Ascendiant Capital publishes a company update on Society Pass (NASDAQ: SOPA), expecting strong growth over the next year

Core Insights - Ascendiant Capital reports Society Pass (NASDAQ: SOPA) fiscal Q4 2023 results with adjusted revenue estimated at $10 million, highlighting strong economic expansion and urbanization as growth drivers [1] - Society Pass plans to spin off two businesses, Thoughtful Media Group Inc and NusaTrip Inc, via IPOs in 2024, which are expected to create significant shareholder value [2] - Ascendiant maintains a BUY rating for Society Pass but has lowered the 12-month price target from $41.25 to $21, indicating a substantial upside potential from the current share price [3] Company Overview - Society Pass Inc., established in 2018, operates a data-driven e-commerce ecosystem across Southeast Asia, focusing on interconnected verticals such as loyalty, digital media, travel, telecommunications, and lifestyle [6] - The company aims to innovate and reshape the digital commerce landscape in the region, serving both consumers and merchants/brands [6] Leadership Commentary - CEO Raynauld Liang expressed enthusiasm regarding Ascendiant's positive growth outlook for Society Pass in 2024, emphasizing the importance of the upcoming IPOs for shareholder value [4] - Liang also mentioned the company's strong financing and compliance with Nasdaq as factors contributing to a positive future outlook [5]