QS Research · Michael Burry's Scion Capital analyst template · 2006
Ohmyhome Ltd (OMH)
As of 2026-11-09 · 9/15 boxes filled from SEC filings and market data
Conclusion: WATCH
Conviction low · base case -99% · downside -100% · upside -92%
Section 13's $9.5M TTM sales base is stale because the June 30, 2026 interim shows the old property business discontinued and only SGD 2.48M of digital-marketing revenue in H1 2026, so I use annualized H1 2026 revenue of SGD 4.96M, or $3.87M at N9, for all three cases. At the 0.51x peer-median P/S (S1) that is $1.97M of market cap, -98.8% from N7; downside at OPAD's 0.03x is $0.12M (-99.9%), and even upside at CSGP's 3.35x is $12.95M (-92.1%). The market is still paying 17.17x FY2025 sales (N25) and 43.76x book (N26) for a business with FY2025 net loss -SGD 9.2M (N16), operating cash flow -SGD 4.2M (N17), and H1 2026 gross profit of only SGD 215k (S37), funded by discounted equity and a 50%-of-lowest-close standby line (S35). I would short it: there is no positive cycle to normalize, and the newest operating base is smaller and lower-margin than the one the stock is still priced on.
Key numbers
- Share price: $7.36
- Market cap: $163.8M
- Latest financial period: FY Dec 2025 to Dec 31, 2025
- Revenue (FY Dec 2025): SGD 12.2M
- Price / book: 43.76x
The 15 boxes
- ○ 1. Long-form business notes
Ohmyhome is a Singapore-based property technology platform, founded in 2015 and taken public through a Cayman holding company formed on July 19, 2022, that earns fees from brokerage and, increasingly, from renovation and other property-adjacent services — brokerage fell from 85.2% of revenue in FY2021 to 43.7% in FY2022. On the XBRL series, revenue ran SGD 3.3M (FY2020), 4.4M (FY2021), 7.0M (FY2022), 5.0M (FY2023), 10.9M (FY2024) and 12.2M (FY2025), but every one of those six years produced an operating loss and negative operating cash flow, with FY2025 the worst (operating loss SGD 9.3M, operating cash flow -SGD 4.2M). There is no profitable or cash-generative year in the record to normalize a cycle against, and the FY2025 diluted share count (14.14M) is roughly six times the FY2024 figure (2.37M).
- ✓ 2. Competitive advantage
The numbers show no durable advantage: Ohmyhome lost money at the operating line in every year FY2020–FY2025 (operating loss -SGD 9.3M in FY2025 on revenue SGD 12.2M), gross margin fell from about 54% in FY2021 to about 32% in FY2025, and operating cash flow was negative in all six years (-SGD 4.2M in FY2025). Its claimed edge is a single integrated one-stop property platform that it says no Singapore/Malaysia player matches, but the 20-F concedes competition in each segment and from traditional brokers and agents, and its newer digital-marketing revenue (started second half 2025) is bought internet traffic sold on short-term, non-exclusive client contracts. Its CEA estate agent licence is a licence to operate, not an exclusive franchise. The newest figures in these sources are FY2025 (year ended 2025-12-31, 20-F dated 2026-04-28); no 2026 period is available here.
- ○ 3. 10-Q takeaways
There is no 10-Q and no current quarterly report in the sources: the only periodic disclosure is a 6-K exhibit dated 2024-09-25 reporting the six months ended June 30, 2024, so this section is a read of 1H 2024, not of Q3 2026. For that half, revenue doubled to S$4.47M on brokerage growth plus a new S$2.0M property-management contribution, gross margins improved in all three units, and the EBITDA loss margin narrowed from -107% to -44%, but the period was still a S$2.28M net loss funded by S$4.99M of financing inflow. Cash was S$2.4M at June 30, 2024. Guidance in the release is directional only — a smaller EBITDA loss expected in 2H 2024 — with no numeric targets, and no figure after June 30, 2024 appears in the sources.
- ✓ 4. Corporate governance
Filled; members read this box.
- ✓ 5. Overview of the prior 3 years of 8-K filings
Filled; members read this box.
- ✓ 6. Other significant filings
Filled; members read this box.
- ✓ 7. Chronology of significant news and events
Filled; members read this box.
- ✓ 8. Comparables valuation interpretation
Filled; members read this box.
- ○ 9. Insider trading interpretation
- ○ 10. Earnings-call notes
- ○ 11. Impression of the shareholder letter
- ○ 12. Scuttlebutt overview
- ✓ 13. Valuation and risk/reward summary
Filled; members read this box.
- ✓ 14. Current price suppression and potential catalysts
Filled; members read this box.
- ✓ 15. Conclusions
The call above.
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