White Horse Berhad is the leading tile manufacturer in Malaysia that is currently trading below its Graham Net Net. The Graham Net Net is a short hand for its liquidation value.
Is this a value trap? I don’t think so. Ceramic tile is not a sunset product.  
White Horse Malaysian business has declined due to the soft property market. I expect the Group to return to profitability when the property market recovers. There is growing global demand and hence export potentia...