Ascendiant Capital publishes a company update on Society Pass (NASDAQ: SOPA), expecting strong growth over the next year
May 28 2024 - 8:00AM
Ascendiant Capital compiles a report on The Society Pass (NASDAQ:
SOPA) fiscal Q4 2023 results and estimates adjusted revenue of
$10million.
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
$41.25 to $21, representing a significant upside from the current
share price. The valuation appropriately balances the company’s
risks with its high growth potential and large upside opportunities
in the market.
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 SidlauskasChief Marketing
OfficerEmail: rokas@thesocietypass.com
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