By M. Marin
NASDAQ:OMH
READ THE FULL OMH RESEARCH REPORT
Company expects 1H 2024 revenue grew >110% y/y…
Singapore-based technology company Ohmyhome Ltd’s (NASDAQ:OMH) provided a business update last week. Ohmyhome operates an online real estate platform in Singapore and Malaysia. Following the acquisition of property management company Simply Sakal in late 2023, OMH believes it is Singapore’s largest integrated property transactions and services platform. The company also continues to pursue a strategy to expand its service offerings, boost market share, expand into additional markets and accelerate growth organically and through strategic M&A or investments.
Key 1H24 Highlights; Company expects 1H24 Revenue Growth >110%
In 1H24, the company’s business lines generally experienced strong advances, with highlights including that OMH’s brokerage segment registered 53% year-over-year growth in Gross Transaction Value (GTV) during the period. OMH believes that GTV benefited from OMH’s tech investments in HomerAI, its AI feature. In addition, the Property Management segment increased its projects under management by 29% year-over-year. Reflecting these and other operating results, OMH expects revenue for 1H 2024 increased by more than 110% year-over-year compared to 1H23, as illustrated below.
Units Under Management Continue to Grow; Expected to Drive Revenue Increases…
Overall, the company views its use of technology and data as key competitive advantages and cites recently launched HomerAI and Property Mgmt. unit as key factors behind expected growth. Ohmyhome believes its online real estate platform provides a one-stop solution for a broad range of services, with AI facilitating sales pipeline growth, particularly with mid- to high-intent property sellers and Property Management segment growing units managed, which is an important growth driver. Ohmyhome Property Management had about 7,560 units under management at 1H 2024, up from roughly 6,746 at YE 2023.
AI helps attract and retain users / potential buyers/sellers…
HomerAI enhances Ohmyhome’s suite of services, including providing live e-valuations and data about relevant prior transactions. The company expects to continue to enhance the HomerAI capabilities. Management has indicated that HomerAI has produced a substantial increase in the sales pipeline.
For example, the AI capability includes a valuation feature that enables homeowners to gauge the value of their home. This, in turn, helps Ohmyhome attract users to its platform at an early stage in their decision making process, sometimes even before they have decided to sell their home. Other AI features, such as the capability that allows users to design and reimagine their space helps with traction to keep them using the platform so that when they ultimately decide to make a move, they are familiar and comfortable with the Ohmyhome technology. For homeowners who choose to move forward without using an agent Homer enables users to create their own listings using just a few online steps. HomerAI has enabled OMH to grow its sales pipeline, as management has indicated, with mid- to high-intent property sellers.
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