Oasis Home Holding Berhad - Building a more scalable omnichannel platform
Mon, 21-Sep-2026 08:01 am
by Wong Kai Heng • Apex Research

Counter

OHM (0357)

Target Price (RM)

0.64

Recommendation

Buy

Site visit reinforces our positive view: OHM is progressively building a more integrated and scalable omnichannel platform across digital commerce, affiliate commerce and offline distribution.

Live-commerce capacity set to expand: New HQ is expected to increase live-streaming rooms to around 20 from eight currently, supporting more live hosts and broader product coverage, particularly across TikTok channels.

In-house catch-order system strengthens customer data ownership: Real-time visibility over orders, payments and deliveries, together with direct ownership of customer data, should strengthen customer engagement and marketing capabilities.

Product portfolio and distribution network continue to broaden: OHM is expanding into lifestyle, home & living and pet care, while deepening Malay market penetration and expanding its pharmacy network.

Maintain BUY, TP unchanged at RM0.64: based on 16.3x target P/E applied to blended FY27F/28F core EPS of 3.9 sen.

 

Site visit reinforces our positive view. We conducted a site visit with OHM on 18 September 2026 and gained further insights into the Group’s operations, growth initiatives and expansion plans. Overall, we remain positive on OHM’s medium-term outlook, with the Group continuing to strengthen its digital commerce capabilities, affiliate ecosystem and offline distribution network. We see these initiatives supporting OHM’s transition towards a more integrated and scalable omnichannel consumer platform.

New HQ to expand live-commerce capacity. OHM’s new headquarters has been completed and is currently pending the Certificate of Completion and Compliance (CCC), which management expects to obtain by end-Sep 2026. The new office is expected to increase its live-streaming rooms to around 20 from the current eight, primarily to accommodate more live hosts, particularly for TikTok channels. Management also plans to progressively expand its live-host team as it adds more brands to the platform. We see the planned capacity expansion as supportive of higher livestreaming activity and product coverage, while providing the infrastructure to scale OHM’s live commerce business.

In-house catch-order system strengthens customer data ownership. OHM has launched its inhouse Facebook catch-order system, which allows customers to place orders during live sessions by entering designated keywords, such as “AG13+1”, with payment links automatically sent to their Messenger. The system also provides OHM with real-time visibility over live orders, including who purchased, order value, payment status and delivery status, while automated payment reminders help streamline order fulfilment. Previously, the Group relied on a third-party catch-order system, with much of its customer database held by the external provider. By bringing the system in-house, OHM now retains ownership of its customer data while gaining greater control over the end-to-end order process. We see the system as an important step in strengthening OHM’s digital commerce infrastructure. Beyond reducing reliance on third-party systems, greater ownership of customer data could enable OHM to better track purchasing behaviour and support more targeted customer engagement and marketing as its live-commerce and affiliate ecosystem scales.

Lucky draw campaign supports customer engagement. During our site visit, we witnessed the handover of a Proton e.MAS 5 to OHM’s latest lucky draw winner, under its ongoing customer engagement campaign. Customers receive one ticket for every RM488 spent, with the campaign designed to encourage repeat purchases and higher basket sizes. The next campaign runs from 19 September to 24 December 2026, with a Jetour T1 as the next grand prize. While the campaign is primarily promotional in nature, we see it as another tool for OHM to drive customer engagement and potentially increase basket sizes, particularly across its digital commerce channels.

Broadening into lifestyle and home & living. Beyond its core wellness and skincare offerings, OHM also has exposure to lifestyle and home & living products, including Glasslock. During our site visit, we noted that Glasslock.OS was recognised by TikTok Shop as a “Top Rising Lifestyle Seller” during its 12.12 Year End Sales campaign in Dec 2025. We see the recognition as an indication of the Group’s ability to leverage its digital commerce capabilities across a broader range of consumer categories.

Outlook. We remain positive on OHM’s medium-term growth outlook. More importantly, the site visit reinforced our view that OHM is gradually building a more diversified and scalable omnichannel model. The expanding live-commerce capacity and in-house catch-order system should strengthen its digital commerce infrastructure, while greater ownership of customer data could support more targeted customer engagement and retention. Beyond its core skincare and wellness businesses, OHM is also broadening its product portfolio into pet care and other lifestyle categories, while continuing to deepen its Malay market penetration and expand its pharmacy network. Together with its growing affiliate ecosystem, these initiatives provide multiple avenues for customer acquisition, higher purchase frequency and broader wallet share. We believe the key takeaway is that OHM is increasingly building the infrastructure and product breadth to support recurring customer engagement and sales growth, rather than relying solely on campaign-driven sales.

Earnings Revision. We make no changes to our FY27F/FY28F/FY29F core net profit forecasts of RM16.8m/RM22.6m/RM33.4m, respectively, as the latest operational developments are broadly captured in our existing assumptions.

Valuation & Recommendation. We maintain our BUY recommendation with an unchanged TP of RM0.64, based on an unchanged 16.3x target P/E multiple applied to blended FY27F/FY28F core EPS of 3.9 sen. We remain constructive on OHM’s valuation outlook, supported by the continued scaling of its digital commerce and affiliate ecosystem, growing Malay consumer segment, expanding pharmacy network and increasing live-commerce capacity.

Risks. Key risks include slower-than-expected growth in marketplace, B2B and pharmacy channels, weaker consumer spending, and execution risks in scaling its live-commerce and affiliate ecosystem and expanding into new products and markets.

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.065872 4.098409
EUR 4.682842 4.692143
CNY 0.608932 0.610147
HKD 0.518240 0.522390
SGD 3.182647 3.208177