Full Year 2023 Ohmyhome Ltd Earnings Call
Yeah.
Good morning, Good afternoon, and give me grief for investors coming across the globe letter.
Ralph any more seconds for the recipe.
Ralph: He spent the Darwin after which we will start the presentation proper.
Ralph: Alright.
Speaker Change: Thank you everyone for joining this call. So this is my home limited.
Ralph: Financial year, 2020 results as well as finishing their training nickel outlook, our stock ticker symbol is OEM age and we're listed on NASDAQ.
Neal: Together with me, we have Rhonda wall waste, the CEO and I myself am Neal the head of Investor Relations of my home.
Speaker Change: Before we start we have some important notices that could streamer.
Speaker Change: Which will be presented in the next slides so in this presentation.
Speaker Change: All forward looking statements that reflect our current expectations and views of future events.
Which are subject to risks.
Speaker Change: Asset linked fees if used the words believe may will estimate continue anticipate intend expects and similar expressions are intended to identify forward looking statements forward looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do.
Speaker Change: Do not relate strictly to historical or current facts. These statements are likely to address our growth strategy financial results and product and development programs you must carefully consider any such statements are should understand that many factors could cause actual results to differ from our forward looking statements. These factors may include inaccurate.
Speaker Change: Assumptions all brought in variety of other risks and uncertainties, including.
Speaker Change: Some known and some down Nox. So no forward looking statements can be guaranteed effectual future results may vary materially.
Speaker Change: Does that could cause actual results to differ from dose discussing the forward looking statements include but not limited to assumptions about future financial and operational results, including revenue income expenditure cash balances and other financial items, our ability to execute on our growth strategy, including our ability to meet our goals.
Speaker Change: And future economic and political conditions, our capital requirements and our ability to raise any additional financing, which we may require our ability to attract customers and credit and household brand recognition our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business trend.
Speaker Change: And competition in the brokerage and related industry and other assumptions described in this presentation underlie all relating to any forward looking statements, we describe certain material risks uncertainties and assumptions that could affect our business, including our financial condition results of operations and prospectus, we base our forward looking statements on our management's been.
Speaker Change: Elite and assumptions based on information available to our management at a time of the statements are made we caution you that actual outcome and results may and a likely differ materially from what is expressed implied or forecast by our forward looking statements. Accordingly, you should be carefully.
Speaker Change: You should be careful about rely on any forward looking statements.
You should also be noted that our auditors have not completed their audit of our financial statements for the financial year of title III, We do not expect material changes to such financial statements and as a result, we like to update you as to our jokes.
Speaker Change: However, it should be noted that there is no guarantee that all audited financial results I'll transfer three will not materially differ from those being discussed here and then as a results should not be relied upon until final audit has been completed in our 20-F has been filed with the U S. S Security and Exchange Commission.
Speaker Change: Inside this presentation. Dr. Also non U S. GAAP financial measures, which include adjusted EBITDA adjusted EBITA margin well my whole uses these non U S GAAP financial measures for financial and operational decision, making and as a means to evaluate period to period comparison.
Speaker Change: And all my Home's management believes that these non U S. GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not indicate <unk> may not be indicative obvious recurring core business operating results. However, it went down a number of limitations related to the use of non us GAAP financial measures and as such the peso.
Speaker Change: A nation of these non U S. GAAP financial measures should not be considered in isolation from or as an alternative to financial measures determined in accordance with U S. GAAP reported on form 20-F.
Speaker Change: In addition, these non U S. GAAP financial measures may differ from non U S. GAAP financial measures with comparable names used by other companies recalculation of decent non U S. GAAP financial measures to the most directly comparable U S. GAAP financial measures can be found in the accompanying headaches. This presentation.
Speaker Change: So now I'll pass my time to our CEO Rondavel.
Rondavel: Thank you very much.
Rondavel: Thank you Angela and good morning, I appreciate your presence today as we navigate the projections and all my Horse Limited annual report of 2023 now looking back about eight years ago in 2016, My sister resolving myself when we founded the company and that's really on the back of the fact that there were.
Rondavel: Estate property industry.
Rondavel: Okay.
Rondavel: There are many there's almost agents in the market.
Derek or pay information oftentimes savvy investors otherwise to have accurate information.
Rondavel: Dara unscrupulous methods in which agents and.
Rondavel: And brokers, who have placed their incentives above estimate on best interest in.
Rondavel: On the back of all of that we started a company known as of my home.
Rondavel: Had a vision to be the most trusted and comprehensive property solution for everyone and we want it to be technology to bring speed ease and reliably each property related services.
Rondavel: Before we started all my home race and myself, we actually ran an investor.
Rondavel: The investment portfolio management company in real estate.
Rondavel: And we realized here the only time, they know yourself managing that company may transact and trade at properties across seven countries and we realize that even though real estate transactions may differ country to country in terms that we use in regulation and the <unk>.
Problems were pretty much the same.
Rondavel: Okay City and dishonesty until fall.
