Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) 1Q 2025 Sees Growth Over the Next Year with 2 IPOs Providing Key Catalysts in 2025

Company Overview - Society Pass Inc. is a data-driven loyalty, fintech, and e-commerce ecosystem founded in 2018, operating in fast-growing Southeast Asian markets including Vietnam, Indonesia, Philippines, Singapore, and Thailand, which collectively represent over 80% of the SEA population [3] - The company operates six interconnected verticals: loyalty, digital media, travel, telecoms, lifestyle, and food & beverage, connecting millions of registered consumers and hundreds of thousands of merchants across various product and service categories [3][5] - Society Pass went public in November 2021, trading on Nasdaq under the ticker SOPA [4] Business Model and Growth Strategy - Society Pass focuses on acquiring fast-growing e-commerce companies to expand its user base and integrate these businesses through its Society Pass fintech platform and universal loyalty points system, Society Points, which is in beta testing and expected to launch broadly in early 2023 [5] - The company has over 3.3 million registered consumers and more than 650,000 registered merchants and brands, supported by proprietary IT architecture developed over two years [5][6] - Society Pass operates several key subsidiaries, including Thoughtful Media Group, NusaTrip, VLeisure, Gorilla Global, Leflair.com, Pushkart.ph, and NextGen Retail, enhancing its service offerings across various sectors [6] Future Plans and Market Potential - In October 2023, Society Pass announced plans to spin off two of its businesses, Thoughtful Media Group Inc. and NusaTrip Inc., through IPOs in 2024, which are expected to create significant value for shareholders and act as key growth catalysts in 2025 [7] - The company is currently trading at a market capitalization of approximately $7 million, with an equivalent amount in cash, indicating that its shares and business are significantly undervalued [7] - Ascendiant Capital Markets has raised the 12-month price target for Society Pass to $15 from $14, reflecting a positive outlook based on a net present value analysis, which suggests substantial upside potential from the current share price [7]