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87 comment(s). Last comment by i4value at Nov 26, 2020 2:56 PM
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calvintaneng
39175 posts

Posted by calvintaneng > Nov 24, 2015 10:29 PM | Report Abuse

A Reality Check on White Horse.

This quarter result WhiteHorse recorded a lower revenue.
However its gross profit increased to Rm51 millions from Rm50 millions.

So why there is a loss?

Is it solely due to forex losses?

No.

Then what?

If you check carefully there is over Rm40 millions used for Admin & Expenses.

What are these expenses?

Buying Assets over Rm14 millions. Sept.2014 was a purchase of Rm37 milllion assets.
Buying New Machinery to meet ever increasing demand for better quality tiles
Expansion into setting up White Horse Factories in Vietnam.

As you can see CASH POSITION Has Even Increased &

Company Declares a Rm50 Tax Free Dividend this Quarter.

So Actually If You Read Carefully White Horse Did Pretty Well!

One More Thing
The Prospects of WhiteHorse in Iskandar & Whitehorse (Vietnam) are getting brighter due to TPP. Vietnam will benefit by more than 11 % while Malaysia more than 5%

And with FDI For ISKANDAR Almost Reaching Rm30 Billlions for year 2015 there will be a mushrooming of New Factories Requiring More New Tiles from White Horse.

Plus Many Condos Launched in Year 2012, 2013 Will be completed soon in year 2016,2017 & 2018. This means that Lots of Tiles Will Be Needed at their final stage of Completion.

Then Rm170 Billions Project in Pengerang's RAPID Plus Rm6 Billions Microsoft Investment in Sedenak augurs well For White Horse.

So Take a Macro Overall View of the Great Prospect of this Great Company now selling at undemanding value.

Those who missed AJIYA at Rm2.05 will have the opportunity to buy on weakness.

Why?

Because of iiinvestsmart who only has tunnel vision and Cannot SEE the Overall picture. Therefore they will sell instead of buy. No wonder the people of Investlah are led astray by one who is so myopic in vision.


calvintaneng
39175 posts

Posted by calvintaneng > Nov 24, 2015 10:54 PM | Report Abuse

One more thing in case you overlooked.

Seacera Tiles turned in a great set of result even though its results are mediocre.

How?

Seacera Gained by Revaluation of its assets & Even booked them as profits.

Its NTA JUMPED FROM Rm1.10 to Over Rm2.70 As A Result.

Take Just One White Horse Factory in Jalan Gangsa, Pasir Gudang.

1.5 million sq ft Book Value since 1990 was Rm38 millions

About Rm25 psf?

How Much Is A FULLY BUILT UP FACTORY WORTH PSF?

So if White Horse follows the footstep of Seacera & revalue its assets & then book them as profits HOW MUCH DO YOU THING WHITE HORSE PRIME ASSETS WILL RISE UP TO?


tksw
11589 posts

Posted by tksw > Nov 25, 2015 9:35 AM | Report Abuse

the horse jatuh dalam longkang liao.


ahmoi782
234 posts

Posted by ahmoi782 > Nov 25, 2015 5:08 PM | Report Abuse

Ha ha dropped even lower than my forecast . hi hi 2.11 lowest


ahmoi782
234 posts

Posted by ahmoi782 > Nov 25, 2015 5:09 PM | Report Abuse

So as mentioned, Uncle(s) tried to bull shit to clear their stock for Christmas shopping. ha ha


ahmoi782
234 posts

Posted by ahmoi782 > Nov 25, 2015 5:13 PM | Report Abuse

Already told you guys there will be Christmas discount sale. Those love this stock is time!


BlackHorse
1 post

Posted by BlackHorse > Nov 25, 2015 8:55 PM | Report Abuse

Hahahaaaa, you all kena conned by Singapore Crooks claimed himself as Eagle.


ljmeng
697 posts

Posted by ljmeng > Nov 25, 2015 8:57 PM |

Post removed. Why?


calvintaneng
39175 posts

Posted by calvintaneng > Nov 25, 2015 9:00 PM | Report Abuse

Almost bought more at Rm2.20 but some wise guy blocked me at Rm2.21.

You see, Ben Graham used to tell his sudents about good stocks which he is still buying. But once his students got wind of the "tip" they bought it up even before Ben Graham could built up his position.

See how Johotin's bottom fell off? While Whitehorse is still well supported?

WHITEHORSE HAS STRONG BUILT IN MARGIN OF SAFETY!!

