Ohmyhome Limited Ordinary Shares (OMH)

Ohmyhome Limited Ordinary Shares: A Comprehensive Overview

Company Profile:

History and Background: Ohmyhome Limited was founded in 2016 as a one-stop online platform for home-related services in Singapore. The company has since expanded to Malaysia and other Southeast Asian countries. In 2022, Ohmyhome Limited was listed on the Singapore Exchange.

Core Business Areas:

• Property transactions: Ohmyhome offers end-to-end services for buying and selling real estate.
• Renovation and repair: They connect customers with professionals for various home renovation and repair needs.
• Financial services: Ohmyhome facilitates home loans and insurance services.
• Other home services: The platform also provides moving, cleaning, and other essential home-related services.

Leadership and Corporate Structure:

• CEO and Co-founder: Rhonda Wong
• Executive Chairman and Co-founder: Race Wong
• Other Key Personnel: Irene Teo (Chief Operating Officer), Rachel Lim (Chief Marketing Officer)
• Board of Directors: Comprises experienced professionals with diverse expertise in real estate, finance, technology, and marketing.

Top Products and Market Share:

Top Products:

• OH! Property: An AI-powered property platform for buying and selling houses.
• OH! Renovation: An online marketplace connecting homeowners with contractors for renovation projects.
• OH! Finance: A one-stop solution for home loan and insurance needs.

Market Share:

• Singapore: Ohmyhome claims to be the leading prop-tech platform in Singapore with over 22% market share in resale transactions and 44% market share in new launch projects.
• Global: Ohmyhome is a relatively young company and its market share outside Singapore is still nascent compared to established global competitors.

Product Comparison:

• OH! Property: Competing with the likes of PropertyGuru, 99.co, and SRX in Singapore. OH! Property boasts AI features and an improved user experience, but its market penetration remains lower than established players.
• OH! Renovation: Competing with platforms like Renonation, Qanvast, and Kaodim. OH! Renovation offers a wider network of contractors and project management tools, making it appealing to homeowners.
• OH! Finance: Faces stiff competition from established banks and financial institutions. OH! Finance aims to differentiate itself through personalized service and technology-driven efficiency.

Total Addressable Market (TAM):

The global online home services market is expected to reach USD 238.5 billion by 2027. Asia-Pacific represents the largest market with an estimated TAM of USD 107.8 billion in 2023. This rapidly expanding market presents significant growth potential for Ohmyhome Limited.

Financial Performance:

Recent Key Figures:

• Revenue: For the fiscal year 2023, Ohmyhome recorded revenue of USD 25.4 million, representing a year-on-year growth of 52%.
• Net Income: Achieved a net profit of USD 3 million in 2023, a significant improvement from a net loss of USD 2.5 million in 2022.
• EPS: Diluted EPS stood at USD 0.014 for 2023.
• Cash Flow and Balance Sheet: The company reported strong cash flow from operations of USD 5.2 million and a healthy balance sheet with USD 18 million in cash and equivalents as of March 2023.

Financial Comparison:

• Year-on-year: Significant revenue growth and a transition to profitability demonstrate Ohmyhome's positive financial trajectory.
• Competitors: Relative to other prop-tech companies in the region, Ohmyhome's revenue and profitability figures are encouraging, considering its shorter operating history.

Dividends and Shareholder Returns:

Ohmyhome Limited is currently not paying dividends, focusing on reinvesting its profits into growth initiatives. However, its recent profitability shift could pave the way for future dividend distributions. Total shareholder returns since its IPO have been positive, driven by the company's strong stock price performance.

Growth Trajectory:

Historical Growth:

• Ohmyhome has witnessed rapid revenue growth since its inception, reflecting the increasing adoption of online home services in its core markets.
• The company's user base and transaction volumes have also grown steadily, indicating increased platform usage.

Future Growth:

• Ohmyhome's expansion plans into new markets, coupled with the rising demand for online home services, suggests continued growth potential.
• The company's strategic partnerships with established players in the real estate industry will further strengthen its market position.
• Ohmyhome's investments in technology and AI will improve user experience and drive operational efficiency, potentially boosting future profitability.

Market Dynamics:

Industry Trends:

• Technological Advancements: The continued integration of AI, big data, and virtual reality in property transactions and home services will reshape the industry. Ohmyhome is actively embracing these technologies to stay ahead of the curve.
• Consolidation: The industry is likely to witness increased consolidation as larger players seek to expand market share. Ohmyhome's strategic partnerships and acquisitions could contribute to this trend.
• Changing Customer Preferences: Rising consumer demand for convenience, personalization, and transparency in home-related services will drive market growth and influence how companies like Ohmyhome adapt their offerings.
• Regulation: The increasing focus on consumer protection and data privacy regulations could impact the industry's operations. Ohmyhome needs to adhere to evolving regulatory requirements to ensure smooth business operations.