Rondavel: Has always been the same and this is why today when we launch one lap when we wanted to make sure that the same level of quality services can be extended to the mass market.
Rondavel: Now 2023 with any Delta E. A very challenging year for the real estate brokerage Cds, especially where we are hearing sample and I wanted to address the elephant in the room, which is the result of our 2023.
Rondavel: Our results for 2023, Werent as robust as we had hoped for.
Rondavel: Our total operating revenues in Singapore dollar stands at 5 million U S dollar $3.79 million.
Rondavel: Our gross profit, Singapore dollars $1.7 million USD, one $3 million.
Rondavel: And our net loss $5 $5 million S. G D ballpark $1 million USD.
Rondavel: Loss per share.
Rondavel: 26 cents cingal.
Rondavel: 20 cents USD, our adjusted EBITDA negative $4 million Cingal is negative 3 million USD.
Rondavel: Same for property market experienced a notable decline which reflected the broader challenges that all of us in our industry say in fact, the government introduced starting Texas, which they do from time to time to ensure that they can call the market for a while.
To basically pulse selling our properties. So that was one of the rules and some of the rules that we experienced in the year of 2023.
Rondavel: What I can assure you is that this setback was not in vain.
Rondavel: These challenges have laid a very solid groundwork by a remarkable turnaround in 'twenty train four.
Rondavel: I'd like to show you some highlights that we have instead in the year of 2023.
Rondavel: And a second half of 2023 Mclaughlin of $2 2 million revenue.
Rondavel: Which is definitely a growth from the first half web.
Rondavel: The government cooling measures started.
Rondavel: We had additional growth and margin from the property management business that we acquired in October 2023. This is a tech enabled property management company that manages thousands of units of condominiums across sample.
Rondavel: Our revenue in first half of 'twenty 'twenty four is expected to grow post acquisition and surpass previous two years based on significant increase in sales pipeline and the deployment of Homer AI.
Speaker Change: It won't be next azure to elaborate more about that in a later slides.
Speaker Change: Now all projections indicate a substantial triple digit growth in revenue and we are committed to leveraging our strengths.
Speaker Change: Seizing opportunities and overcoming obstacles.
Speaker Change: Sure this forecast becomes a reality.
Now we elicit in March 21, 2023, approximately a year ago at our IPO price of $4.
Speaker Change: At a time, we had to invest much of our IPO proceeds as well as most of our proceeds in the past.
Speaker Change: Into the building of technology.
Speaker Change: The shares outstanding is $22 seven 9 million shares our last closing price is SME <unk> as of April 17 yesterday.
Speaker Change: And you can tell with our last 90 days trading price of 71 to $6 that were trading pretty much at our lowest.
Speaker Change: The range of our lowest I'm trading prices, our analyst rating $3 by mixing group realized 70 cents by Zacks SCR.
Speaker Change: Sure holding structure has had a shift ever since those blacked out in the last time. The founders are holding 36, 9%, which is raised floor and myself inside is seven 8% public shareholders 55.2 percentage.
Speaker Change: Now for those of you who are joining us for the very first time and I'm very very happy to be able to share with you about all my home, while we do as a company and how we're so excited and optimistic about our future into becoming a super app as a property one stop shop.
Speaker Change: Now all of my home is all about data we are all of our property technology and we're all about transaction.
Speaker Change: So you can think of yourself as a seller buyer tenant or someone looking to do interior renovations for your home you.
Speaker Change: You can start with research on our platform we have long.
Speaker Change: We have an evaluation guide and really amazing tools that customers can use our free of charge.
Speaker Change: And then when you decide to sell your home for example, or we can choose to do it yourself or you can choose to engage our agents, where you will pay all my home between 1% to 3% and commission revenue.
Speaker Change: This revenue picked up a very good portion of our total revenue and.
Speaker Change: And about 56%.
Speaker Change: Thereafter, he have mortgage and legal we provide both Apis, we work with banks that work with law firms to ensure that when a transaction is done it can be done seamlessly.
Speaker Change: Now. We then also started a renovation subsidiary within Oh My home. The recently because as customer had a very a wonderful journey transacting a proper pizza box and we then had another hiccup in our property industry, which is the renovation sector, where there is also a very similar issues our trends.
Baron CE reliable easy and so forth. So renovation, while we do for you as a customer is that we will go through the entire designing process project management until completion in Hanover. After project of your homes back to you until the revenue that comes through our company is the entire contract value.
Speaker Change: Lastly, we acquired a property management company last year in October where there is recurring income for the company and month on month as we manage the entire condominium block similar to a multifamily in the phase two.
Speaker Change: So this is as as a one stop property company and sometimes I often do you get the question of how.
Speaker Change: How are you a tech company so before I launch all into the kind of technology that I that we view that our company I want to first showcased a result see you. So you understand that there is no way that all my whole can have this result, without our amazing technology.
Speaker Change: Our first and foremost.
