PETALING JAYA: Oasis Home Holding Bhd
’s growth prospects will continue to be supported by the group’s expansion in marketplace and business-to-business (B2B) channels, the growing Malay consumer segment, and its expanding pharmacy distribution network.
Apex Research, in a note to clients, said it remained positive on Oasis Home’s medium-term earnings outlook.
The Malay segment continued to accelerate, with the fourth quarter of financial year 2026 (4Q26) revenue reaching RM6.16mil, nearly tripling the RM2.11mil recorded in 3Q26, raising its contribution to 17.8% of quarterly revenue.
This also brought FY26 Malay revenue to RM12.54mil, up 3.3 times year-on-year, with its contribution to group revenue rising to 12.6% from 5.3% in FY25.
Apex Research noted that the management plans to introduce more Malay-focused products and leverage its growing affiliate network to deepen penetration.
“The sharp increase in contribution, particularly in 4Q26, supports our view that the Malay market could become a meaningful growth pillar for Oasis Home going forward,” it added.
Oasis Home’s FIFA World Cup 2026 campaign generated RM6.8mil in gross merchandise volume from 74,745 orders, while attracting 38,400 affiliates, more than double its initial target of 18,000.
In addition, management plans to retain and train these affiliates to promote wellness, skincare, lifestyle, home and living, and personal care products beyond the FIFA campaign.
With 100 artificial intelligence (AI) avatars currently being developed, Apex Research sees the scope for AI-video-commerce to evolve from a one-off campaign into a recurring, low-cost customer acquisition and sales channel.
The group’s pharmacy network also continues to scale.
The total identified footprint reaches about 1,013 outlets (773 operational, including the 117-outlet CTG JV, plus a 240-outlet Health Lane pipeline), with direct-distribution outlets targeted to hit 850 by end-2026.
Apex Research noted: “The key takeaway is that the FIFA campaign has transitioned from a one-off sales catalyst into a potentially reusable affiliate ecosystem.
“Together with the rapid scaling of the Malay segment, pharmacy expansion and increasing AI adoption, Oasis Home is gradually building a more diversified and scalable omnichannel model.”
Meanwhile, the research house made no changes to Oasis Home’s FY27 core net profit forecasts of RM16.8mil, RM22.6mil and RM33.4mil, respectively.
Apex Research has kept a “buy” call on the stock with an unchanged target price at 64 sen per share.
The key risks include slower-than- expected growth in the marketplace, B2B and pharmacy channels, weaker consumer spending, and execution risks from expansion into new products and markets.
