Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
White Horse Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM0.79.
The industry rank for White Horse Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:5009's Price-to-Net-Net-Working-Capital is ranked better than 96.08% of 102
companies
in the Building Materials industry
Industry Median: 7.035
vs XKLS:5009: 0.65
White Horse Bhd (XKLS:5009) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
White Horse Bhd Net-Net Working Capital Related Terms
White Horse Bhd Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for White Horse Bhd's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XKLS:5009 vs CRH, VMC, MLM: Net-Net Working Capital Comparison
For the Building Materials subindustry, White Horse Bhd's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
White Horse Bhd Price-to-Net-Net-Working-Capital vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, White Horse Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where White Horse Bhd's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of RM0.79 mean?
White Horse Bhd (XKLS:5009) has a Net-Net Working Capital of RM0.79 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on White Horse Bhd According to the industry distribution chart, White Horse Bhd ranks #4 out of 102 companies in the Building Materials industry, placing it in the top 3.9%.
Is White Horse Bhd's Net-Net Working Capital too high?
White Horse Bhd's current Net-Net Working Capital is RM0.79. Based on the distribution chart, White Horse Bhd ranks #4 out of 102 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, White Horse Bhd has a GF Score™ of 32/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does White Horse Bhd's Net-Net Working Capital compare to CRH and VMC?
According to the Building Materials industry distribution chart, White Horse Bhd ranks #4 out of 102 companies for Net-Net Working Capital. This places White Horse Bhd in the top 4% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.04. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Building Materials company?
The median Net-Net Working Capital among Building Materials companies is 7.04, based on 102 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on White Horse Bhd For the Building Materials industry, the median Net-Net Working Capital is 7.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. White Horse Bhd's current Net-Net Working Capital is RM0.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is White Horse Bhd stock overvalued right now?
Based on GuruFocus' analysis, White Horse Bhd (XKLS:5009) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.59, compared to a current price of RM0.51 — trading 13.6% below its estimated fair value. The current Net-Net Working Capital is RM0.79. White Horse Bhd's overall GF Score™ is 32/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For White Horse Bhd (XKLS:5009), the current Net-Net Working Capital is RM0.79 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is White Horse Bhd (XKLS:5009) Overvalued in 2026?
Based on GuruFocus' analysis, White Horse Bhd stock appears to be undervalued.
The current stock price of RM0.51 is trading 13.6% below its estimated GF Value™ of RM0.59.
GuruFocus considers White Horse Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:5009:
Net-Net Working Capital: RM0.79
GF Value™: RM0.59 vs. price of RM0.51 (13.6% below fair value)
No single metric tells the full story. See the XKLS:5009 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
White Horse Bhd. is an investment holding company, which is engaged in the manufacturing of ceramic wall, floor tiles and the provision of management services. Its segments include Malaysia, Vietnam, and Others. The Malaysia segment includes the manufacturing and distribution of ceramic homogenous tiles in Malaysia. The Vietnam segment includes the manufacturing and distribution of ceramic homogenous tiles in Vietnam. The other segments include the distribution of ceramic homogenous tiles in Indonesia, the Philippine, Singapore, and Thailand, and China. The product portfolio of the group consists of ceramic wall tiles, ceramic floor tiles and porcelain tiles. It generates the majority of revenue from the Malaysian segment.
32GF Score
Get the complete analysis for XKLS:5009
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XKLS:5009 has been successfully added to your 