JUST BUY WITH CALVIN ON WEAKNESS!!


ahmoi782
234 posts

Posted by ahmoi782 > Nov 25, 2015 9:28 PM | Report Abuse

Whatever it is let see the performance. If are confident or interested. Now good time to grab low price.


ahmoi782
234 posts

Posted by ahmoi782 > Nov 26, 2015 8:53 AM | Report Abuse

So many tiles distributor @ 3rd Party@ Tringular Sales, nowadays. Current ERP System even can plan demand so advance, HQ in overseas but sales office in Malaysia. Delivery from other country. These ppl also can submit tender as long as they supply according to customer spec regardless the brand "white" or "black" horse. Vendor only concerns about their profit & affordability later to buy the "red color" vehicle with "black horse" logo. Remember we also have cheap supplier from resourceful & cheaper labour country like Thailand& Indonesia.


Sapiee Jamel
32 posts

Posted by Sapiee Jamel > Nov 26, 2015 1:06 PM | Report Abuse

Target Price RM 4.40


ahmoi782
234 posts

Posted by ahmoi782 > Nov 26, 2015 9:21 PM | Report Abuse

Maybe RM4.40 year 2018/2019?


calvintaneng
39175 posts

Posted by calvintaneng > Nov 26, 2015 9:40 PM | Report Abuse

Can foreign tiles be sold in Malaysia?

Can China dump tiles like they dump steel?

Yes for steel BUT NOT FOR TILES.

Let Calvin explain while.

Steel, be they long steel or flat steel, is used in construction work. They form beams, foundations, pillars all covered in cement, sand and concrete. So they are lumped as one and not visible to the eyes.

Not for Tiles.

Tiles are laid on the surface of floors and walls. They come in different sizes 6" by 6", 8" by 10", 12' by 12" "12" by 24", "24" by "24" or "32" by "32" specifications.

They also come in many finishings - Rough, Smooth, Glazed or others.

And they come in many, many colours. And also mixed colours.

And also in many designs & patterns.

So there may be a thousand different types of tiles.

What is used in the kitchen may not be suitable in the dining hall or the water closets. On Car porch or drive ways we use another type of tiles that is heavy duty.

Sometimes tiles are in fashion - they sell like hot cakes. For some - they are slow moving stocks - so they are only manufactured by demand.

No demand - the line is discontinued.

Ha! Imagine installing foreign made tiles in the kitchen!

If due to damage (tiles can pop up if you don't use enough cement gum).

And if not available in the local market you either change ALL THE WHOLE KITCHEN FLOORING (very costly). Or take an airplane to China? (Also very costly & time consuming). And there is no guarantee that you will get the same replacement tiles.

So?

So just buy local Whitehorse tiles.

If you are short of any just go to a White Horse Tile Distributor or Retailer. If they don't have stock they will place an order for you.

Delivery might take 3 days to one week.

If you need it urgently?

Then they will give you a letter.

You can go straight to WhiteHorse Factory in Jalan Gangsa, Pasir Gudang and collect it yourself.

So next time be wise!

Just use Malaysian Made Tiles by Whitehorse or Yilai

Do YOU get it?


ahmoi782
234 posts

Posted by ahmoi782 > Nov 27, 2015 11:19 AM | Report Abuse

illogical to use imported construction material ?

Hmmm.. many competitor too especially when big guys in Iskandar Project attend this kinda conference :

http://aseanceramics.com/asean-ceramics-established-as-the-regions-1-ceramic-event/


maro
23 posts

Posted by maro > Dec 6, 2015 10:00 PM | Report Abuse

As far as I remember, before white horse became as famous as what it is today, the company used to import tiles from China.

Nowadays if you go to their showroom, you can see that there are some imported from China, some from Vietnam and some made in Malaysia.

Within this year I had a few trips to their showroom, and bought tiles for renovation


sarahdeaton
1609 posts

Posted by sarahdeaton > Dec 7, 2015 8:28 AM | Report Abuse

woa, very detailed explanation from calvin.

my uncle is a contractor for the construction in johor, he read what calvin wrote and he said he is right. the amount of tiles being ordered are overwhelming. the problem is the transportation needed to transport them. tiles are in shortage now. white horse and yilai are struggling to meet demand. contractor 's order are put on queueing line for some specific design of tiles. my uncle also screwed already, need to recommend some other design for customer tiles he ordered for customers like 6 months ago have still not arrived. and those are just normal tiles.

even poorer quality tiles are being snatched up fast. with new development everywhere in johor, materials and transportation fees are gonna shoot up. JPJ are kept busy giving summons to overload trucks carrying materials. the bad thing about all this is: if materials demands are not met fast, some companies are gonna lose lots of money. now the transportation company are planning to increase their fare. contractors are gonna jump up and down like monkeys.

the above are what my uncle told me while i was in johor for holiday. hehehe. and i broke 1 tiles from yilai because i sat on it in my uncle's house. hehehehe. believe it at your own risk.

