KLSE:WTHORSE

Stock Analysis Report

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Executive Summary

White Horse Berhad, an investment holding company, designs, manufactures, markets, distributes, and sells tiles in Malaysia, Vietnam, Indonesia, the Philippines, Singapore, Thailand, and China. More Details


Snowflake Analysis

Excellent balance sheet and fair value.

Share Price & News

How has White Horse Berhad's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: WTHORSE is less volatile than 75% of MY stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: WTHORSE's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

-3.1%

WTHORSE

-8.6%

MY Building

-0.6%

MY Market


1 Year Return

-33.3%

WTHORSE

75.4%

MY Building

10.5%

MY Market

Return vs Industry: WTHORSE underperformed the MY Building industry which returned 84% over the past year.

Return vs Market: WTHORSE underperformed the MY Market which returned 10.2% over the past year.


Shareholder returns

WTHORSEIndustryMarket
7 Day-3.1%-8.6%-0.6%
30 Day-4.6%-4.5%1.8%
90 Day-8.8%21.2%-0.6%
1 Year-33.3%-33.3%77.1%75.4%14.1%10.5%
3 Year-67.0%-67.4%21.5%18.7%-1.2%-10.2%
5 Year-68.3%-71.6%-7.7%-12.9%12.2%-6.3%

Long-Term Price Volatility Vs. Market

How volatile is White Horse Berhad's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is White Horse Berhad undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: WTHORSE (MYR0.63) is trading below our estimate of fair value (MYR2.49)

Significantly Below Fair Value: WTHORSE is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: WTHORSE is unprofitable, so we can't compare its PE Ratio to the MY Building industry average.

PE vs Market: WTHORSE is unprofitable, so we can't compare its PE Ratio to the MY market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate WTHORSE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: WTHORSE is good value based on its PB Ratio (0.2x) compared to the MY Building industry average (0.6x).


Next Steps

Future Growth

How is White Horse Berhad forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

18.6%

Forecasted Capital Goods industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as White Horse Berhad has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has White Horse Berhad performed over the past 5 years?

-70.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WTHORSE is currently unprofitable.

Growing Profit Margin: WTHORSE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: WTHORSE is unprofitable, and losses have increased over the past 5 years at a rate of 70.5% per year.

Accelerating Growth: Unable to compare WTHORSE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: WTHORSE is unprofitable, making it difficult to compare its past year earnings growth to the Building industry (20.5%).


Return on Equity

High ROE: WTHORSE has a negative Return on Equity (-9.62%), as it is currently unprofitable.


Next Steps

Financial Health

How is White Horse Berhad's financial position?


Financial Position Analysis

Short Term Liabilities: WTHORSE's short term assets (MYR514.2M) exceed its short term liabilities (MYR231.6M).

Long Term Liabilities: WTHORSE's short term assets (MYR514.2M) exceed its long term liabilities (MYR33.3M).


Debt to Equity History and Analysis

Debt Level: WTHORSE's debt to equity ratio (21.5%) is considered satisfactory.

Reducing Debt: WTHORSE's debt to equity ratio has reduced from 32.7% to 21.5% over the past 5 years.

Debt Coverage: WTHORSE's debt is well covered by operating cash flow (52.1%).

Interest Coverage: Insufficient data to determine if WTHORSE's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is White Horse Berhad current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate WTHORSE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate WTHORSE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if WTHORSE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if WTHORSE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: WTHORSE is not paying a notable dividend for the MY market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of WTHORSE's dividend in 3 years as they are not forecast to pay a notable one for the MY market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

21.6yrs

Average management tenure


CEO

Yuan Liao (67 yo)

no data

Tenure

RM199,875

Compensation

Mr. Yuan Shun Liao has been an Executive Chairman of White Horse Bhd since August 6, 1999 and serves as Managing Director. Mr. Liao ventured into the ceramic tiles industry and has more than 25 years of ex...


CEO Compensation Analysis

Compensation vs Market: Yuan's total compensation ($USD49.33K) is below average for companies of similar size in the MY market ($USD143.88K).

Compensation vs Earnings: Yuan's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Yuan Liao
Executive Chairman & MDno dataRM199.88k12.34%
MYR 17.7m
Swee Teo
Deputy MD & Director21.58yrsRM401.00k5.67%
MYR 8.1m
Soon Cheng
Deputy MD & Director21.58yrsRM404.00k2.2%
MYR 3.2m
Kim Loo
General Manager of Marketingno datano datano data
Chin Tan
Senior Manager of Human Resources18.17yrsno datano data
Siew Chuan Chua
Company Secretary21.83yrsno datano data

21.6yrs

Average Tenure

62.5yo

Average Age

Experienced Management: WTHORSE's management team is seasoned and experienced (21.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yuan Liao
Executive Chairman & MDno dataRM199.88k12.34%
MYR 17.7m
Swee Teo
Deputy MD & Director21.58yrsRM401.00k5.67%
MYR 8.1m
Soon Cheng
Deputy MD & Director21.58yrsRM404.00k2.2%
MYR 3.2m
Shen Liao
Non Independent & Non-Executive Director21.58yrsRM201.00k4.87%
MYR 7.0m
Kim Teo
Non-Independent Non-Executive Director21.58yrsRM278.00k5.45%
MYR 7.8m
Jung Liao
Non-Independent & Non-Executive Director21.58yrsRM151.00k0.48%
MYR 691.7k
Kim Teo
Non Independent & Non-Executive Director21.58yrsRM235.00k5.44%
MYR 7.8m
Lam Shin Tai
Independent Non-Executive Director1.67yrsRM26.00kno data
Swat Yeo
Senior Independent Non Executive Director1.67yrsRM52.50kno data
Lee Jan Lau
Independent & Non-Executive Director2.58yrsRM52.50kno data

21.6yrs

Average Tenure

63yo

Average Age

Experienced Board: WTHORSE's board of directors are seasoned and experienced ( 21.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

White Horse Berhad's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: White Horse Berhad
  • Ticker: WTHORSE
  • Exchange: KLSE
  • Founded: 1997
  • Industry: Building Products
  • Sector: Capital Goods
  • Market Cap: RM143.458m
  • Shares outstanding: 227.71m
  • Website: https://www.whitehorse.my

Number of Employees


Location

  • White Horse Berhad
  • PLO 464, Jalan Gangsa
  • Pasir Gudang Industrial Estate
  • Pasir Gudang
  • Johor
  • 81700
  • Malaysia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WTHORSEKLSE (Bursa Malaysia)YesOrdinary SharesMYMYROct 1999

Biography

White Horse Berhad, an investment holding company, designs, manufactures, markets, distributes, and sells tiles in Malaysia, Vietnam, Indonesia, the Philippines, Singapore, Thailand, and China. The company...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/05 11:09
End of Day Share Price2021/03/05 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.