I found out that the gasket between the carb and inlet manifold was damaged. There is cooling water running to the point. Once the gasket does not hold well, water get into the inlet manifold, causing the engine to or go down very low on RPM when idling.
I removed my carb, made a gasket using industrial grade gasket sheet(you can buy gasket sheet from spare part shops), use a No 10 and No 12 common ring spanners to knock around the edges(to "cut" out the gasket). This is how gaskets are made/shaped in the early days where pre shaped gaskets are not available.
I found out that the contact surfaces were having "hi-low" spots. Bot a brand new griding stone(rectangle type) and flatten the spots. Before grinding, I spray a thin coat of black paint and leave it to dry.(once the whole area has no black paint/mark during grinding, I know that the hi-low spots are removed).
I applied a thin coat of gasket sealant(do not use silicon sealant, petrol fumes from carb will attack silicon, causing leaks. SOme parts shop will tell you that silicon is OK but read the instruction and it is clearly written that they are not suitable for petrol) and fix back the gasket.
The engine did not run smooth for few minutes, guess there was still water in the combustion system....after about 10 mins, when the engine started to be hot, it runs well...no problem after that.
Think about it, the gasket may be there for the last 10-15 years...guess no harm to change it, right??