White Horse has had a terrible past few years. This is because its revenue is very tied to the Malaysian property sector which had been soft since the mid-2010s. It lost money because it was operating below its breakeven levels. The company took steps to cut cost as one way to get out of the breakeven trap. But it still needs increased sales volume to be profitable. The Malaysian property sector is probably at the bottom of the cycle and I expect it to uptrend soon. When this happens so will the performance of White Horse. If you are a long-term value investor, check this out. https://www.i4value.asia/2020/11/case-06-1-is-white-horse-value-trap.html#more