Speaker Change: Seven days is what it takes for 65% of our deals to be closed on average.
Speaker Change: Seven days.
Speaker Change: And sample is generally over 100 days. So we are extremely fast extremely efficient.
Speaker Change: And I want to share with you the technology that helps us get through this and would be the technology known as match.
Speaker Change: Now secondly, we don't just sell fashion, we're also able to sell over 73% of all property above market average prices. So you heard me right. We don't just sell your property fashion. We also sell them generally above market average prices because market average prices are set by.
Most of the traditional free lines brokers in the market. All my home is not a traditional freelance brokerage model yeah, a highly fast moving technology propel company.
Speaker Change: Lastly, with all of this result, it is no wonder that all my whole iterate it for Nisource.
Speaker Change: The highest rate of property services company in Singapore with over 8000 in January in five star reviews.
Speaker Change: Now if you look at this three acoustics, you must be wondering.
Speaker Change: If you could also anxiety because wherever you may be I know my audience today.
Speaker Change: From America, India, Singapore and around how the Asia you must be wondering if you think about your own brokers your own agent. They generally are not able to perform at Victoria's Alex to hold my home Ken and this is why we are vary of some the lever that all my home is a feature of property transaction and we definitely look.
Speaker Change: Poll at the scaling across the world to be able to serve more of our audiences.
Speaker Change: Well all of this thus far has been shed by myself I would like you to have a listen to one of our customer testimonial video in this video shake shacks.
Speaker Change: She expressed she expresses and explain how our transaction experience at all my home and how a property that she has not been able to sell for three years with sanctions sector by all my home across our entire lifestyle ecosystem. So please have a lesson.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: No.
Speaker Change: Hey, guys.
Speaker Change: Among the end Electrophrenic yoga.
Speaker Change: The key.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: It's been a lot of time training.
Speaker Change: It was up in the market.
Speaker Change: Thanks.
Speaker Change: Yes.
Yes, hi.
Speaker Change: We had a patient.
Speaker Change: And as you look at the house my issue with that way.
Speaker Change: Whether the punishment.
Speaker Change: On how to sell that.
Speaker Change: Yes.
Speaker Change: Please go back to my enterprise that I want to say.
Speaker Change: Remember, how my survey that Tony.
Speaker Change: Michelle.
Speaker Change: Pedro if I can.
Speaker Change: And then my 0.5 and.
Speaker Change: Right.
Speaker Change: Sure.
Speaker Change: Is there a fleet of me.
No.
Speaker Change: No.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Thanks.
Speaker Change: Okay.
Speaker Change: I think.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Gregory.
Speaker Change: Sure.
Speaker Change: Yes I was.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: I Love that you provided.
Speaker Change: Sure.
Speaker Change: Sorry about that.
Speaker Change: They are very very professional and I love that from that point.
Speaker Change: How much of that May still affecting everything is taking half also.
Speaker Change: Yes.
Speaker Change: Generally buying alliance reservations.
Speaker Change: Everything is online.
Speaker Change: Why.
Speaker Change: And finally, I think I agree.
With the 12.
Speaker Change: Bye bye.
Speaker Change: <unk> that.
Speaker Change: Video plays that is professionally.
Speaker Change: Thank the indifferent as to how the housing stock.
Speaker Change: I won't call it an unfavorable Michael hi.
Speaker Change: Definitely a retrofit.
Speaker Change: In fact.
Speaker Change: Hi.
Speaker Change: Bob.
Speaker Change: So there you go that is just one transaction.
Speaker Change: Have gone over 15500 transaction things infection $3 billion in gross transaction value and our agents' efficiency is more than 13 times. The industry average we have over $750000 globally since inception, and more importantly over 200000.
Speaker Change: Monthly active users.
Speaker Change: This active users contribute to how we are able to sell in seven days, because we're able to aggregate all of them and be able to match them.
Speaker Change: Now when you see all of the statistics and some of the times people ask me like yourselves not doing well.
Speaker Change: Well the thing is.
Speaker Change: I hope today without sharing youll be able to understand the comparison between us and traditional brokerages were nothing like a traditional brokerage now on this chart I'm showing you the efficiency of all my home agents as compacted Singapore's top four agencies by number of agents. So you can see all my home transaction volume per agent across the years have all.
Speaker Change: He's been extremely strong base are the top four agencies in Singapore and you can see no matter what year you are looking at no matter, which agency all operating at a much much normal number. This is not a bad number. This is a very normal number where each Aegean is transacting about $4 five dose per.
Speaker Change: A year. This is a common number that we see across the world, including in the United States at all my phone, we don't operate normal.
Operate super.
Speaker Change: Now if we compare with property technology company in the United States that you might be familiar with compass ESP REO brokerage redfin, you'll see that even the most efficient company. We are still over two times more efficient than them in terms of number of transactions per agent.
Speaker Change: Now how are we able to sell so fast in seven days match is the one that is the technology within our company that I'll give the credit to Doe matches completely built in house and what mesh does as we aggregate high quality data or potential buyers and we measure them against the listings there.
