This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

LESS than a year after setting its sights on RM100 million in annual revenue, Oasis Home Holding Bhd (KL:OHM) has nearly reached that milestone. Revenue for the financial year ended June 30, 2026 (FY2026) rose 37.1% to RM99.25 million, up from RM72.39 million the previous year.

Net profit rose 77.3% to RM13.83 million from RM7.8 million, while gross profit climbed 44.3% to RM47.8 million as the group shifted towards the higher-margin wellness, beauty and personal care products.

CEO Datuk Jaden Teoh Yee Seang tells The Edge in an interview that the group’s next phase of growth will come from Malay consumers, a segment the live e-commerce company began targeting more aggressively over the past year.

“We have surpassed one million followers across our social media platforms and are targeting another 30% growth, particularly from the Malay market, through platforms such as Meta and TikTok,” says Teoh.

The ACE Market-listed group distributes its products through a mix of its own live-commerce channels and proprietary website, as well as via affiliates and third-party platforms such as TikTok Shop and Shopee, and pharmacies.

According to a report by Apex Securities Research on Sept 10, the Malay segment generated RM12.54 million in FY2026, or 12.6% of group revenue, compared with 5.3% in FY2025. Fourth-quarter revenue from the segment almost tripled quarter on quarter to RM6.16 million.

Oasis Home now carries 5,590 active stock-keeping units (SKUs), with in-house brands accounting for 27% and third-party brands, 73%. This is after discontinuing more than 1,200 non-performing and low-margin SKUs over the year.

”We have different categories, including home living, personal care, lifestyle and health supplements. Our in-house lines have fallen to below 30% of the mix as competition has made it unworthy of the long-term investment to create certain categories of in-house products such as electrical appliances,” Teoh says.

According to Teoh, electrical appliances typically generate gross profit margins of 40% to 50%, while health and beauty products, pet care and the three new Malay-focused categories (personal care, skincare and wellness) can command margins of more than 60%.

“Since shifting our focus last year, our overall gross profit margin has improved. Previously, it was generally in the 40% to 50% range,” says Teoh.

For FY2026, Oasis Home posted a group-wide gross profit margin of 48.2% compared with 45.7% in FY2025. Meanwhile, its operating profit margin came in at 20.15% for FY2026 compared with 16.8%, profit before tax margin of 19.4% against 15.9%, and net profit margin at 13.2% from 10.8% previously. Oasis Home has also been expanding its wellness and health products into physical pharmacies this year, complementing its online sales model.

“As at June, [Oasis Home’s] operational pharmacy footprint had reached 773 outlets, comprising 566 BIG Pharmacy and Caring stores, 45 Watsons stores, 45 independent pharmacies and smaller chains, and 117 outlets reached through its CTG joint venture (JV). Health Lane, with another 240 outlets, was expected to begin its rollout from September. This brings the group’s total identified pharmacy footprint to about 1,013 outlets,” says Apex Securities.

“The expanding pharmacy network is an important extension of Oasis Home’s digital ecosystem, allowing the group to leverage social media traffic to drive online-to-offline conversion,” the analyst adds.

A major catalyst for Oasis Home’s push into the Malay market came from an unlikely place — football. As the exclusive online distributor in Malaysia for selected official Fifa World Cup 2026 licensed merchandise, Oasis Home used the tournament not just to sell merchandise, but to recruit content creators and affiliates who could distribute products through short videos and livestreaming. The campaign generated RM6.8 million in gross merchandise value and drew 38,400 affiliates into its ecosystem, more than twice the original target of 18,000.

“The whole exercise was to draw in those affiliates and to let the top management of TikTok, multichannel networks and influencers see us, and for all the product partners to gauge the reliability of [product] supply,” Teoh says.

Apex Securities described the Fifa campaign as having evolved from a one-off catalyst into a “potentially reusable affiliate ecosystem”, which matters as Oasis Home rolls out products aimed specifically at the Malay market. The e-commerce player’s plans include sports-inspired fragrances, skincare products and a saffron-based wellness range.

Teoh says the fragrances are expected to launch in Malaysia in December, with an Indonesian launch targeted for the second quarter thereafter.

The shift towards wellness, beauty and personal care is also helping margins.

“Since last year, when we shifted our focus, our gross profit margin has been higher,” he says.

Oasis Home is also entering pet care through Petsome Sdn Bhd’s Sniffly, an existing third-party pet care brand with physical distribution only.

Teoh says Oasis Home has secured exclusive online distribution rights and will initially sell Sniffly’s canned food, snacks and pouches before moving into supplements. It is understood that Petsome makes more than RM300 million in annual revenue, and that is not including supplements yet.

