Society Pass Inc (Nasdaq: SOPA): Ascendiant Capital Issues 3Q 2023 Equity Research Update; 3Q Results Show Solid Revenue Growth and Maintains Positive Outlook on Growth Prospects
December 07 2023 - 8:17AM
Society Pass Inc. (
Nasdaq: SOPA)
(“
SoPa” or the “
Company”),
Southeast Asia’s (SEA) next generation, data-driven, loyalty,
fintech and e-commerce ecosystem announces that Ascendiant Capital
Markets LLC (“
Ascendiant”) has issued an equity
research update.
Click Here (on Society Pass
website) or Here (on Ascendiant website) to view
the full Ascendiant Equity Research Report.
Summary Points:•
Valuation: Ascendiant maintains a positive outlook
due to SoPa’s high growth prospects and large upside opportunities.
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
fast growing market opportunities for SoPa.
• 3rd Quarter 2023 Results Shows
Improvement Y-O-Y: Revenues reached $2.3 million
(+11% y-o-y). Gross profit for the quarter was $0.6 million. Gross
margin for the quarter was 25%, versus 15% last year. Operating
expenses were $4.7 million, versus Ascendiant expectation of $4.9
million. Operating loss was $4.1 million. Net loss was $3.9
million.
• Strong Balance
Sheet: SoPa’s balance sheet had $8 million in cash
and no debt. In October, the company announced a new $40 million
equity line of credit with Strattners FZCO.
• 2 IPOs Planned: In October
2023, the company announced plans to spinoff two of its businesses
in IPOs in 2024, 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 2024.
• Management
Change: In October 2023, Raynauld
Liang was appointed as the new Chief Executive Officer of the
company. Yee Siong Tan was appointed as the Chief Financial Officer
replacing Mr. Liang.
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 Bangkok, Ho Chi Minh City,
Jakarta, Manila, and Singapore, Society Pass
Incorporated (Nasdaq: SOPA) is an
acquisition-focused holding company operating 5 interconnected
verticals (loyalty, digital media, travel, telecoms, and
lifestyle), 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 3.7 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.
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 StatementsThis 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:Rokas
SidlauskasChief Marketing Officerrokas@thesocietypass.com
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