Experience : Very nice.
Cost: 1 broken tiles @ RM5.50
Food: YUMMY!!!


ahmoi782
234 posts

Posted by ahmoi782 > Dec 22, 2015 10:56 AM | Report Abuse

TP might go down further ~ RM1.90 < RM2.05. So hold on & buy later when stabilised.


ahmoi782
234 posts

Posted by ahmoi782 > Apr 12, 2016 1:03 PM | Report Abuse

Two weeks ago, 1st delivery via sea by huge ship carrying tiles from China arrived at Gelang Patah Port (PTP) for Iskandar project. Guess one big guys already importing tiles cheaper from China.


familybusiness
295 posts

Posted by familybusiness > Jul 25, 2016 8:07 PM | Report Abuse

Any good news on this stock?


FourEyes
16 posts

Posted by FourEyes > Aug 2, 2016 11:36 AM | Report Abuse

Gonna rock?


FourEyes
16 posts

Posted by FourEyes > Nov 24, 2016 2:43 PM | Report Abuse

So silent here???


kentooi
11 posts

Posted by kentooi > Jun 6, 2017 5:41 PM | Report Abuse

what happened today spike?


junclj
206 posts

Posted by junclj > Jun 9, 2017 3:34 PM | Report Abuse

what the hell keep pop-up this message?
http://i.imgur.com/drpx6Ne.jpg


junclj
206 posts

Posted by junclj > Jun 9, 2017 3:36 PM | Report Abuse

So many times, 主力吸筹吗?so annoying
http://i.imgur.com/5GSD4Ub.jpg
http://i.imgur.com/SAtIKVY.jpg


newbies95y
37 posts

Posted by newbies95y > Jul 9, 2017 4:30 PM | Report Abuse

calvin buy call. kc said calvin sincere. buy!


hongweigiet88
45 posts

Posted by hongweigiet88 > Aug 6, 2017 12:17 AM | Report Abuse

https://hongweigiet222.wixsite.com/website/single-post/2017/08/06/WTHORSE-5009


Stockgod8
79 posts

Posted by Stockgod8 > May 14, 2018 10:44 PM | Report Abuse

Good luck guys, this is owned by Zahid Hamidi! SELL SELL SELL SELL SELL


KLCI King
3127 posts

Posted by KLCI King > Aug 25, 2018 2:02 AM | Report Abuse

Oh, Calvin is here.........

Then this stock is NTA play for him, and not profit driven investment.

Better run now before regret later, follow Calvin is like waiting durian to be dropped from pokok rambutan, may happen but rare.


calvintaneng
39175 posts

Posted by calvintaneng > Dec 25, 2018 9:34 PM | Report Abuse

Merry Christmas

Whitehorse still give dividends


allenroy
190 posts

Posted by allenroy > Feb 21, 2019 3:58 PM | Report Abuse

good time to pick up


ahmoi782
234 posts

Posted by ahmoi782 > Feb 25, 2019 11:56 AM | Report Abuse

Ha ha RM1.34 ha ha ha ha.
Told ppl already.. this stock.. going down since 2015.

If stock perform no need to marketing here.
Those ppl.. talk good long story.. are usually try hard to clear own stock or their paid cilent consulting client.

Learn to read financial report only not sufficient.
Read news both local and international also not sufficient. Ability analyse the context with current and future market also important.

You need to do extra more home work.
Remember.. those professional who writing long story usuall.. also expert in hiding poor things.

Those companies.. internally also good in 'earning management'.

Keep learn new things to make own decision but not by listening to other ppl story..


ahmoi782
234 posts

Posted by ahmoi782 > Feb 25, 2019 12:01 PM | Report Abuse

I already told you on 2015.. china tiles already coming in.
Someone.. asked me.. whether ppl willing to import. I explain logically possible and its profitable too.

Go and survey out there how many types /brand tiles imported China. Some imported and rebrand it.


ahmoi782
234 posts

Posted by ahmoi782 > Feb 25, 2019 12:07 PM | Report Abuse

When .. alrady.. loss.. then.. tell ppl out there.. most of expenses were.. investment.. buy machine la.. all crap.. story.. if u are.. transparents.. you should plan this kind expenses.. Q1 & Q2 because these are planned activitivies.. as matured organization should be able to plan their.. this kinda expenses so they can report.. beautifully acurate focecast.. by Q3 and Q4. Its.. all internal business game.

So always use ur own judgement to make decision.


freddiehero
13743 posts

Posted by freddiehero > Mar 2, 2019 6:53 PM | Report Abuse

tis counter many sifu sifu giv alot info and experience. many many thanks.


freddiehero
13743 posts

Posted by freddiehero > Mar 2, 2019 6:53 PM | Report Abuse

may u all earn rich rich..


i4value
7 posts

Posted by i4value > Nov 26, 2020 2:56 PM | Report Abuse

White Horse business is linked to the property and construction sectors. So we should not be surprised about its current poor performance given that these 2 sectors have been in the down part of their cycle in the past few years. I would expect White Horse performance to pick up when these 2 sectors recover. So White Horse is a long term prospect for those with the holding power. If you want to see the rationale for my thesis, search "Is White Horse a value trap?"

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