Speaker Change: Come through our doors.
Speaker Change: We aggregate all of these buyers that you saw the 200000 monthly active one.
Speaker Change: And then we have we qualify them into a buyer pool random through merch algorithm and here's what happens when someone wants to sell that property with just the address we're able to go into this pool match with qualified buyers generally we're able to get multiple offers even on the very first viewing and Danny.
Speaker Change: We get the property. So we collect all of the other data whether it's the balance of the offers that didn't get the property the viewers who came but they don't make an offer we collect all of this information and we continue to matched or more accurately every single time.
Speaker Change: This AI technology is extremely powerful because we continuously serve our customers better faster and more accurately.
Speaker Change: Now if we want to compare our agents on a revenue comparison, you'll see this is in Singapore dollars. So youll see the how we calculated this was by dividing the sales revenue of each company by the number of agents, you'll see that all my home agents brings in more than four times more revenue per agent.
Per year as compared to the largest agencies.
Speaker Change: Not only are we able to bring in more revenue in terms of bill I'd like to share also a little bit more details about our unit economics and why all my homes business model is actually highly profitable at scale.
Speaker Change: Let's take this illustration for example, say the property that we sell brings in the commission value of $10000. We are now comparing what happens to the $10000 under a traditional brokerage a tech enabled brokerage and then what happened on the on my home.
Speaker Change: In a typical traditional brokerage around 90% of this $10000 is Pete to the agent the company retain 10%, which is a $1000 or all my home, we pay out about 50% not just to our agents, but to generally anything that's involved in the sale, which is our cost of goods.
Speaker Change: So salaries incentive property listing expenses advertising.
Speaker Change: <unk> 5000, which is five ex of any traditional businesses.
Speaker Change: The number of customers that you need to achieve $10 million in brokerage gross profit in a traditional brokerage unit 10000.
This customer.
Speaker Change: We only need 2000 of these customers.
Speaker Change: Now in terms of additional revenue streams general release traditional brokerage they don't have much. However at all my home not only are we able to sell the property for our clients. We are able to buy their next home for them.
Speaker Change: We are also able to help them renovate their homes, which is generally quite a high ticket item with 20% margins.
Speaker Change: It potentially are also able to make property management fees from these customers is they are managed by our property management Division. So when you add up all of these potential income that we can derive from one single customer we're looking at about $13400 per customer, which is 13 times of what a traditional.
Speaker Change: No brokerage Josh.
Speaker Change: So I'm very pleased to share with you.
Speaker Change: That currently in 2020 full we are tracking our quarter, one 2020 for budget.
We're projecting to three act our full year revenue year on year for the full year of 2024. We are also projecting to adjust the EBIDTA breakeven in quarter four 2024.
Speaker Change: Now I'm going to now share we view, everyone likes to achieve breakeven, especially for textile like ours.
Speaker Change: How exactly are we going to achieve that we have three key drivers. The first of all an aggressive top of funnel growth.
Speaker Change: We're going to increase our condo acquisitions and unit on the management of all my home property management. What is the difference why are we talking about condo units in Singapore. There are H D. D units, which are government housing, which is 80% of most enterprise Athenian government housing. This is an area that all my home is very strong in terms of.
Speaker Change: <unk>.
Speaker Change: And then there is also about 300 to 400000 unit, a condo, which are private properties like multifamily housing.
Speaker Change: Which our wealth about.
Speaker Change: Anywhere between five to 10 times more than our H D. D. So in terms of the transaction revenue the potential renovation revenue. It is one of a lot more to us, but the cost of acquisition traditionally would be very expensive as well. So we're going to share with you. How we have acquired this condo customer database immediately by our acquisition last year.
Speaker Change: We will also increase our top of funnel growth by increase in B to B partnerships to grow new funnel of customer acquisition allow me to take you through our acquisition of a property management company in October last year, which we have rebranded into all Michael property management a tech enabled.
Speaker Change: Property management company in Singapore.
There are a few amazing things about Oh, My home property management first and foremost it is a recurring revenue stream.
Speaker Change: Once you sign a contract to manage a condo you will be paid month after month on a recurring.
Speaker Change: Maintaining and management fee now second it provides us with a direct condo user base. Currently it provides us with over 6700 unit under management, which had been growing at 58% CAGR in the three years of inception since inception.
Speaker Change: The revenue per sales transaction that we will get to do.
Speaker Change: If we convert any of the 6700 users. It was two to four times, our revenue brokerage revenues and what we previously did in the last seven years.
Speaker Change: The revenue from the renovation contract is also two times higher.
Speaker Change: This company all my home property management is a also a mobile based property management services and very profit sharing 100% paperless, which is extremely effective sustain.
Speaker Change: Sustainable in terms of MTBE environmental friendly by more importantly, extremely extremely efficient so fast far in and since our acquisition. We actually have been very successful in winning new projects. There is also a lot of smart integration capabilities and Iot solutions again, we are one of the first in the country.
