Ascendiant Capital publishes a company update on Society Pass (NASDAQ: SOPA), expecting strong growth over the next year
Rhea-AI Summary
Ascendiant Capital has released an update on Society Pass (NASDAQ: SOPA), highlighting its fiscal Q4 2023 results and estimating adjusted revenue of $10 million. The report emphasizes strong economic expansion, rising urbanization, and increasing mobile technology adoption as key growth drivers. Society Pass plans to spin off two businesses, Thoughtful Media Group and NusaTrip, via IPOs in 2024, which are expected to add significant value for shareholders. Ascendiant maintains a BUY rating for SOPA but has lowered the 12-month price target from $41.25 to $21. CEO Raynauld Liang expressed optimism about future growth and the recent compliance with Nasdaq.
Positive
- Estimated adjusted revenue of $10 million for Q4 2023.
- Strong economic expansion and urbanization are key growth drivers.
- Increasing mobile technology adoption presents large opportunities.
- Planned IPOs for Thoughtful Media Group and NusaTrip expected to add significant shareholder value.
- Maintained BUY rating by Ascendiant Capital.
- Recent compliance with Nasdaq adds credibility.
Negative
- 12-month price target lowered from $41.25 to $21.
- Potential risks balanced against high growth potential.
News Market Reaction – SOPA
In the trading session that priced this news, SOPA gained 1.62%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SINGAPORE, May 28, 2024 (GLOBE NEWSWIRE) -- Ascendiant Capital compiles a report on The Society Pass (NASDAQ: SOPA) fiscal Q4 2023 results and estimates adjusted revenue of
Ascendiant Capital 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 opportunities for Society Pass.
In October 2023, The Society Pass announced plans to spinoff two of its businesses via IPOs in 2024, the digital advertising ecosystem, Thoughtful Media Group Inc, and its online travel platform NusaTrip Inc. Ascendiant Capital believes that these IPOs will drive significant value to Society Pass’ shareholders and will be key catalysts for the company in 2024.
Ascendiant maintains attractive valuation and BUY rating for Society Pass, however lowered their 12-month price target from
Raynauld Liang, CEO of Society Pass, commented on the Ascendiant’ report by stating: "We are excited about Ascendiant Capital’s positive growth outlook for The Society Pass in 2024, as we continue to work towards our aim of delivering the two planned IPOs in the second half of the year and deliver value for our shareholders and partners”.
Mr. Liang further elaborated on Society Pass’ immediate plans for the future by stating “With the recent announcements of strong and flexible financing as well as regaining compliance with Nasdaq, we are enthusiastic about the future of the company and delivering on our goals”.
About Society Pass Inc.:
Established in 2018, Society Pass Inc. operates as a data-driven e-commerce ecosystem across Vietnam, Indonesia, Philippines, Singapore, and Thailand. With strategic offices across SEA, the company operates in interconnected verticals—loyalty, digital media, travel, telecommunications and lifestyle,—serving consumers and merchants/brands in Southeast Asia. Society Pass Incorporated (Nasdaq: SOPA) is committed to driving innovation and reshaping the digital commerce landscape in the region.
For more information, please visit:
- Website: https://www.thesocietypass.com
- LinkedIn: https://www.linkedin.com/company/societypass
- Facebook: https://www.facebook.com/thesocietypass
- Twitter: https://twitter.com/society_pass
- Instagram: https://www.instagram.com/societypass
Cautionary Note Concerning Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable laws.
Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
Email: rokas@thesocietypass.com
