Greenridge Global: Positive Developments At Society Pass Inc. (Nasdaq: SOPA) Overlooked By The Market

Core Viewpoint - Society Pass Incorporated (SOPA) is positioned as a next-generation e-commerce ecosystem in Southeast Asia, with recent developments highlighting growth opportunities through its subsidiaries and strategic acquisitions in the AI sector [1]. Group 1: NusaTrip Developments - NusaTrip Inc. completed its IPO on August 18, 2025, raising $17.25 million and has shifted focus from B2C to B2B, partnering with Agoda and other OTAs, leading to over $100 million in GMV quarterly [2]. - The company is expected to accelerate growth by expanding into higher-margin B2C offerings and ancillary products, with a current share price of $9.00 valuing SOPA at $126 million based on its holdings [2]. Group 2: Thoughtful Media Group (TMG) Updates - Thoughtful Media Group Inc. is preparing for an IPO, with a focus on expanding its Premium business and maintaining its MCN operations through new channels [3]. - TMG plans to use IPO proceeds for M&A and market expansion, with a potential IPO price of $4.00, leading to a pre-money valuation of $71.2 million [3]. Group 3: AI Business Expansion - Society Pass announced plans to acquire AI software and infrastructure companies across SEA, Europe, and North America, indicating a strategic move into the AI market [4]. Group 4: Financial Projections - Greenridge's updated model estimates SOPA's 2025 revenue at $7.4 million with a loss of $0.15 per share, and a projected revenue of $18.2 million in 2026 with earnings of $0.16 per share, driven by NusaTrip's growth [5]. Group 5: Operational Efficiency - The company has streamlined operations by replacing back-office jobs with AI and investing in software upgrades, demonstrating a focus on cost control and operational efficiency [6]. Group 6: Market Position and Valuation - Greenridge maintains a Buy rating for SOPA, reducing the target price from $45.00 to $25.00, reflecting the current market value of SOPA's holdings in NUTR and TMGX, while noting that the stock is trading below net cash [7].