Oasis Home Holding Berhad: Worth the BUY Upon Listing?
Poised to become Malaysia’s first publicly listed livestream commerce company, Oasis Home Holding Berhad (“Oasis”) has emerged as a compelling new player in the consumer lifestyle retail sector. With over 75% of its FY2024 revenue derived from livestreaming sales, Oasis is capturing attention not only for its innovative business model, but also for its impressive growth trajectory and targeted expansion plans post-IPO.
Target Prices & Upside Potential
- Tradeview Capital: RM0.37 (+31% upside)
- RHB Research: RM0.36 (+26.9% upside)
- Malacca Securities: RM0.42 (+50% upside)
These valuations are underpinned by strong earnings forecasts, high-margin product strategies, and differentiated market positioning within the booming Southeast Asian e-commerce landscape.
From Live Screens to Consumer Homes
Founded in 2011 via its subsidiary Oasis Swiss, Oasis Home transitioned from consignment retail to pioneering live commerce on Facebook by 2019. The business has since evolved into a robust omnichannel model, blending livestreaming, its proprietary mobile app and website, third-party e-commerce platforms (Shopee, Lazada, TikTok Shop), and a growing offline presence via product experience centres and mobile showrooms.
Oasis currently manages 13 livestream channels, amassing over 667,000 followers on Facebook and 26,000 on TikTok. These figures underscore its viral reach and resonant branding across Malaysia and Singapore’s mid-to-premium consumer base.
Strategic Expansion Post-IPO
The company is raising RM28 million from its ACE Market IPO, of which nearly 50% is earmarked for expanding its live commerce infrastructure. This includes hiring up to 53 new personnel, primarily live hosts and support staff, and building 10–12 dedicated livestream rooms at its new headquarters. Concurrently, Oasis is setting up a proprietary fulfilment centre to enhance supply chain efficiency, reduce costs, and improve delivery lead times.
These developments are timely, given that Southeast Asia’s live commerce sector is expected to more than double from USD37.7 billion in 2025 to USD76.6 billion by 2027. Malaysia, in particular, is one of TikTok Shop’s fastest-growing markets.
Earnings Momentum and Margin Expansion
Backed by a diverse SKU base of over 5,200 items across home & living, beauty, wellness, and personal care, Oasis has consistently grown revenue and net profit. All three analysts estimate core earnings to grow from RM11.1 million in FY2025 to at least RM13.6–14.4 million by FY2026.
Tradeview projects a 32% net profit CAGR, supported by a favourable shift towards higher-margin products like wellness (47% GPM) and beauty (45% GPM), while RHB estimates a similar 31.7% CAGR, citing Oasis’ 10x return on advertising spend as a key lever for scaling profitability. Malacca Securities, while slightly more conservative with a 19.2% CAGR, assigns the highest target price of RM0.42, citing Oasis' strong first-mover advantage in live commerce and brand adaptability.
Valuation Justification
Tradeview employs a PEG-based valuation (PEG: 0.4x), noting Oasis' superior growth vs peers with less platform-centric sales.
RHB values Oasis at 13x FY2026F earnings, aligned with the broader Bursa Malaysia Consumer Products Index, but emphasises that its 37.1% forecast ROE justifies a higher premium.
Malacca Securities applies an 18x P/E on mid-FY2026F EPS of 2.35 sen, citing its differentiated model and sector leadership.
Despite their differing methods, all three analysts converge on the stock’s attractive valuation at IPO price of RM0.28, and its capital-light, scalable business model.
Key Risks to Monitor
While Oasis’ model is scalable, its high dependence on live platforms such as Facebook and TikTok introduces platform-related risks—policy changes, algorithm shifts, or operational disruptions could impact sales. Competition remains fierce, and the availability of charismatic livestream hosts is a limiting factor in sustaining its engagement-led model. Inventory management across 5,000+ SKUs also poses operational complexity.
Final Thoughts
With a unique positioning at the intersection of social commerce and lifestyle retail, Oasis Home represents a fresh growth story in Malaysia’s small-cap space. Its ability to monetise digital influence, optimise margins through in-house brands, and scale operations efficiently via IPO proceeds sets the stage for compelling upside in the mid-term.
For investors seeking exposure to the next wave of e-commerce innovation, Oasis offers a timely, high-growth opportunity, backed by strong fundamentals, industry momentum, and analyst conviction.
