Ascendiant Capital Markets: “Society Pass Inc (Nasdaq: SOPA) stock is undervalued and should be higher on NusaTrip valuation”

Rhea-AI Summary

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Key Figures

Ascendiant 12M price target $22.50 Raised from $22.00 based on NPV analysis

NusaTrip valuation $125 million Ascendiant estimate for NusaTrip equity value

NusaTrip per-share value $20 per SOPA share NusaTrip value divided by 6.2M SOPA shares

NusaTrip IPO proceeds $17 million IPO of 4.3M shares at $4.00 per share in August 2025

NusaTrip price Oct 8, 2025 $9.00 per share Post-IPO trading level before halt

Undervaluation claim 1,769% Ascendiant’s stated upside vs current SOPA stock price

Q3 2025 revenue $1.4 million Down 18% YoY; below Ascendiant estimate of $2.4M

Q3 2025 EPS -$0.84 Below Ascendiant EPS estimate of -$0.07

Market Reality Check

$2.47 Last Close

Volume Volume 10,793,779 is 13.57x the 20-day average of 795,537, indicating unusually heavy trading ahead of this report. high

Technical Shares at $1.07 are trading below the 200-day MA of $1.43 and about 84.15% under the 52-week high of $6.75.

Peers on Argus 1 Up 1 Down

Sector peers show mixed moves: ELWS down 5.41%, OBLG up 12.5%, FTFT up 1.55%, QH down 1.79%, SGN flat. With SOPA down 12.3% pre-news and no clear directional cluster in peers, trading looks stock-specific rather than a broad software/services move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 15	M&A strategy update	Positive	-15.2%	Outlined M&A strategy using NUTR deal to illustrate valuation upside.
Dec 11	AI strategy shift	Positive	-13.2%	Announced pivot to acquiring AI-driven software, data centre and telecom assets.
Oct 06	Earnings and PT hike	Positive	+275.9%	Reported strong 2Q 2025 growth and Ascendiant price target increase to <b>$18</b>.
Sep 08	Nasdaq compliance	Positive	+10.1%	Confirmed continued Nasdaq listing via compliance with equity requirement.

Pattern Detected

Recent strategic and M&A announcements were followed by double‑digit declines, while earnings strength and Nasdaq compliance news saw sharp positive reactions, indicating selective investor confidence.

Recent Company History

Over the last few months, SOPA combined strategic shifts with capital-markets milestones. On Oct 6, an Ascendiant earnings note highlighting 46% YoY revenue growth and a higher price target coincided with a 275.89% move, underscoring sensitivity to valuation calls. Nasdaq compliance confirmation on Sep 8 also drew a positive reaction. By contrast, December announcements on M&A and AI-focused expansion, despite emphasizing NUTR value creation, were followed by double-digit declines, suggesting investor skepticism around execution and dilution risks. Today’s bullish valuation commentary arrives after that backdrop.

Market Pulse Summary

The stock moved +9.3% in the session following this news. A strong positive reaction aligns with the history of sharp moves when external research highlights valuation gaps, such as prior Ascendiant coverage. However, recent M&A and AI strategy updates have previously been followed by declines, underscoring execution and financing risks. Investors have also seen significant fundamental volatility in revenues and earnings. Any extended advance could face challenges if enthusiasm for asset values fades or if concerns around losses and capital needs re-emerge.

Key Terms

npv analysis financial

"raises our 12-month price target to $22.50 from $22.00, based on a NPV analysis"

Net Present Value (NPV) analysis calculates the current value of a series of future cash flows by discounting them back to today using a chosen rate that reflects time and risk. It matters to investors because it shows whether an investment or project is expected to create more value than its cost, similar to comparing the worth today of promised future payments to the price you must pay now.

ipo financial

"In August 2025, NusaTrip went public on the NASDAQ under the ticker “NUTR”. The company raised $17 million"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

trading halt technical

"NusaTrip’s stock is currently halted for trading since October 9, 2025, due to SEC and NASDAQ investigations"

