White Horse Bhd
White Horse Berhad, an investment holding company, engages in the manufacture and distribution of ceramic and homogeneous tiles in Malaysia, Vietnam, Indonesia, the Philippines, Singapore, Thailand, and China. The company offers ceramic floor and wall, ceramic wall, décor, glazed polished, polished porcelain, and porcelain tiles, as well as related support services activities incidental to transp… Read more
White Horse Bhd (5009) - Net Assets
Latest net assets as of September 2025: RM554.07 Million MYR
Based on the latest financial reports, White Horse Bhd (5009) has net assets worth RM554.07 Million MYR as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM698.69 Million) and total liabilities (RM144.62 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | RM554.07 Million |
| % of Total Assets | 79.3% |
| Annual Growth Rate | -1.12% |
| 5-Year Change | -3.72% |
| 10-Year Change | -25.67% |
| Growth Volatility | 4.52 |
White Horse Bhd - Net Assets Trend (2011–2024)
This chart illustrates how White Horse Bhd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for White Horse Bhd (2011–2024)
The table below shows the annual net assets of White Horse Bhd from 2011 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | RM565.63 Million | -3.35% |
| 2023-12-31 | RM585.23 Million | -1.99% |
| 2022-12-31 | RM597.15 Million | -0.59% |
| 2021-12-31 | RM600.67 Million | +2.24% |
| 2020-12-31 | RM587.50 Million | -8.49% |
| 2019-12-31 | RM641.98 Million | -9.13% |
| 2018-12-31 | RM706.46 Million | -5.23% |
| 2017-12-31 | RM745.43 Million | -2.98% |
| 2016-12-31 | RM768.30 Million | +0.96% |
| 2015-12-31 | RM761.00 Million | +2.98% |
| 2014-12-31 | RM739.00 Million | +5.72% |
| 2013-12-31 | RM699.00 Million | +4.33% |
| 2012-12-31 | RM670.00 Million | +2.29% |
| 2011-12-31 | RM655.00 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to White Horse Bhd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 36.8% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | RM323.81 Million | 57.25% |
| Common Stock | RM246.94 Million | 43.66% |
| Total Equity | RM565.63 Million | 100.00% |
White Horse Bhd Competitors by Market Cap
The table below lists competitors of White Horse Bhd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Copperwired Public Company Limited
BK:CPW
|
$8.87 Million |
|
Phoenix Materials Co. Ltd
KQ:050090
|
$8.87 Million |
|
ME Renewable Power Corporation
PINK:MEPW
|
$8.87 Million |
|
SWISS LIFE HLDG N - Dusseldorf Stock Exchang
DU:SLW
|
$8.87 Million |
|
Berkah Beton Sadaya Tbk PT
JK:BEBS
|
$8.87 Million |
|
Borgestad ASA
F:H460
|
$8.86 Million |
|
JD Food PCL
BK:JDF
|
$8.86 Million |
|
Villar
TA:VILR
|
$8.86 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in White Horse Bhd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 585,234,000 to 565,631,000, a change of -19,603,000 (-3.3%).
- Net loss of 10,859,000 reduced equity.
- Other factors decreased equity by 8,744,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | RM-10.86 Million | -1.92% |
| Other Changes | RM-8.74 Million | -1.55% |
| Total Change | RM- | -3.35% |
Book Value vs Market Value Analysis
This analysis compares White Horse Bhd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.19x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2016-12-31 | RM3.35 | RM0.50 | x |
| 2017-12-31 | RM3.26 | RM0.50 | x |
| 2018-12-31 | RM3.09 | RM0.50 | x |
| 2019-12-31 | RM2.82 | RM0.50 | x |
| 2020-12-31 | RM2.58 | RM0.50 | x |
| 2021-12-31 | RM2.72 | RM0.50 | x |
| 2022-12-31 | RM2.71 | RM0.50 | x |
| 2023-12-31 | RM2.65 | RM0.50 | x |
| 2024-12-31 | RM2.56 | RM0.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently White Horse Bhd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -1.92%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -2.48%
- • Asset Turnover: 0.61x
- • Equity Multiplier: 1.27x
- Recent ROE (-1.92%) is below the historical average (-1.62%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2015 | 4.46% | 4.52% | 0.59x | 1.67x | RM-42.17 Million |
| 2016 | 3.44% | 3.80% | 0.58x | 1.57x | RM-50.38 Million |
| 2017 | 0.68% | 0.79% | 0.58x | 1.49x | RM-69.46 Million |
| 2018 | -3.59% | -4.14% | 0.59x | 1.48x | RM-96.01 Million |
| 2019 | -9.98% | -12.14% | 0.56x | 1.47x | RM-128.24 Million |
| 2020 | -9.41% | -13.48% | 0.48x | 1.45x | RM-114.02 Million |
| 2021 | 2.79% | 4.19% | 0.53x | 1.26x | RM-43.33 Million |
| 2022 | 0.13% | 0.19% | 0.54x | 1.28x | RM-58.92 Million |
| 2023 | -2.83% | -3.93% | 0.56x | 1.28x | RM-75.11 Million |
| 2024 | -1.92% | -2.48% | 0.61x | 1.27x | RM-67.42 Million |
Industry Comparison
This section compares White Horse Bhd's net assets metrics with peer companies in the Building Materials industry.
Industry Context
- Industry: Building Materials
- Average net assets among peers: $841,808,952
- Average return on equity (ROE) among peers: 9.21%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| White Horse Bhd (5009) | RM554.07 Million | 4.46% | 0.26x | $8.87 Million |
| SC Estate Builder Bhd (0109) | $32.25 Million | -3.08% | 0.12x | $1.42 Million |
| PLYTEC Holding Berhad (0289) | $61.53 Million | 11.66% | 1.60x | $3.61 Million |
| Johan Holdings Bhd (3441) | $239.84 Million | 67.96% | 0.26x | $1.40 Million |
| Lafarge Malayan Cement Bhd (3794) | $6.31 Billion | 6.79% | 0.69x | $776.34 Million |
| Hume Industries Berhad (5000) | $23.00 Million | 0.00% | 0.87x | $114.04 Million |
| YB Ventures Bhd (5048) | $285.65 Million | -17.33% | 0.20x | $2.54 Million |
| Complete Logistic Services Bhd (5136) | $171.55 Million | 7.50% | 0.15x | $87.86 Million |
| Dfcity Group Bhd (5165) | $51.00 Million | 1.96% | 1.10x | $1.64 Million |
| Chin Hin Group Bhd (5273) | $399.55 Million | 7.45% | 1.42x | $436.65 Million |