Speaker Change: Traditional property management services have been always very banquet and paper base.
Speaker Change: Theres also manpower cost savings because we use less.
Speaker Change: Security Guards cleanups and managing officers.
Speaker Change: Now the second part is from AI nurturing.
Today, we're able to serve customers 24, seven now when you listen to Jasmine in the testimonials customer testimonial video just now you heard things about like Oh, I got a call I got an update from the aging today a lot of our updates that you hear adjustment talking about it's not even done by a human is done by our.
AI is done by our chat bots and that customers. They don't tell the difference because of the natural languished at where processing and now we're able to turn up to our customers anytime round. The clock. This allows us to engage more customers.
Speaker Change: We're in the stages of their lifecycle.
Speaker Change: Lastly, we're increasing conversion and market share in the condo market.
Speaker Change: Nurturing result in higher conversions of customers and this allows us to increase our market share in a condo market that allows us to derive higher revenue earn deals transacted.
Speaker Change: I'm going to now show you how all of this work in our technology.
Speaker Change: Sure you have the app in terms of capturing customers within the condos. They can book facilities. They can build a tennis courts. They can book any so this is day, one paid a maintenance bills and so forth all of that information is captured and all of our customers today.
Speaker Change: Rather than from a condo management therefrom, all Entercom therefrom, our website now get the chat with whole lot GBP 24, seven across the club and they get answers accurate fast prompt.
Speaker Change: This is better than any human agent.
Speaker Change: And lastly conversions.
Speaker Change: Anytime a customer feels like exploring selling buying renovation they get to checkout property evaluation.
Speaker Change: They kept the click and talk to us if they are looking to sell how much can I get you can calculate and all of this is done on the platform. They can book an agent there is zero human intervention in this entire process.
Speaker Change: And the customer gets their answers faster than ever before so this is something we have launched and this is something that we are constantly evolving and building on top of and also something that we're very excited on because it can continuously allow us to increase customer lifetime value. So you saw in the earliest life.
Speaker Change: That we have we have been we are able to achieve potentially up to 13 <unk> of our customer lifetime value, where all of this value is actually scattered across this one stop shop from agent services.
Speaker Change: Mortgage to ads revenue from a law firm to renovation spending to property management.
Speaker Change: Now this is all near term growth strategies, and we're working extremely hard and on pace to getting to our breakeven. So this is something important to us because of course, we want to be highly profitable we want to be breakeven, we want to be cash flow positive and you can be rest assured that my team and myself are working.
Speaker Change: Relentlessly every single day to achieve that our vision. Our ambition is huge we still have a lot of work to do but we really thank you and appreciate your patience and interest in my home.
Speaker Change: The longer term for all my whole, we will continue working towards increasing our market share in existing markets expanding our drug at the our technology is extremely scalable.
Speaker Change: We want to acquire companies with offerings was salary outgrowth and we also want to increase our service offerings and becoming a property Super App.
Speaker Change: Since the first day of us on static on my home. Our goal has always to become the most comprehensive and trusted service property services platform for everyone.
Speaker Change: We don't one.
Speaker Change: Our community where.
Speaker Change: Only some people have information, we don't want a community where only some people can have access to goods and services now bearing in mind. The product. We're dealing with here is property sometimes properties actually most of the time properties are the highest asset value for any family. So we want to make sure that we build strong foundations with <unk>.
<unk> service and technology backbone, and we will continue growing through what's greater heights in 2016, we started on my home.
Speaker Change: We wanted to prove the concept we started fundraising is a textile and once we realize that customers love to us in fact by 2017, we became Singapore number one DIY platform, we will start a winning awards as a startup in the prop tech start up.
Speaker Change: And we started data we started being able to start our own testing in house and now you can imagine in early years, we couldn't afford to do much in house.
Speaker Change: With a tag team with the data team, we started collecting data perfecting our operations and services, which is why you see all of this efficiency now because the data had been collected from early days on this technology of all my home a spot not something easily replicated by a new comment tomorrow.
Speaker Change: Data of customers they are spending their loans down mortgages and all of that it has to be tracked over time and in 2021, we will able to have a much more robust tech development team. So we invested heavily into building all of this technology that you see today match, we have digital L. P.
Speaker Change: Homer AI, we have evaluation.
Speaker Change: Ports.
Speaker Change: And today you have chats.
Speaker Change: Problems and round the clock. So we do all of this infrastructure and then last year. We went for an IPO of this thing it was a big day for us on the NASDAQ right.
Speaker Change: Right and I, we were as a company. The first female founded company to be listed as a profit company in the states.
Speaker Change: America hosts.
Speaker Change: A very dear place in my heart, because I went to school in Michigan, and then I've My first job in Chicago ours as a trader. So those of you here who are traders.
Speaker Change: Please know that it's something I love so much as my first job out of school start work in Chicago, and then visit and you up from time to time, so being able to go back there.
