KLSE: WTHORSE (5009)       WHITE HORSE BHD MAIN : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
0.63   +0.01 (1.61%)  0.615 - 0.63  222,200
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Market Cap: 151 Million
NOSH: 240 Million
Avg Volume (4 weeks):170,205
4 Weeks Range:0.58 - 0.64
4 Weeks Price Volatility (%):
52 Weeks Range:0.565 - 0.87
52 Weeks Price Volatility (%):
Average Price Target: 0.74
Price Target Upside/Downside: +0.11
Stamp duty exempted for year 2021

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2021 [#1]  |  25-May-2021
Next QR | Est. Ann. Date: 30-Jun-2021  |  25-Aug-2021
T4Q P/E | EY: -3.64  |  -27.44%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 2.56  |  0.25
T4Q NP Margin | ROE: -9.58%  |  -6.75%


Date Subject
26-Aug-2020 White Horse Berhad - Ceasing Coverage
25-Jun-2020 White Horse Berhad - 1QFY20 Below Expectations

Business Background

White Horse Bhd. is an investment holding company, which is engaged in the manufacturing of ceramic tiles and provision of management services. Geographically it operates through the regions of Malaysia, Vietnam, and Others. The Malaysia segment includes manufacturing and distribution of ceramic homogenous tiles in Malaysia. The Vietnam segment includes manufacturing and distribution of ceramic homogenous tiles in Vietnam. The other segments include distribution of ceramic homogenous tiles in Indonesia, Philippine, Singapore, and Thailand. The product portfolio of the group consists of ceramic wall tiles, ceramic floor tiles, and porcelain tiles. The firm generates the majority of revenue from Malaysian segment.
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  2 people like this.
ljmeng Post removed. Why?
25/11/2015 8:57 PM
calvintaneng 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?


25/11/2015 9:00 PM
ahmoi782 Whatever it is let see the performance. If are confident or interested. Now good time to grab low price.
25/11/2015 9:28 PM
ahmoi782 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.
26/11/2015 8:53 AM
Sapiee Jamel Target Price RM 4.40
26/11/2015 1:06 PM
ahmoi782 Maybe RM4.40 year 2018/2019?
26/11/2015 9:21 PM
calvintaneng 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 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?
26/11/2015 9:40 PM
ahmoi782 illogical to use imported construction material ?

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

27/11/2015 11:19 AM
maro 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
06/12/2015 10:00 PM
sarahdeaton 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!!!
07/12/2015 8:28 AM
ahmoi782 TP might go down further ~ RM1.90 < RM2.05. So hold on & buy later when stabilised.
22/12/2015 10:56 AM
ahmoi782 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.
12/04/2016 1:03 PM
familybusiness Any good news on this stock?
25/07/2016 8:07 PM
FourEyes Gonna rock?
02/08/2016 11:36 AM
FourEyes So silent here???
24/11/2016 2:43 PM
kentooi what happened today spike?
06/06/2017 5:41 PM
junclj what the hell keep pop-up this message?
09/06/2017 3:34 PM
junclj So many times, 主力吸筹吗?so annoying
09/06/2017 3:36 PM
newbies95y calvin buy call. kc said calvin sincere. buy!
09/07/2017 4:30 PM
hongweigiet88 https://hongweigiet222.wixsite.com/website/single-post/2017/08/06/WTHORSE-5009
06/08/2017 12:17 AM
Stockgod8 Good luck guys, this is owned by Zahid Hamidi! SELL SELL SELL SELL SELL
14/05/2018 10:44 PM
Stock Eyes 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.
25/08/2018 2:02 AM
calvintaneng Merry Christmas

Whitehorse still give dividends
25/12/2018 9:34 PM
allenroy good time to pick up
21/02/2019 3:58 PM
ahmoi782 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..
25/02/2019 11:56 AM
ahmoi782 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.
25/02/2019 12:01 PM
ahmoi782 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.
25/02/2019 12:07 PM
freddiehero tis counter many sifu sifu giv alot info and experience. many many thanks.
02/03/2019 6:53 PM
freddiehero may u all earn rich rich..
02/03/2019 6:53 PM
i4value 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?"
26/11/2020 2:56 PM
Start_0f_the_bull Hold for long term. Possible return to profit after covid-19 is contained.
07/02/2021 8:45 PM
12/04/2021 3:39 PM
The St. Goreng push kuda putih
13/04/2021 9:21 AM
thesteward Nta above rm2 n this used to be a very good counter which pays divvy . Once recovery comes this could fly . Used to be a 2-4 rm stocks
13/04/2021 9:29 AM
Hunkyman Come LU today .
13/04/2021 10:00 AM
thesteward Vvap currently ard .7735 hopefully can break 1
13/04/2021 10:01 AM
freddiehero it is nice.. steady
13/04/2021 10:06 AM
freddiehero gogogo
13/04/2021 10:06 AM
dompeilee LTH goreng purposely to DUMP remainder 18 mil shares...who fell into their trap? lol
13/04/2021 10:12 AM
dompeilee Could be technically insolvent so sell left, right, centre, despite crystallising massive losses to raise funds 2 fill black hole from Naj is' time.
13/04/2021 10:13 AM
13/04/2021 10:30 AM
dompeilee T + 1, T + 2 liquidation of gamblers with no intention 2 pay coming lo...lol
14/04/2021 9:15 AM
dompeilee Particulars of Shareholder 36

NRIC/Passport No./Company No. : 201801045610 (1307
Nationality/Country of Incorporation : Malaysia

Tingkat 7, Bangunan Setia 1, 15 Lorong Dungun, Bukit Damansara, 50490 KualaLumpur Wilayah Persekutuan Malaysia

Descriptions (Class and Nominal Value):
Ordinary Shares

Name and Address of Registered Holder:
You are advised to read the entire contents of the announcement orattachment. To read the entire contents of the announcement or attachment,please access the Bursa website at http://www.bursamalaysia.com

Details of Changes

Date of Notice : 12/04/2021

No. Date Transaction Type No of Shares Price (RM)
1. 09/04/2021 Disposed 132,800 -

Circumstances by reason of which change has occurred:
Disposal of shares

Nature of Interest:
Direct Interest


No of Shares Held After Changes:
Direct : 18,238,100 shares (8.0090%)
Indirect/Deemed Interest : 0 shares (0.0000%)
Total : 18,238,100 shares
15/04/2021 2:54 PM
dompeilee Speculatively bought some WTHorse @ 66.5c & recommended 2 preferred clients =)
16/04/2021 9:30 AM
dompeilee Only 800 shrs 2 start...10-year time horizon =)
16/04/2021 3:15 PM
mf 19-Apr-2021 Insider URUSHARTA JAMAAH SDN. BHD. (a substantial shareholder) disposed 2,000,000 shares on 13-Apr-2021.
19/04/2021 2:03 PM
DobitaLim Signal of spiking up
11/05/2021 8:11 PM
DobitaLim Better collect cheap2 before exploding in near future
11/05/2021 8:12 PM
llrr77 Any reason it will explode?
14/05/2021 9:29 PM
DobitaLim Next sedania
Signal of limit up soon
25/05/2021 8:50 PM

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