White Horse Bhd Net Assets

Latest as of June 2026: RM538.74 Million MYR ≈ $135.26 Million USD

White Horse Bhd net assets. Based on the latest financial reports, White Horse Bhd (5009) has net assets worth RM538.74 Million MYR (≈ $135.26 Million USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM658.34 Million ≈ $165.29 Million USD) and total liabilities (RM119.60 Million ≈ $30.03 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. See how leveraged is White Horse Bhd's balance sheet to measure how much of total assets are equity-financed.

Key Net Assets Metrics

Metric	Value
Current Net Assets	RM538.74 Million
% of Total Assets	81.83%
Annual Growth Rate	-1.25%
5-Year Change	-8.62%
10-Year Change	-28.56%
Growth Volatility	4.38

Net Assets of White Horse Bhd (2011–2025)

Net assets of White Horse Bhd from 2011 to 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 equity growth rate to track the company's year-over-year net asset growth rate.

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 market cap and overall valuation, see 5009 market cap overview.

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.

White Horse Bhd Net Assets Breakdown (December 2025)

White Horse Bhd net assets breakdown by equity component as of 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
Scisparc Ltd NASDAQ:SPRC	$25.15 Million
Coda Minerals Ltd AU:COD	$25.15 Million
Bantas Bandirma Ambalaj Sanayi ve Ticaret AS IS:BNTAS	$25.16 Million
Atlas Pearls Ltd AU:ATP	$25.16 Million
Impero AS CO:IMPERO	$25.13 Million
Bonasudden Holding AB ST:BONAS	$25.13 Million
Interhides Public Company Limited BK:IHL	$25.13 Million
IT Link PA:ALITL	$25.13 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: 0.18x
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	RM0.46	x
2017-12-31	RM3.26	RM0.46	x
2018-12-31	RM3.09	RM0.46	x
2019-12-31	RM2.82	RM0.46	x
2020-12-31	RM2.58	RM0.46	x
2021-12-31	RM2.72	RM0.46	x
2022-12-31	RM2.71	RM0.46	x
2023-12-31	RM2.65	RM0.46	x
2024-12-31	RM2.56	RM0.46	x
2025-12-31	RM2.49	RM0.46	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: $719,103,944
Average return on equity (ROE) among peers: 1.43%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
White Horse Bhd (5009)	RM538.74 Million	4.46%	0.22x	$25.15 Million
SC Estate Builder Bhd (0109)	$30.26 Million	-2.48%	0.23x	$3.03 Million
PLYTEC Holding Berhad (0289)	$136.82 Million	10.00%	1.11x	$22.06 Million
Cahya Mata Sarawak Bhd (2852)	$3.02 Billion	-0.57%	0.48x	$236.23 Million
Johan Holdings Bhd (3441)	$197.45 Million	-18.85%	4.39x	$8.80 Million
Lafarge Malayan Cement Bhd (3794)	$2.28 Billion	-7.62%	0.69x	$1.79 Billion
Hume Industries Berhad (5000)	$435.96 Million	11.18%	2.58x	$469.18 Million
YB Ventures Bhd (5048)	$197.00 Million	5.58%	0.13x	$4.40 Million
Complete Logistic Services Bhd (5136)	$118.25 Million	13.72%	0.30x	$589.14 Million
Dfcity Group Bhd (5165)	$52.00 Million	1.92%	1.12x	$10.47 Million

About White Horse Bhd

KLSE:5009 Malaysia Building Materials

Market Cap

$25.15 Million

RM100.16 Million MYR

Market Cap Rank

#24269 Global

#621 in Malaysia

Share Price

RM0.46

Change (1 day)

-1.09%

52-Week Range

RM0.46 - RM0.76

All Time High

RM2.05