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White Horse business is tied to the property and construction sectors. Given that these 2 sectors have been soft for the past few years, we should not be surprised about White Horse's poor performance. However, at the current market price of around RM 0.60 pers share, it is not a value trap. If you have a long-term investment horizon and have the holding power, this is one for your portfolio. Search "Is White Horse a value trap?" if you want to see my rationale.