Litchfield Hills Research: Society Pass Incorporated’s (Nasdaq: SOPA) Total Asset Value Implies Valuation of 1,300% of Current Market Capitalization

Rhea-AI Summary

Society Pass (Nasdaq: SOPA) saw Litchfield Hills Research highlight a large valuation gap where SOPA's $18.0M market capitalization implies a steep holding-company discount versus operating assets and cash—Litchfield Hills estimates consolidated asset value roughly 1,300% of the parent. The report anchors near-term value in two consolidated platforms, Thoughtful Media and NusaTrip, forecasting consolidated revenue rising from $7.0M in 2025 to $10M by 2027. Thoughtful Media's proposed IPO range implies an $80.1M SOPA stake value at the midpoint, and NusaTrip reported $250M GMV in 2025 and ~55% of consolidated revenue in the latest quarter.

Positive

• Implied asset premium ~1,300% vs SOPA market cap
• Thoughtful Media implied stake value of $80.1M
• Consolidated revenue forecast $7.0M→$10M (2025→2027)
• NusaTrip processed $250M GMV in 2025

Negative

• Current market cap $18.0M implies deep market skepticism
• Revenue concentration: 55% of recent quarter from NusaTrip
• Sapience AI investments are non‑consolidated with limited visibility

Argus Jan 23 session

+6.78% close to close Open Argus

Details

News Market Reaction – SOPA

On Jan 23, the day this news came out, SOPA closed 6.78% above the previous close.

Data tracked by StockTitan Argus for the Jan 23 session.

Key Figures

SOPA market cap: $18.0M Forecast revenue 2025: $7.0M Forecast revenue 2027: $10M +5 more

SOPA market cap

$18.0M

Market capitalization referenced in valuation disconnect discussion

Forecast revenue 2025

$7.0M

Consolidated sales forecast for 2025 from TMG and NusaTrip

Forecast revenue 2027

$10M

Consolidated sales forecast for 2027 from TMG and NusaTrip

TMG IPO price range

$4.00–$5.00 per share

Proposed IPO range for 3.75M TMG shares filed August 2024

TMG IPO valuation range

$86M–$107M

Implied pro forma equity valuation based on 21.55M TMG shares

SOPA TMG stake value

$80.1M

Implied value of SOPA’s expected 83% TMG stake at $4.50 midpoint

TMG acquisition price

$2.0M

Total consideration paid by SOPA for TMG in July 2022

NusaTrip 2025 GMV

$250M

Approximate gross merchandise value processed by NusaTrip in 2025

Historical Context

5 past events · Latest: Jan 22

5 events

1. Jan 22

   AI investment update

   24h Move

   +8.3%

   Minority Sapience AI investment to enter AI data centre market.

2. Jan 12

   Strategic partnership

   24h Move

   +3.7%

   NusaTrip–Bookcabin deal to expand hotel and travel distribution in SEA.

3. Dec 31

   Equity offering close

   24h Move

   +16.9%

   Closing of $3.0M common stock offering priced at $2.00 per share.

4. Dec 29

   Equity offering price

   24h Move

   +61.0%

   Pricing of $3.0M best-efforts equity offering under effective S-1.

5. Dec 29

   Product launch

   24h Move

   +61.0%

   Launch of TMG Social live commerce platform targeting SEA market.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

sum-of-the-parts, ipo, b2b, b2c, +2 more

6 terms

sum-of-the-parts financial

"highlights a pronounced sum-of-the-parts valuation disconnect."

A valuation approach that estimates the worth of each business unit, asset or subsidiary separately and adds those parts together to get the company’s total value—like pricing each room in a house and then totaling them. It matters to investors because it can reveal hidden or mispriced value within diverse or conglomerate companies, helping determine whether the market price reflects true asset worth or if a breakup, sale, or restructuring could unlock gains.

ipo regulatory

"filed for a registration statement for its IPO with a proposed price range"

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.

View in glossary

b2b financial

"The revenue mix of approximately 95% B2B and 5% B2C"

Business-to-business (B2B) describes companies that sell products or services to other businesses rather than to individual consumers. For investors, B2B models often mean larger, repeatable contracts and revenue tied to corporate budgets, which can produce steadier, more predictable cash flow; think of a parts supplier selling regular batches to a factory rather than a shop selling single items to walk-in customers, so customer concentration and contract length matter.

b2c financial

"The revenue mix of approximately 95% B2B and 5% B2C"

Business-to-consumer (B2C) describes companies that sell products or services directly to individual customers rather than to other businesses. Investors care because B2C firms’ revenues, growth and risks are driven by consumer demand, brand strength and marketing — like a shop whose success depends on foot traffic and repeat shoppers — so shifts in consumer tastes, pricing power or distribution can quickly affect sales and profitability.

gmv financial

"It processes a daily volume of roughly 20,000 airline tickets."

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

ai infrastructure technical

"non-consolidated AI infrastructure investments in Central & Eastern Europe"

AI infrastructure consists of the hardware, software, and systems needed to develop, run, and support artificial intelligence applications. Think of it as the foundation and tools that enable AI to process large amounts of data quickly and accurately, similar to how a strong foundation supports a building. For investors, AI infrastructure is important because it underpins advancements in technology that can drive new business opportunities and competitive advantages.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Jan. 23, 2026 (GLOBE NEWSWIRE) -- Society Pass Incorporated (Nasdaq: SOPA) (the “Company” or “SOPA”), Southeast Asia’s (“SEA”) next generation digital ecosystem announces that Litchfield Hills Research LLC (“Litchfield Hills Research”) has issued equity research report update.