Speaker Change: Last year in traveling back to do Roadshows and to do presentations to investors.
Speaker Change: And extremely.
Speaker Change: Beautiful thing an exciting thing for us.
Speaker Change: So from here on were extremely clear in terms of our near term and longer term goals, which is to increase our market share acquire companies increasing service offering with our angle I'm still steadfastly remaining the same to be the leading weinstock property platform.
Speaker Change: I'd like to also bring some introduced our very experienced board and management team.
Speaker Change: I am very very.
Speaker Change: Honored and pleased to be able to work with my sister race. One we've been working together for many years now so eight years and all my home in a few years before that.
Speaker Change: Our investment portfolio management company on both of US are migrants from Malaysia.
Speaker Change: And we grew up moving homes over 20 times. So you can imagine our our passion for real estate and in solving this problem in the market.
<unk> runs deep in our blood.
Speaker Change: We are also grateful towards our chairman Mr. David Lowe is extremely savvy in the real estate market as the chairman of century Corporation is also the director Board of director of <unk> Holdings Limited and I'm also listed on NASDAQ as the G. R. A D grab.
Speaker Change: <unk>. He is our independent director Chair of Audit Committee. He is CEO of watch box Asia, which is currently a unicorn previously from Morgan Stanley Asia Lincoln. He is our chair of nomination committee partner of Eldon law, but he is a.
Speaker Change: Lawyer installed based in Singapore.
Speaker Change: And lastly, we have galvin ton. He is our channel compensation Committee CEO of Knight, Frank Singapore, and previously from February So our board of directors I extremely.
Speaker Change: Knowledgeable in the right state market and have been extremely helpful. In terms of providing a guidance and strategies now I've come to the animal by presentation are happy to take your questions and happy to.
Speaker Change: Run through any additional flights that you would like us to take you soon thank you very much.
Speaker Change: Alright, Thank you Robin for the presentation. So right now we are going to the Q&A session. So firstly, we do have eight Alice Alan was chemical Maxim group that will be hydro asset for your questions for the rest of the participants. Please me some legal questions in the Q&A section you can simply just click on the Q&A and then type.
Speaker Change: And then we will answer this shortly so Ellen ready.
Ellen: <unk> you all I will allow you to talk now.
Alice: Thank you can you hear me.
Ellen: Yes, we can leave it okay, great onto gradual issuance.
This was a very excellent presentation on your outlook is significantly stronger than what I was projecting so congratulations on your execution.
Speaker Change: Maybe to start off with.
Speaker Change: Your projection to triple revenues in.
Speaker Change: 2024 could could you give us a little color on <unk>.
Speaker Change: Your three major segments, how you feel the degree of where that's going to be coming from relatively thank you.
Speaker Change: Alright, Thank you Alan for your question.
Speaker Change: Okay I'll just take this question knowledge. So right now first of all currently our revenue is mainly consisting of brokerage and renovation and then how where property management is actually a new segment has just joined the.
Speaker Change: The business right. So right now all property brokerage is consisting of around 53% of our total revenue where SP.
Speaker Change: Renovation costs, because it's around 27%.
Speaker Change: The property management now skew to the rest so we only acquired the company.
Speaker Change: Less than three months.
Speaker Change: Sorry.
Speaker Change: Part of the company on October so the results that were reflected in <unk> was the only less than three months of their results. So on an annual basis that are actually doing quite well in India actively growing and as we shared earlier so in train train three and <unk> hundred four we are actually seeing a recovery.
Speaker Change: The market in terms of the brokerage.
Speaker Change: <unk> brokerage industry here in a couple of that because the fact that we have invested in launch homa AI as well as a few other technology products. This is actually help us expand our top panel significantly compared to last year. So all.
Speaker Change: On top of that of course, what we are seeing is that because we are starting to realize the synergies that we foresee from the acquisition, meaning we are tapping into the.
Speaker Change: The condominium market, which have two to four times of revenue per transaction.
Speaker Change: Compared to SUV market, which we were previously in.
Speaker Change: And secondly, we also tapping on.
Speaker Change: Tapping onto their customers to get more reservation business as well so.
Speaker Change: All of these three together so what we're seeing is likely.
Speaker Change: So what are we seeing that all three segments will be growing sort of coming especially.
Speaker Change: Fault brokerage house was renovation because because of the synergies that we foresee and we are starting to realize.
Thank you Rob for for the property management business.
Speaker Change: And getting the synergies how.
Speaker Change: Could you talk a little about your strategy of getting the condominium.
Speaker Change: Owners to ups.
Speaker Change: Upsell to them.
Speaker Change: Either one that are transacting or renovations how are you.
Speaker Change: I know.
Speaker Change: Last two years or so I bought a condo in the states and when I go to my Mailbox every week. There is there is like different people trying to get me to buy and sell so how do you distinguish yourself too to.
Speaker Change: To win that business. Thank you.
Speaker Change: Alan.
