White Horse Bhd (5009) - Net Assets

Latest as of December 2025: RM548.88 Million MYR ≈ $137.80 Million USD

Based on the latest financial reports, White Horse Bhd (5009) has net assets worth RM548.88 Million MYR (≈ $137.80 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM670.85 Million ≈ $168.43 Million USD) and total liabilities (RM121.98 Million ≈ $30.62 Million USD). 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. Check financial resilience of White Horse Bhd to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	RM548.88 Million
% of Total Assets	81.82%
Annual Growth Rate	-1.25%
5-Year Change	-8.62%
10-Year Change	-28.56%
Growth Volatility	4.38

White Horse Bhd - Net Assets Trend (2011–2025)

This chart illustrates how White Horse Bhd's net assets have evolved over time, based on quarterly financial data. Also explore White Horse Bhd total assets for the complete picture of this company's asset base.

Annual Net Assets for White Horse Bhd (2011–2025)

The table below shows the annual net assets of White Horse Bhd from 2011 to 2025. For live valuation and market cap data, see White Horse Bhd stock valuation.

Year	Net Assets	Change
2025-12-31	RM548.88 Million ≈ $137.80 Million	-2.96%
2024-12-31	RM565.63 Million ≈ $142.01 Million	-3.35%
2023-12-31	RM585.23 Million ≈ $146.93 Million	-1.99%
2022-12-31	RM597.15 Million ≈ $149.92 Million	-0.59%
2021-12-31	RM600.67 Million ≈ $150.81 Million	+2.24%
2020-12-31	RM587.50 Million ≈ $147.50 Million	-8.49%
2019-12-31	RM641.98 Million ≈ $161.18 Million	-9.13%
2018-12-31	RM706.46 Million ≈ $177.37 Million	-5.23%
2017-12-31	RM745.43 Million ≈ $187.15 Million	-2.98%
2016-12-31	RM768.30 Million ≈ $192.89 Million	+0.96%
2015-12-31	RM761.00 Million ≈ $191.06 Million	+2.98%
2014-12-31	RM739.00 Million ≈ $185.54 Million	+5.72%
2013-12-31	RM699.00 Million ≈ $175.50 Million	+4.33%
2012-12-31	RM670.00 Million ≈ $168.21 Million	+2.29%
2011-12-31	RM655.00 Million ≈ $164.45 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 38.2% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	RM316.48 Million	57.66%
Common Stock	RM246.94 Million	44.99%
Total Equity	RM548.88 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
Tayih Lun An Co Ltd TWO:8107	$27.41 Million
RDE, Inc. NASDAQ:GIFT	$27.42 Million
Emdeki Utama Tbk PT JK:MDKI	$27.43 Million
Katapult Holdings Inc NASDAQ:KPLT	$27.43 Million
NTG Clarity Networks Inc. V:NCI	$27.40 Million
Beam Global NASDAQ:BEEM	$27.40 Million
DDC Enterprise Limited NYSE:DDC	$27.40 Million
Maven Wireless Sweden AB ST:MAVEN	$27.40 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 2024 to 2025, total equity changed from 565,631,000 to 548,877,000, a change of -16,754,000 (-3.0%).
Net loss of 7,327,000 reduced equity.
Other factors decreased equity by 9,427,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	RM-7.33 Million	-1.33%
Other Changes	RM-9.43 Million	-1.72%
Total Change	RM-	-2.96%

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: 0.20x
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
2025-12-31	RM2.49	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): -1.33%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -1.93%
• Asset Turnover: 0.57x
• Equity Multiplier: 1.22x
Recent ROE (-1.33%) is above the historical average (-1.60%), indicating improving 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
2025	-1.33%	-1.93%	0.57x	1.22x	RM-62.21 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: $791,433,890
Average return on equity (ROE) among peers: 5.56%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
White Horse Bhd (5009)	RM548.88 Million	4.46%	0.22x	$27.41 Million
SC Estate Builder Bhd (0109)	$33.39 Million	3.24%	0.12x	$6.07 Million
PLYTEC Holding Berhad (0289)	$83.86 Million	16.32%	1.13x	$27.39 Million
Cahya Mata Sarawak Bhd (2852)	$3.23 Billion	6.32%	0.50x	$305.07 Million
Johan Holdings Bhd (3441)	$207.13 Million	-6.34%	3.91x	$7.33 Million
Lafarge Malayan Cement Bhd (3794)	$3.17 Billion	11.00%	0.26x	$2.39 Billion
Hume Industries Berhad (5000)	$23.00 Million	0.00%	0.87x	$572.39 Million
YB Ventures Bhd (5048)	$197.00 Million	5.58%	0.13x	$4.75 Million
Complete Logistic Services Bhd (5136)	$118.25 Million	13.72%	0.30x	$609.81 Million
Dfcity Group Bhd (5165)	$54.88 Million	0.19%	0.52x	$9.41 Million

About White Horse Bhd

KLSE:5009 Malaysia Building Materials

Market Cap

$27.41 Million

RM109.16 Million MYR

Market Cap Rank

#24108 Global

#616 in Malaysia

Share Price

RM0.50

Change (1 day)

-1.00%

52-Week Range

RM0.46 - RM0.91

All Time High

RM2.05