Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) 1Q 2025 Sees Growth Over the Next Year with 2 IPOs Providing Key Catalysts in 2025

Rhea-AI Summary

Ascendiant Capital Markets has published an equity research report on Society Pass (SOPA), highlighting significant growth potential through planned IPO spinoffs. The research maintains a BUY rating with an increased 12-month price target of $15 (up from $14). Two major catalysts for 2025 are the planned IPOs of Thoughtful Media Group (digital advertising) and NusaTrip (online travel platform). The company's current market cap of ~$7 million matches its cash holdings, suggesting significant undervaluation. Despite acknowledging commercialization challenges, Ascendiant sees high reward potential in the billion-dollar market opportunity, believing the risk-reward profile remains attractive for investors in Southeast Asia's data-driven loyalty, fintech, and e-commerce ecosystem.

Positive

• Planned IPO spinoffs of two business units (Thoughtful Media Group and NusaTrip) expected to drive shareholder value
• Company holds ~$7 million in cash, equal to its market capitalization, suggesting significant undervaluation
• Analyst price target increased to $15 from $14, indicating strong upside potential
• Billion-dollar market opportunity in Southeast Asian market

Negative

• Long commercialization challenges ahead for main products
• High-risk investment profile
• IPOs were originally planned for 2024 but delayed to 2025
• Current market capitalization is only ~$7 million, indicating limited market confidence

NEW YORK, May 30, 2025 (GLOBE NEWSWIRE) -- Ascendiant Capital Markets LLC (“Ascendiant”) publishes equity research coverage on Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) or here (on Ascendiant website) to view the full Ascendiant Capital Markets Equity Research Report.

Summary Points:

• 2 IPOs Planned: In October 2023, the company announced plans to spinoff two of its businesses in IPOs in 2024 (originally planned), its digital advertising ecosystem, Thoughtful Media Group Inc., and its online travel platform, NusaTrip Inc. Ascendiant believes that these IPOs will drive significant value to Society Pass’s shareholders and will be key catalysts for the company in 2025.
  
• Positive high risks versus high rewards: Overall, concerns outweighed by growth prospects and valuation. Society Pass’s main products still has long commercialization challenges ahead, but Ascendiant believes the ~billion dollars market potential presents high rewards for the risks.
  
• Company trading at cash value: The company’s market capitalization is only ~$7 million while it has ~$7 million in cash implying its shares and business are significantly undervalued.
  
• Valuation attractive: Ascendiant maintains BUY rating, and raises 12-month price target to $15 from $14, based on a NPV analysis, representing significant upside from the current share price. Ascendiant believes this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Raynauld Liang
Chief Executive Officer
ray@thesocietypass.com

FAQ

What is Society Pass (SOPA) stock price target according to Ascendiant Capital Markets?

Ascendiant Capital Markets raised their 12-month price target for SOPA from $14 to $15, maintaining a BUY rating.

What are the two planned IPO spinoffs for Society Pass in 2025?

Society Pass plans to spinoff Thoughtful Media Group Inc. (digital advertising ecosystem) and NusaTrip Inc. (online travel platform).

What is Society Pass's current market capitalization and cash position?

Society Pass has a market capitalization of approximately $7 million and holds approximately $7 million in cash.

Why does Ascendiant consider Society Pass (SOPA) undervalued?

Ascendiant considers SOPA undervalued because the company's market capitalization equals its cash holdings (~$7M), essentially valuing the business operations at zero despite billion-dollar market potential.

What are the main risks and opportunities for Society Pass (SOPA)?

The main risks include long commercialization challenges for products, while opportunities include billion-dollar market potential in Southeast Asia and value creation through planned IPO spinoffs.