Speaker Change: This part I'll I'll take us back to this slide so that you can see if you are currently arrested and living in the condominium project.
Speaker Change: Youll be using this at every day, because you need to book your tenants courtyard barbecue pit do you need to pay your maintenance bills. If you have a complain if you lose if you lost your cat if you want to sell a table you use. This app. So this is there a day to day at and on that at all my home is right here on the main screen screen that says.
Speaker Change: <unk> all of our different services. So it is extremely tech base, we don't actually need a human person to go down to talk to the residents everyday to encourage them to use the platform. They are already using the platform.
Speaker Change: And if we from time to time say Chinese new year in January we would go down and we will host an event just to say hi to the rest of them.
Speaker Change: If you have questions about the app will share with them.
Speaker Change: <unk>.
Speaker Change: Quick answer to the question of how the condominium residents interact with all my whole it's already purely on the App that they are already using so today as we see synergy just stick on leads coming through the leads are coming through.
Speaker Change: All of this.
Speaker Change: Clicks over here that you see so we get renovation businesses, we get clients looking to sell clients looking to rent and how they do that.
Speaker Change: So this is how scalable the technology is so as we acquire more condominium units and they come in hundreds and thousands on for each condominium development.
We are able to onboard them automatically on our platform immediately.
Speaker Change: Thank you.
Speaker Change: You've spoken about how you use technology to try to increase the top of the funnel to get to increase.
Speaker Change: Potential customers can you also talk about some partnerships that you've signed that could also help in.
Speaker Change: Expanding.
Speaker Change: Transactions and geographies.
Speaker Change: For sure I mean, youre chime in if you can remember some of our partners I know, thus far we have partner with Ie grocery we have patent out with insurance companies paint company. So there's a lot of eco friendly paint by this day. So one of the paint companies, we're working with <unk>.
Speaker Change: Basically has verifying mcadams when you use their pain in your home. So are we I mean, we are a company for a good as well so we'd like to promote our products. There are good for others, but also good for our bottom line.
Speaker Change: We have community engagements, we have done a lot of different collaborations across partnerships with influencers to help promote our company S. M.
Speaker Change: S. One at all my home we have also promote our products such as Homer AI. We have also promote our products purely for example, just the evaluation tool. So in Singapore. The number one news channel S Channel News Asia. So channel News Asia will frequently in by our company to talk about leadership to talk about.
Speaker Change: How do we grow startups to talk about the future of business efficiency Tech innovation. So these are the different ways that we keep promoting our company to our community to the residents. So generally in Singapore. If you do ask people with their protocol my home on the answer would most likely be yes.
Speaker Change: Thank you my last question is as.
Speaker Change: As you Triple your revenue and most of it is you have the tech infrastructure set up.
Speaker Change: Just can you give us some color or comment on the ability to leverage that as it drops to the bottom line.
Speaker Change: Sorry, I didn't catch the first part of the question.
Speaker Change: Just your ability to as you grow revenue too.
Speaker Change: Improved.
Speaker Change: Shifting to profitability.
Speaker Change: Uh huh.
Speaker Change: Electric cost potentially don't grow expenses as revenues, Oh crusher Allen so costs don't grow as fast as revenue in our future. The reason is because you have to invest a lot of.
Speaker Change: Our past investments have to go a lot into the technology team. They don't turn into revenue immediately in fact, they almost never do turning to our revenue immediately so all of those investments over the last seven years as a result that you see today, where if we build a evaluation tool for example, whether one person uses.
Speaker Change: Thousand people uses it actually has already cost us the same amount of dollars to build it so today with Homer AI for.
Speaker Change: For the first person to engage with hallmark of useful Omar until today, we have 10000 person using Homer.
Speaker Change: The product cost has already been done so the leading up costs in the future will be further innovations and enhancements by you shouldn't expect that to cost as much as the initial on Buda off the entire technology.
Speaker Change: So today, what we're looking at as we as we look to what breakeven is definitely to keep our cost structure or maintain it lower it and then to expand our top line, our gross margins across our products and revenue streams.
Speaker Change: Quite strong January we're looking at about 20% to 50% and so we're not too concerned about the gross profit or the product our business model, our more concerned about making sure that we can scale out reach more customers.
Speaker Change: And then naturally this is actually a very profitable business model.
Speaker Change: Yeah.
Speaker Change: Thank you congratulations again, thank you Alan for joining us.
Alan: Alright. Thank you Robyn so now I'll move on to the rest of the questions. That's on the list.
Speaker Change: So we have a few questions one is coming from on that.
Speaker Change: Would you share insider holding updates.
Robyn: So regarding this oh, so while we do have.
Robyn: Based on our current insiders so SD.
Robyn: So putting aside us all of their colleagues will be done would be our strategy, calling so bye bye themselves respectively. Usually every three months or so so with that you will be able to access it on various public proposed but at the same time every time, we do presentations, we will actually update the slides talked about our common shareholders.
Robyn: Structure.
Robyn: So be sure to.