“We are not introducing something new into the market,” he says. “Pet care is one of the fastest-moving goods on TikTok in 2026. Data from TikTok cites Malaysia’s pet food market at US$331.6 million in 2025, with supplements among the fastest-growing sub-segments.”

Not every expansion via JV has worked, however.

For context, Oasis Home formed JVs with GIMCare (M) Sdn Bhd and CTG JV Malaysia Sdn Bhd last year as part of the strategy that was initially expected to help take revenue past RM100 million. The CTG venture, which sells wellness products through livestreaming, has performed well and was already profitable by 4QFY2026, according to Teoh. The GIMCare venture, on the other hand, “didn’t turn out” and was called off after several months of trial, he says.

In March, Oasis Home also entered Singapore through a JV between its unit Oasis Swiss Pte Ltd and SGGMY Services Pte Ltd. Teoh says part of the model involves teaching students to create artificial intelligence (AI) videos, with revenue coming from course fees as well as product sales by those creators.

At Oasis Home, AI is being deployed as well.

“Every head of department is being encouraged to use AI to eliminate repetitive work, while content teams use AI to produce and adapt videos more quickly,” Teoh shares.

He says AI has reduced its average video production cost from RM150-RM300 to RM20-RM40, while cutting production time from four to five hours to between 30 minutes and an hour.

Teoh, however, does not expect AI to replace the group’s live hosts.

“The real human touch is still very valuable. We can clone someone and make 30 videos in different languages a day, but a real person is still the best,” he says. “Live sessions are important because that is where the value is. You cannot replace the trust and engagement.”

Oasis Home closed at 38 sen on Sept 29, up 35.7% from its initial public offering (IPO) issuance price of 28 sen in May 2025, giving it a market capitalisation of RM190 million. For all its growth plans, the stock has yet to achieve a higher price-earnings ratio (PER) as management might hope for.

Teoh thinks part of the issue is how investors classify the business.

“Traditional investors may not notice that we [do not fall squarely] in the consumer category. We are, rather, a consumer tech company. I’ve noticed that many [tech] players in this industry in Western countries have a higher PER [than ours], which is quite low,” says Teoh.

Based on FY2026 earnings, Oasis Home is trading at a PER of about 15.1 times. Notably, several overseas digital retailers generally trade at higher multiples, given their larger scale and longer operating track records. NYSE-listed, influencer-led retailer Revolve Group trades at a forward PER of about 21 times, while the Australian Securities Exchange’s Kogan.com and Temple & Webster trade at about 15 and 35 times respectively, compared with Oasis Home at about 11.7 times FY2027 earnings. Revolve Group had been listed for at least seven years, while Kogan.com and Temple & Webster had been listed for 10 and 11 years respectively.

Teoh contends that for now, the company will focus on “delivering quarter-on-quarter business growth than chasing a higher valuation” since it was listed just over a year ago.

Oasis Home raised RM28 million from the public issue portion of its May 2025 IPO at 28 sen a share. As at Aug 13, 2026, the company had utilised RM14.76 million to expand its live commerce sales channel (RM6 million), as working capital (RM4.36 million) and defraying of the listing expenses (RM4.3 million). Of the balance, RM7.64 million is earmarked for expanding its live-commerce sales channels, RM3.6 million for an in-house fulfilment centre and RM2 million for fitting out a new headquarters.

The group currently operates from its headquarters in Taman Putra Perdana, Puchong, while its planned new three-storey headquarters is being developed on a 25,956 sq ft industrial site in Dengkil, Sepang. It is also setting up a 14,364 sq ft in-house fulfilment centre at NCT Smart Industrial Park in Kuala Langat, intended to reduce reliance on third-party warehousing and fulfilment providers as sales volumes grow.

As at June 30, 2026, Oasis Home had short- and long-term borrowings totalling RM19 million, while cash and short-term deposits stood at RM34.65 million, putting the group at a net cash position of RM15.65 million.

Apex Securities, which has a “buy” call and 64 sen target price on the stock, forecasts revenue of RM125.2 million in FY2027, RM155.1 million in FY2028 and RM202.1 million in FY2029. Core net profit is forecast at RM16.8 million, RM22.6 million and RM33.4 million respectively. The research house says the current valuation does not fully reflect Oasis Home’s prospects, citing growth in marketplaces and business-to-business (B2B), Malay consumers and pharmacy distribution.

Nevertheless, Apex Securities warns of competition from low-cost cross-border platforms, weaker consumer spending and execution risks as the company enters more products, channels and markets.

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