KLSE: WTHORSE (5009)       WHITE HORSE BHD MAIN : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
0.665   -0.005 (0.75%)  0.665 - 0.665  17,000
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Market Cap: 160 Million
NOSH: 240 Million
Avg Volume (4 weeks):36,988
4 Weeks Range:0.61 - 0.68
4 Weeks Price Volatility (%):
52 Weeks Range:0.565 - 0.985
52 Weeks Price Volatility (%):
Average Price Target: 0.74
Price Target Upside/Downside: +0.075
Stamp duty exempted for year 2021

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2020 [#3]  |  20-Nov-2020
Next QR | Est. Ann. Date: 31-Dec-2020  |  27-Feb-2021
T4Q P/E | EY: -2.02  |  -49.54%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 2.61  |  0.25
T4Q NP Margin | ROE: -19.09%  |  -12.62%


Date Subject
26-Aug-2020 White Horse Berhad - Ceasing Coverage
25-Jun-2020 White Horse Berhad - 1QFY20 Below Expectations
03-Apr-2020 Building Materials - Keep Your Hard Hat On
28-Feb-2020 White Horse - Kitchen Sinking
28-Feb-2020 White Horse Berhad - FY19 Within 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.
ahmoi782 Go ahead guys! i'll wait for Christmas Sale to grab cheaper. More ppl need money. Sale coming soon! LAI ! LAI !
30/10/2015 3:42 PM
ahmoi782 Try harder !!
30/10/2015 3:44 PM
calvintaneng No need to try.

At Rm4.50 for 1 by 2 feet tiles White Horse is the clear winner
03/11/2015 8:18 PM
calvintaneng Latest News Update About White Horse,

According to Sales Staff of Tiles Distributors & Retailers in Johor

1) White Horse is a leading Brand in Johor - and among Top Performer in the Iskandar Region.

2) Why Top Builders in Iskandar chose White Horse Tiles more than those from other parts of Malaysia or imported tiles from China?
Answer: Because With Its Sprawling Factories Nearby in Tmn Air Biru and Pasir Gudang it is very convenient to get more stocks faster & cheaper than from other states.

3) White Horse Also Expanded Its Production to Vietnam like Pohuat did with furniture.
And White Horse is now even importing Its Own Tiles from White Horse (Vietnam)



Another Company that should also benefit is YILAI.


Go to Yilai Forum site to see updates on Yilai


Calvin Tan
Jurong West,
14/11/2015 5:23 PM
ahmoi782 Hold on boys.. Christmas sale coming soon. USD/RM struggling.
16/11/2015 2:16 PM
ahmoi782 TP 2.15 ~ RM 2.20
16/11/2015 2:20 PM
ahmoi782 Don't panic .hold on now.. grab more later !
16/11/2015 2:21 PM
LACHARSINGH haha boost sales??..... negative EPS bro....huge losses!!
24/11/2015 7:31 PM
Vizhai What happen in to the latest report? Huge loss..
24/11/2015 7:44 PM
LACHARSINGH kimhin will follow white Horse soon....
24/11/2015 7:45 PM
birkincollector calvintaneng?
24/11/2015 7:55 PM
iiinvestsmart Our dear Calvin never cease to amaze us with "story" plucked out of the air. Calvin has set an insurmountable height for bedtime stories. :D
24/11/2015 8:16 PM
calvintaneng 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?


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.


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.
24/11/2015 10:29 PM
calvintaneng One more thing in case you overlooked.

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


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?


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?
24/11/2015 10:54 PM
tksw the horse jatuh dalam longkang liao.
25/11/2015 9:35 AM
ahmoi782 Ha ha dropped even lower than my forecast . hi hi 2.11 lowest
25/11/2015 5:08 PM
ahmoi782 So as mentioned, Uncle(s) tried to bull shit to clear their stock for Christmas shopping. ha ha
25/11/2015 5:09 PM
ahmoi782 Already told you guys there will be Christmas discount sale. Those love this stock is time!
25/11/2015 5:13 PM
BlackHorse Hahahaaaa, you all kena conned by Singapore Crooks claimed himself as Eagle.
25/11/2015 8:55 PM
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

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