Robyn: Follow up on any future presentations as well.
Robyn: Yeah.
Speaker Change: Okay. So for the next question is coming from Tyrese is is there a way for investors to help build the company and get paid for it.
Speaker Change: Rhonda would you like to take this question.
Rhonda: We will have to hear from you let us know how you can help us do it all company and we welcome that but we're also as we just mentioned we're keeping our cost structure low so getting paid for it will be a separate discussion.
Rhonda: Please get in touch with US we have IRR page, we have we have Linkedin, where Twitter. Please get in touch with us on new is it. Okay can you share a IRR pitch link with everyone on the check sure Noah.
Rhonda: So thank you very much for all your interest for Jeremy are there any future plans for another securities offering meaning four mill no plans for now right. Now currently we do not have plans to have another security offerings.
Our full time goal is really just do you know.
Rhonda: Two more business to make more money breakeven.
Rhonda: And Robert Thank you very much.
Robert: For your kind comments I understand your question is that a lot of companies intact the kind of.
Robert: Tech cost can become a sinkhole because we keep building more and more.
Speaker Change: Borges Tech expertise.
Speaker Change: We learn here from a tech startup himself.
Speaker Change: <unk>.
Speaker Change: While he is the one with tech expertise and business from running in terms of a spot of experience.
Speaker Change: The rest of the board are very experienced in terms of Ireland running profitable companies.
Speaker Change: That is actually the skill set that is extremely important for us.
Speaker Change: To be cautious as you mentioned not to keep spending on technology. Unfortunately in the past. Unfortunately, we had to do so because otherwise we wont be able to achieve a seven days efficiency, we won't be able to achieve a 13 <unk> efficiency for our agents. We also won't be able to sell 73% of our properties at higher than market average prices.
Speaker Change: As a textile as a tech firm at the property Tech company that is leading in our market.
Speaker Change: We do need to avoid being traditional brokerage and it's not that we don't see traditional brokerage Dom has no strength. It's more that it is very difficult to scale. If we require human intervention for every step of the way and so I think one thing we can assure you that we're on the same page.
Speaker Change: And that we're not looking to continuously invest in technology for the sake of it and we only invest in the technology, because we put customers first in terms of their experience when it comes to property transactions.
Customers in property transactions, they do not meet the latest finding trending thing. So we don't need to be into Grandma pickup for example, we just need to make sure that when it comes to transaction. What we have is the best solution for them today, what we have is the best solution in our market and.
Speaker Change: We will continue to maintain that we will continue to maintain our being the highest rated favorite company in property transaction in our market and we will continue to get more people to get into a lot. So that we can expand our market share. So that is definitely our key focus for now and for the year in the next few weeks, we will actually be sharing with you.
Speaker Change: Your business update that will be very happy to do as a CEO of the company I always love to.
Speaker Change: Obviously be able to bring you bettany.
Speaker Change: We want you to know that we're grateful for you as our shareholders because of your belief in our company and this keeps us going this gives us momentum and encouragement to keep growing our company. So thank you very much all for joining us today.
Speaker Change: Alright. Thank you Ronda, we have some other questions. One question is regarding whether we have any short term acquisition plans.
Speaker Change: So to answer. This question currently we are focused on.
Speaker Change: She brings EBITDA breakeven.
Speaker Change: Towards the end of the year and we are.
Speaker Change: Also achieving an aggressive growth of the company.
Speaker Change: However, we do not know.
Speaker Change: We do not.
Speaker Change: Excluding the possibility that there is really a good synergistic acquisition that could come onto the table, we will consider it seriously and that we will explore whether there's any internal or external funding that maybe required that will really depend on the size as well as the nature of the of the potential acquisition.
Speaker Change: And <unk>.
Speaker Change: Separately. We also have another question to ask when did or when do we estimate the company will be profitable and how much debt do we enough. So.
Speaker Change: As we explained in the previous slides, we will expect them to achieve adjusted EBITDA breakeven in Q4 and with regards to how much time do we have currently.
Speaker Change: Allow me to just share a quick slide.
Speaker Change: So currently now off our balance sheet, we have an asset called from $7 $9 million USD and then a couple of liabilities et cetera.
Speaker Change: Million USD.
Speaker Change: Yes.
Speaker Change: Alright, I think thats all the questions that we have and then thank you everyone quite well wishes.
Speaker Change: Again, we would like to let everyone know one note that there will be a Q1 business update to be announced soon so please stay tuned in Palo Alto and various social media, including our Instagram or Facebook.
We watch our Youtube as well as go onto it it still come to <unk> for more information visit our company website Www Dot all my home Dot Com and our Investor Relations website IR Dot for my home Dot com.
Speaker Change: E Mail point reservations as IRA or Michael.
Speaker Change: Alright, Thank you everyone and that will be the end of our presentation. After this we will upload a recording of this session as far as the presentation materials on our website. So you may be able to download and refer to it later, thank you everyone and have a great day.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Goodbye.