12 09:47

dompeilee

Gooo WTHorse!

2021-10-22 10:30

dompeilee

Hang on tight & ignore the tin kosing...empty vessels make the most noise a.k.a tin kosong paling bising...sesuai diisi dgn t@hi lol

2021-10-25 14:57

risktoreward

Wah surprise surprise

2021-10-25 16:37

risktoreward

Can change name to dark horse dy

2021-10-25 16:38

dompeilee

dompeilee Re-purchased WTHorse for 70c today.
03/09/2021 6:29 PM

Cut profit on WTHorse @ 78.5c

2021-10-26 09:35

dompeilee

LOL @ the psycho vomiting & ranting all over i3

2021-10-26 12:39

risktoreward

Director buying

2021-10-26 22:18

dompeilee

Hmmm...forgot I still hv WTHorse in my margin a/c bought @ 70.5c early in Oct =)

2021-10-27 15:15

jokerforever21

Post removed.Why?

2021-10-27 15:17

dompeilee

Too many counters...here, in HK, SG, US & Japan...easy 2 forget esp when sometimes one counter has been bought in 2 or 3 trading accounts in different banks lol Like yesterday I saw the name Nippecraft & recalled buying in 2017 but then couldn't remember if I had sold or not...had to check...

2021-10-27 15:48

dompeilee

flippratapang72sai cannot deny he got HURT badly...now haunting i3 to kowbehkowbu LOL!!!:

pang72 I all in maybulk, so how leh?
You quit kah?
08/10/2021 3:25 PM


pang72 Lucky I bought so much..
People will jealous me when end Nov QR out!!
08/10/2021 5:34 PM

2021-10-29 07:46

davidkkw79

Congrat ! Very Chun chun QR out !
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3213229

2021-11-26 19:55

dompeilee

Congrats to all (still) holders =)

2022-02-23 18:38

dompeilee

4% dividend yield...Mouthwatering!!!

2022-04-07 19:49

Cockroach Paul Lee

Let’s follow big boss … sapu ! Monday limit up …gogogo

2022-04-10 00:43

Noni

Ok ok, horse run come .....

2022-04-13 04:35

SincereStock

bought in at RM0.665. parking my money here hoping for liquidation and distribution of the company's net asset / cash.

if management isn't willing to distribute evenly with shareholders, they can also privatize first before liquidate the company

2022-05-25 12:00

SincereStock

more than half of the company's NTA can be considered at NET CASH, not to mention the rest of the properties and equipments

2022-05-25 12:04

Dehcomic01

White Horse is currently trading below its Graham Net Net. The Graham Net Net is a short hand for its liquidation value. So why is the market so pessimistic? This is not a sunset sector and there is no digital disruption

2023-10-26 09:49

consulting24

It's certainly promising to hear that the company has consistently recorded profits for the past 10 years, with a solid 10% increase in the most recent three years. The expansion into Vietnam and involvement in mega projects in Malaysia are clear indicators of their growth potential. Based in Johor, this company seems well-positioned for a bright future. Keep a close eye on their developments; it could indeed be just a matter of time before they achieve even greater success.

2023-10-26 11:13

dompeilee

dompeilee

Re-purchased WTHorse for 70c today.

2021-09-03 18:29

🤗🤗🤗SOLD 1/2 @ 83.5c!🤗🤗🤗 Keep some for LIMIT UP!!!📈

2024-03-04 11:24

UnicornP

Actually I very interested in Wthorse one. Just don't like the pre-QR buy up on Feb 27.

2024-03-04 12:23

Hew Kiong Peng George

Hidden gem Co, rm1 easy hit

2024-03-05 06:36

tinman

huge upside potential especially given the relatively low number of shares issued. Positives seen with company directors purchasing shares aggressively in the not too distant past.

2024-03-05 09:50

Dehcomic01

Ben Graham, the father of value investing, made famous the valuation metric known as the Net-Net. It is computed by deducting the total liabilities from the current assets. Many consider the Net-Net as a short hand for the liquidation value.
In Ben Graham days, he focussed on buying companies trading at a discount to their Net-Net. The logic was that if these are viable businesses, there is no reason for them to be trading below the liquidation value.
White Horse currently has a Net Net value of RM 1.39 per share compared to its market price of about less than RM 0.80 per share. Is this a viable business or is this a company going out of business?
White Horse is a leading ceramic tile manufacturer in the region and its performance over the past few years were impacted by the soft property market. It incurred losses.
If you believe that the property sector is cyclical and we are now leaving the bottom of the cycle, the performance of White Horse would improve. More important if it survived so far and is financially sound, ie not a company facing liquidation, the market must be wrong to price it below its liquidation value.
Is the market wrong or do you follow the crowd and avoid this Net Net? For more insights into White Horse refer to page 20 of INVEST https://notice.shareinvestor.com/email/newsletter/invest/pdf/Vol209-Invest-31May.pdf

2024-06-01 17:28

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