Ascendiant Capital Markets: “Society Pass Inc (Nasdaq: SOPA) stock is undervalued and should be higher on NusaTrip valuation”

Core Viewpoint - Society Pass Incorporated (SOPA) is highlighted in a recent equity research report by Ascendiant Capital Markets, which maintains a BUY rating and raises the 12-month price target to $22.50, indicating significant upside potential from the current share price [1][4]. Company Overview - Society Pass Inc. was founded in 2018 and operates in the fast-growing e-commerce markets of Southeast Asia, including Vietnam, Indonesia, Philippines, Singapore, and Thailand, which collectively represent over 80% of the SEA population [3]. - The company operates three interconnected verticals: digital media, travel, and lifestyle, leveraging technology to enhance customer experiences and transform the retail value chain in SEA [3]. Financial Performance - For Q3 2025, Society Pass reported revenue of $1.4 million, a decrease of 18% year-on-year, and an earnings per share of $(0.84), which was below estimates [4]. Valuation Insights - Ascendiant estimates NusaTrip's value at approximately $20 per share, translating to a total valuation of around $125 million, which is significantly higher than SOPA's current stock price by approximately 1,769%, indicating a potential undervaluation of SOPA shares [4]. - The report suggests that the current valuation of SOPA does not reflect the potential value of its upcoming IPOs, particularly for Thoughtful Media, which is expected to be a strong catalyst for SOPA shares [4]. Market Opportunities - Ascendiant identifies strong economic expansion, population growth, urbanization, the emergence of a middle class, and increased mobile technology adoption as key factors providing substantial market opportunities for Society Pass and other technology companies in Southeast Asia [4]. Strategic Developments - Society Pass announced a new investment strategy focusing on AI companies, including those in software, network infrastructure, and data centers, both in Asia and globally [4]. - The company plans to spin off its digital advertising ecosystem and online travel platform into IPOs in 2024, which are expected to drive significant value for shareholders [4].