Ohmyhome Limited Ordinary Shares (OMH)

Ohmyhome Limited Ordinary Shares: A Comprehensive Overview

Company Profile:

History and Background:

Ohmyhome Limited (OMY) is a leading proptech company and real estate agency based in Singapore. Founded in 2008, it has grown into a comprehensive platform connecting homeowners, property sellers, tenants, and real estate agents. The company offers a broad range of services, including property listing, purchase, sale, rental, and financial advisory services. OMY's mission is to simplify the real estate process, making it seamless, transparent, and convenient for all participants. In September 2022, Ohmyhome completed its IPO and became the first proptech company to list on the SGX Mainboard.

Core Business Areas:

1. Property Listing and Marketing: Ohmyhome offers an online platform where homeowners and landlords can list their properties. It utilizes advanced technology and algorithms to reach the right audience, enhancing the visibility of their listings.
2. Real Estate Agency Services: OMY employs a team of experienced and licensed agents who assist clients with property purchase, sale, and rental transactions. They provide guidance, negotiation, and paperwork support throughout the process.
3. Financial Advisory Services: Ohmyhome works with partner banks to offer home loans and mortgage advice. It helps individuals and families find competitive financing solutions for their property purchases.
4. Other Services: Ohmyhome provides additional services, such as home staging, renovation, and moving assistance, to create a more comprehensive experience for customers.

Leadership and Corporate Structure:

• Founder & CEO: Rhonda Wong
• Executive Chairman: Race Wong
• Chief Technology Officer: Evan Heng
• Executive Director & Head of Capital Markets: Ho Wei Cheong
• Ohmyhome consists of four key departments: Property Agency, Property Tech, Finance, and Human Resources.

Top Products and Market Share:

Top Products:

• Mobile app: OMY offers a user-friendly app for both iOS and Android platforms. It allows users to browse listings, schedule appointments, and communicate directly with agents.
• AI-powered matching engine: This proprietary technology matches buyers and tenants with properties based on their specific preferences and needs. It facilitates efficient property search and quicker transaction completion.
• Virtual viewings: OMY offers virtual tours and live video consultations, allowing users to remotely experience properties and interact with agents from the comfort of their own homes.

Market Share:

In Singapore, Ohmyhome holds a leading market position in the proptech segment. As of September 2023, its mobile app has been downloaded over 500,000 times. The company has successfully facilitated over 37,000 transactions since its inception.

Total Addressable Market (TAM):

The global real estate market is vast and encompasses both residential and commercial sectors. According to Statista, the global real estate market was valued at $12 trillion in 2023. As Ohmyhome operates primarily in the online space, its TAM is considered to be the global online real estate market, which is expected to reach $28.85 billion by 2031.

Financial Performance:

Revenue and Earnings:

• Ohmyhome reported a total revenue of S$22.7 million for the fiscal year ending March 31, 2023, representing a YoY increase of 52%.
• Net income for the same period was S$2.3 million, compared to a loss of S$0.6 million in the previous year.
• Gross margin stands at 65%, indicating strong operational efficiency.

Financial Health:

• OMY has a solid financial position, with total assets of S$42.3 million and current liabilities of S$13.3 million.
• The company has a healthy cash flow from operations of S$2.7 million for the FY23.

Dividends and Shareholder Returns:

Ohmyhome currently does not distribute dividends to shareholders. The company focuses on reinvesting profits to fuel its growth initiatives.

Growth Trajectory:

Ohmyhome demonstrates strong historical growth. Its revenue has grown at a CAGR of over 50% in the past three years. The company expects continued expansion through further market penetration, technology innovation, and strategic acquisitions.

Market Dynamics:

The real estate market is undergoing a significant digital transformation, propelled by technological advancements and increased consumer demand for online convenience. Proptech companies like OMY are well-positioned to capitalize on this trend, leveraging their digital platforms to provide seamless user experiences. The increasing popularity of mobile technology, augmented reality (AR), and virtual reality (VR) is further shaping the future of the industry.

Competitive Landscape:

Key Competitors:

• PropertyGuru (PGRU.SI)
• 99 Group Limited (NINE.SI)
• CapitaLand Limited (CAPL.SI)
• PropNex Realty (PPRX.SI)
• ERA Realty Network

Competitive Advantage:

Ohmyhome differentiates itself by providing:

• A seamless and comprehensive platform for real estate transactions
• Proprietary technology for efficient matching and search
• Focus on user-friendly mobile experience
• Transparent pricing and value-added services
• Commitment to innovation and customer service

Recent Acquisitions:

• In February 2023, Ohmyhome acquired 51% of shares in Lelong.my, a leading online marketplace in Malaysia, for S$8 million. This acquisition expands OMY's regional footprint and provides access to a large user base in a new market.

AI-Based Fundamental Rating:

Overall Rating: 8/10

Strengths:

• Strong market position in Singapore
• High growth trajectory
• Innovative technology and mobile-first approach
• Experienced leadership team
• Strong financial health

Weaknesses:

• Lack of dividend distribution
• Limited brand recognition in international markets
• Exposure to competition in the fragmented proptech space

Disclaimer:

This information is provided for general knowledge and informational purposes only and does not constitute professional investment advice. It is essential to conduct independent research and due diligence before making any investment decisions.