A trading halt is a temporary pause on buying and selling a particular stock imposed by an exchange or regulator, like pressing the pause button on a game so everyone can catch up. It is used to give the market time to absorb important new information or to prevent chaotic price swings, and matters to investors because it freezes the ability to trade, delays price discovery, and can change risk and strategy until normal trading resumes.

nasdaq regulatory

"NusaTrip went public on the NASDAQ under the ticker “NUTR”"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

artificial intelligence technical

"it will be focusing on new investments in AI (artificial intelligence) companies"

Artificial intelligence is the ability of computers and machines to perform tasks that typically require human thinking, such as understanding language, recognizing patterns, or making decisions. For investors, it matters because AI can enhance efficiency, uncover new insights, and enable smarter strategies, potentially impacting the value and performance of companies that develop or utilize this technology.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (“SOPA” or the “Company”), Southeast Asia’s (SEA) next generation e-commerce ecosystem, today highlights Ascendiant Capital Markets LLC’s (“Ascendiant”) recent equity research report on Society Pass Inc. as published on December 17, 2025.

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

Summary Points from Ascendiant’s Report:

• Valuation very attractive: Ascendiant maintains BUY rating and raises our 12-month price target to $22.50 from $22.00, based on a NPV analysis, representing significant upside from the current share price. Ascendiant believes this valuation appropriately balances out SOPA’s high risks with its high growth prospects and large upside opportunities.
• NusaTrip’s value is approximately $20 per share: NusaTrip value of approximately $125 million, divided by 6.2 million SOPA shares outstanding equates to approximately $20 per share of value. This is well above the current stock price of SOPA by almost approximately 1,769%, which Ascendiant believes represents a significant undervaluation of SOPA shares.
• NusaTrip IPO and trading halt: In August 2025, NusaTrip went public on the NASDAQ under the ticker “NUTR”. The company raised $17 million (4.3 million shares at $4.00 per share). NusaTrip’s stock has been very strong since the IPO and was trading at $9.00 per share on October 8, 2025. Ascendiant notes that NusaTrip’s stock is currently halted for trading since October 9, 2025, due to SEC and NASDAQ investigations. NusaTrip has been responding to inquiries from Nasdaq and we expect shares may resume trading soon.
• New investment strategy: In December, the Company recently announced that it will be focusing on new investments in AI (artificial intelligence) companies. These include AI-driven software and network infrastructure companies and privately held AI data centre, travel, digital advertising, and telecommunications sectors in Asia and globally.
• IPO planned: In October 2023, SOPA announced plans to spin off 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 SOPA’s shareholders and will be key catalysts for the company in 2025 and 2026.
• 1 IPO completed, another one should complete soon: Ascendiant expects Thoughtful Media to IPO in early 2026. Ascendiant expects Thoughtful Media’s valuation to be comparable to NusaTrip. With the current undervaluation of SOPA shares, Ascendiant does not believe investors are giving SOPA any valuation for Thoughtful Media, so a strong IPO should be a strong catalyst for SOPA shares.
• Reported Q3: The Company on November 14, 2025, reported its fiscal Q3 2025 results for the quarter ending September 30, 2025. Revenue was $1.4 million (down 18% year-on-year), compared to our estimates of $2.4 million. Earnings per share was $(0.84), compared to our estimates of $(0.07) for Q3. There was no Q3 guidance or consensus estimates.
• Market opportunities: Ascendiant believes that continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide large and fast-growing market opportunities for Society Pass and other technology companies in SEA.

About Society Pass Inc.
Founded in 2018 as an 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 Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 3 interconnected verticals (digital media, travel, and lifestyle). 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.

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

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

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

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

Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s intended M&A strategies, including possible future IPOs as well as the future performance or valuation of its stock. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Society Pass Incorporated’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Society Pass Incorporated’s common stock and risks relating to Society Pass Incorporated’s business, identify potential acquisition target and proposed IPO of Thoughtful Media.

Media Contact:
Raynuald LIANG
Chief Executive Officer
ray@thesocietypass.com