White Horse BhdXKLS:5009 32 Altman Z-Score is 2.31 as of Jul. 09, 2026, which is 1% above its 10-year median of 2.29. GuruFocus rates XKLS:5009 with a GF Score™ of 32/100 and a GF Value™ of RM0.59 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 403 Building Materials companies, White Horse Bhd ranks better than 51.12% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 2.31 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
White Horse Bhd has a Altman Z-Score of 2.31, indicating it is in Grey Zones. This implies that White Horse Bhd is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for White Horse Bhd's Altman Z-Score or its related term are showing as below:
XKLS:5009'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.45 Med: 2.29 Max: 2.62
Current: 2.31
During the past 13 years, White Horse Bhd's highest Altman Z-Score was 2.62. The lowest was 1.45. And the median was 2.29.
White Horse Bhd (XKLS:5009) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
White Horse Bhd Altman Z-Score Related Terms
White Horse Bhd Altman Z-Score Historical Data
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The historical data trend for White Horse Bhd's Altman Z-Score 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: Altman Z-Score Comparison
For the Building Materials subindustry, White Horse Bhd's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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 Altman Z-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, White Horse Bhd's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where White Horse Bhd's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
White Horse Bhd's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.4773
+
1.4
*
0.4714
+
3.3
*
-0.0007
+
0.6
*
0.8767
+
1.0
*
0.5554
=
2.31
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
White Horse Bhd (XKLS:5009) has a Altman Z-Score of 2.31 as of Jul. 09, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on White Horse Bhd and its competitors. This is near median its historical median of 2.29. Over the past decade, White Horse Bhd's Altman Z-Score has ranged from 1.45 to 2.62. According to the industry distribution chart, White Horse Bhd ranks #197 out of 403 companies in the Building Materials industry, placing it in the top 48.9%.
Is White Horse Bhd's Altman Z-Score too high?
White Horse Bhd's current Altman Z-Score of 2.31 is near median its 10-year median of 2.29. Over the past 10 years, this metric has ranged from a low of 1.45 to a high of 2.62. The Building Materials industry median Altman Z-Score is 2.24. White Horse Bhd's value of 2.31 is 3.1% above this industry median. Based on the distribution chart, White Horse Bhd ranks #197 out of 403 companies in the Building Materials industry, which is above the industry midpoint. 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 Altman Z-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, White Horse Bhd ranks #197 out of 403 companies for Altman Z-Score. This puts White Horse Bhd in the upper half of its industry. The industry median Altman Z-Score is 2.24. White Horse Bhd's value of 2.31 is 3.1% above this benchmark. Historically, White Horse Bhd's own Altman Z-Score has ranged from 1.45 to 2.62 over the past decade. While the company's 10-year median is 2.29 vs. the industry median of 2.24, White Horse Bhd has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Building Materials company?
The median Altman Z-Score among Building Materials companies is 2.24, based on 403 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. White Horse Bhd's current Altman Z-Score of 2.31 is 3.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on White Horse Bhd and its competitors. For the Building Materials industry, the median Altman Z-Score is 2.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. White Horse Bhd's current Altman Z-Score is 2.31, which is near median its own 10-year median of 2.29. 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 RM0.46 — trading 22.9% below its estimated fair value. The current Altman Z-Score is 2.31, which is near median its 10-year median of 2.29 and 3.1% above the Building Materials industry median of 2.24. 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 Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For White Horse Bhd (XKLS:5009), the current Altman Z-Score is 2.31 as of Jul. 09, 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 RM0.46 is trading 22.9% below its estimated GF Value™ of RM0.59.
GuruFocus considers White Horse Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:5009:
Altman Z-Score: 2.31 (near median its 10-year median of 2.29)
GF Value™: RM0.59 vs. price of RM0.46 (22.9% below fair value)
Industry Position: 3.1% above the Building Materials median (#197 of 403)
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
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