Click Here (on SOPA website) or Here (on Litchfield Hills Research website) to view the full Litchfield Hills Research Equity Research Report.

Summary Points:
• Valuation disconnect: Litchfield Hills Research highlights a pronounced sum-of-the-parts valuation disconnect. SOPA’s $18.0M market capitalization implies a substantial holding-company discount to its operating assets and cash, which carry a value of roughly 1,300% of the parent, while assigning no value to non-consolidated AI infrastructure optionality.

• Strategic transformation: SOPA is transitioning from consumer e-commerce into a platform holding company with scalable, cash-generative operating businesses and embedded AI infrastructure optionality. By late 2025, management formally shifted strategy toward higher-margin, infrastructure-oriented assets, citing increasing competition and margin pressure in consumer e-commerce, accelerating global demand for AI inference capacity, and the opportunity to redeploy capital into scalable platforms with operating leverage. This strategic pivot marks a clear departure from SOPA’s earlier consumer-centric model and establishes the foundation for a diversified platform holding company with multiple, complementary operating assets.

• Strong revenue growth: Anchoring near-term value in two consolidated operating platforms. Thoughtful Media Incorporated, a subsidiary of the Company, (“Thoughtful Media” or “TMG”) and NusaTrip International Pte Ltd. (“NusaTrip”), another subsidiary of the Company, drive reported revenue, with consolidated sales forecast to grow from $7.0M in 2025 to $10M by 2027.

• Thoughtful Media: Litchfield Hills Research says Thoughtful Media is shifting toward premium advertising, and launching social commerce, supporting mid-teens growth and sustained profitability. Litchfield Hills Research forecasts 17% revenue CAGR through 2027 for Thoughtful Media. Strategically, Litchfield Hills Research views Thoughtful Media as the keystone asset in SOPA’s emerging model. When combined with SOPA’s developing AI infrastructure initiatives, this structure increasingly resembles an integrated platform holding company rather than a consumer e-commerce operator.

• Thoughtful Media IPO: To unlock the value of this asset, in August 2024 TMG filed for a registration statement for its IPO with a proposed price range of $4.00–$5.00 per share for 3.75 million shares. Based on the 21.55 million shares outstanding reported in the filing, this implies a pro forma equity valuation of approximately $86 million to $107 million. Following the offering, Litchfield Hills Research believes SOPA is expected to retain an approximate 83% majority stake (roughly 17.8 million shares). Assuming that the IPO of Thoughtful Media priced at $4.50 per share, the midpoint of the IPO price range, this stake represents an implied value of $80.1 million for SOPA. This valuation is equivalent to approximately 444% of SOPA’s current total market capitalization of $18.03 million. Notably, TMG was acquired by SOPA in July 2022 for a total consideration of approximately $2.0 million, suggesting a massive potential valuation step-up of nearly 40x upon a successful public listing.

• NusaTrip (Nasdaq: NUTR): NusaTrip is a majority-owned subsidiary of SOPA operating a high-volume, low-take-rate B2B travel infrastructure platform across Southeast Asia. SOPA acquired it for $5.0 million in 2022. Management is currently executing a pivot into the higher-margin hotel sector, leveraging a network of over 1 million properties—including 500,000 self-contracted hotels in SEA—via a strategic partnership with Bookcabin announced in January 2026. In the most recent reported quarter, NusaTrip remained SOPA’s primary revenue engine, accounting for approximately 55% of consolidated revenue ($0.77 million of $1.38 million). NusaTrip operates as an embedded travel infrastructure, processing approximately $250M GMV in 2025 with a path to full-year profitability. The revenue mix of approximately 95% B2B and 5% B2C, with B2C primarily serving as a testing and data-collection channel. It processes a daily volume of roughly 20,000 airline tickets.

• Sapience AI: Seeding AI data-center investments as long-dated upside. Minority, non-consolidated AI infrastructure investments in Central & Eastern Europe offer high-margin optionality, albeit with limited near-term financial visibility.

About Society Pass Inc.
Founded in 2018 as an e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, and with offices located in Bangkok, Beijing, Ho Chi Minh City, Hong Kong, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 4 interconnected verticals (digital media, travel, lifestyle, and alternative intelligence infrastructure).

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, identifying potential acquisition targets, proposed IPO of Thoughtful Media, and the return of its investment in Sapience AI Inc.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What valuation gap did Litchfield Hills Research report for SOPA on January 23, 2026?

The report highlights an implied holding‑company discount where consolidated assets and cash value roughly 1,300% of SOPA's $18.0M market capitalization.

How much could Thoughtful Media's IPO imply for SOPA's stake (SOPA) based on the filing?

At the IPO midpoint of $4.50, SOPA's ~83% stake in Thoughtful Media implies an approximate value of $80.1M for SOPA.

What revenue growth does Litchfield Hills Forecast for SOPA's consolidated sales (SOPA)?

Consolidated sales are forecast to grow from $7.0M in 2025 to $10M by 2027.

What role did NusaTrip play in SOPA's recent revenue mix (SOPA)?

NusaTrip accounted for about 55% of consolidated revenue in the most recent reported quarter.

What scale did NusaTrip report for 2025 GMV and activity levels?

NusaTrip processed approximately $250M GMV in 2025 and about 20,000 airline tickets daily.

Are SOPA's AI infrastructure investments included in consolidated financials?

No; Sapience AI investments are minority, non‑consolidated positions presenting long‑dated optionality with limited near‑term financial visibility.