White Horse Berhad Balance Sheet Health

Financial Health criteria checks 6/6

White Horse Berhad has a total shareholder equity of MYR565.6M and total debt of MYR78.7M, which brings its debt-to-equity ratio to 13.9%. Its total assets and total liabilities are MYR719.8M and MYR154.2M respectively.

Key information

13.92%

Debt to equity ratio

RM 78.74m

Debt

Interest coverage ratio	n/a
Cash	RM 163.95m
Equity	RM 565.63m
Total liabilities	RM 154.16m
Total assets	RM 719.79m

Recent financial health updates

Recent updates

Impressive Earnings May Not Tell The Whole Story For White Horse Berhad (KLSE:WTHORSE)

Dec 04

White Horse Berhad (KLSE:WTHORSE) Looks Inexpensive But Perhaps Not Attractive Enough

Mar 01

We Think That There Are Some Issues For White Horse Berhad (KLSE:WTHORSE) Beyond Its Promising Earnings

Aug 30

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

Mar 09

Health Check: How Prudently Does White Horse Berhad (KLSE:WTHORSE) Use Debt?

Oct 26

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

May 18

Is White Horse Berhad (KLSE:WTHORSE) Using Too Much Debt?

Jan 22

Financial Position Analysis

Short Term Liabilities: WTHORSE's short term assets (MYR447.5M) exceed its short term liabilities (MYR134.2M).

Long Term Liabilities: WTHORSE's short term assets (MYR447.5M) exceed its long term liabilities (MYR20.0M).

Debt to Equity History and Analysis

Debt Level: WTHORSE has more cash than its total debt.

Reducing Debt: WTHORSE's debt to equity ratio has reduced from 24.4% to 13.9% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable WTHORSE has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: WTHORSE is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 19.4% per year.

Discover healthy companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/17 06:45
End of Day Share Price	2025/05/16 00:00
Earnings	2024/12/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

White Horse Berhad is covered by 2 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Ken Chan	Kenanga Research
Jade Tam	Maybank Research Pte. Ltd.

White Horse Berhad Balance Sheet Health

Financial Health criteria checks 6/6

Key information

Recent financial health updates

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

Health Check: How Prudently Does White Horse Berhad (KLSE:WTHORSE) Use Debt?

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

Is White Horse Berhad (KLSE:WTHORSE) Using Too Much Debt?

Recent updates

White Horse Berhad, Annual General Meeting, May 28, 2025

White Horse Berhad Announces Appointment of Ling Lian Ying as Independent and Non Executive Member of Remuneration Committee

Full year 2024 earnings released: RM0.051 loss per share (vs RM0.075 loss in FY 2023)

Impressive Earnings May Not Tell The Whole Story For White Horse Berhad (KLSE:WTHORSE)

Third quarter 2024 earnings released: RM0.016 loss per share (vs RM0.013 loss in 3Q 2023)

Second quarter 2024 earnings released

Insufficient new directors

First quarter 2024 earnings released: RM0.014 loss per share (vs RM0.084 loss in 1Q 2023)

White Horse Berhad, Annual General Meeting, May 28, 2024

Full year 2023 earnings released: RM0.078 loss per share (vs RM0.004 profit in FY 2022)

White Horse Berhad (KLSE:WTHORSE) Looks Inexpensive But Perhaps Not Attractive Enough

Third quarter 2023 earnings released: RM0.013 loss per share (vs RM0.022 loss in 3Q 2022)

Second quarter 2023 earnings released: RM0.053 loss per share (vs RM0.009 loss in 2Q 2022)

First quarter 2023 earnings released: RM0.083 loss per share (vs RM0.042 profit in 1Q 2022)

White Horse Berhad Approves the Retention of Madam Rosita Yeo Swat Geok as Senior Independent Non-Executive Director

Full year 2022 earnings released: EPS: RM0.004 (vs RM0.074 in FY 2021)

White Horse Berhad Appoints Liao, Hung-Chang as Non Independent and Non Executive Member of Audit Committee

Third quarter 2022 earnings released: RM0.022 loss per share (vs RM0.077 loss in 3Q 2021)

We Think That There Are Some Issues For White Horse Berhad (KLSE:WTHORSE) Beyond Its Promising Earnings

Second quarter 2022 earnings released: RM0.009 loss per share (vs RM0.072 loss in 2Q 2021)

First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

White Horse Berhad, Annual General Meeting, May 24, 2022

White Horse Berhad Announces Cessation of Liao Shen Hua, Date of Change Is 18 Apr. 2022

Upcoming dividend of RM0.03 per share

White Horse Berhad Declares Tax-Exempt Final Dividend for the Year Ended December 31, 2021, Payable on 20 May 2022

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

White Horse Berhad Declares Tax-Exempt Final Dividend for the Financial Year Ended 31 December 2021

White Horse Berhad Appoints Cheng Soon Mong as Member of Remuneration Committee

Third quarter 2021 earnings: EPS and revenues exceed analyst expectations

Health Check: How Prudently Does White Horse Berhad (KLSE:WTHORSE) Use Debt?

Second quarter 2021 earnings released: RM0.072 loss per share (vs RM0.098 loss in 2Q 2020)

First quarter 2021 earnings released: RM0.023 loss per share (vs RM0.088 loss in 1Q 2020)

Is White Horse Berhad (KLSE:WTHORSE) A Risky Investment?

New 90-day low: RM0.62

Full year 2020 earnings released: RM0.25 loss per share (vs RM0.28 loss in FY 2019)

Is White Horse Berhad (KLSE:WTHORSE) Using Too Much Debt?

Third quarter 2020 earnings released: RM0.021 loss per share

New 90-day high: RM0.65

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Cash Runway Analysis

Discover healthy companies

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources