Maxim Group analyst Allen Klee reiterated a Buy rating on Ohmyhome Limited (OMH – Research Report) yesterday and set a price target of $3.00.
Allen Klee has given his Buy rating due to a combination of factors involving Ohmyhome Limited’s recent performance and future prospects. Klee’s positive outlook is supported by the company’s full-year results, which showcased revenue in line with expectations and an EBITDA that surpassed estimates. Ohmyhome’s management is projecting a significant revenue increase in the upcoming year, expecting to triple year-over-year revenue, which is a more optimistic forecast than previous estimates. Additionally, the anticipation of positive EBITDA by the fourth quarter of 2024, earlier than initially predicted, contributes to the favorable rating.
Klee’s analysis also takes into account the strategic moves made by Ohmyhome, such as market share gains through an asset-light business model, geographic expansion, and beneficial partnerships. The acquisition of Simply Sakal Pte. Ltd. has been performing well, adding both growth and recurring revenue to the company’s profile. Furthermore, the recovery of the Singapore real estate market, where Ohmyhome is positioned to benefit, and the successful capital raised for growth initiatives provide a strong foundation for the company’s future growth. These elements, combined with the company’s attractive valuation compared to peers, underpin Klee’s recommendation to buy the stock.
OMH’s price has also changed dramatically for the past six months – from $2.030 to $0.569, which is a -71.97% drop .
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Ohmyhome Limited (OMH) Company Description:
Ohmyhome Ltd is a data and technology-driven property technology company based in Singapore. Through its subsidiaries, it operates a one-stop-shop property platform which provides end-to-end property solutions and services for its customers, which comprises brokerage services and emerging and other services, such as home renovation and furnishing services, listing and research, mortgage referral, legal services and insurance referral services. The company derives its revenues from two sources: revenue from brokerage services, and revenue from emerging and other services.
