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

SINGAPORE, May 28, 2024 (GLOBE NEWSWIRE) -- Ascendiant Capital compiles a report on The Society Pass (NASDAQ: SOPA) fiscal Q4 2023 results and estimates adjusted revenue of $10million.

Ascendiant Capital believes that 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 large and fast-growing opportunities for Society Pass.

In October 2023, The Society Pass announced plans to spinoff two of its businesses via IPOs in 2024, the digital advertising ecosystem, Thoughtful Media Group Inc, and its online travel platform NusaTrip Inc. Ascendiant Capital believes that these IPOs will drive significant value to Society Pass’ shareholders and will be key catalysts for the company in 2024.

Ascendiant maintains attractive valuation and BUY rating for Society Pass, however lowered their 12-month price target from $41.25 to $21, representing a significant upside from the current share price. The valuation appropriately balances the company’s risks with its high growth potential and large upside opportunities in the market.

Raynauld Liang, CEO of Society Pass, commented on the Ascendiant’ report by stating: "We are excited about Ascendiant Capital’s positive growth outlook for The Society Pass in 2024, as we continue to work towards our aim of delivering the two planned IPOs in the second half of the year and deliver value for our shareholders and partners”.

Mr. Liang further elaborated on Society Pass’ immediate plans for the future by stating “With the recent announcements of strong and flexible financing as well as regaining compliance with Nasdaq, we are enthusiastic about the future of the company and delivering on our goals”.

About Society Pass Inc.:

Established in 2018, Society Pass Inc. operates as a data-driven e-commerce ecosystem across Vietnam, Indonesia, Philippines, Singapore, and Thailand. With strategic offices across SEA, the company operates in interconnected verticals—loyalty, digital media, travel, telecommunications and lifestyle,—serving consumers and merchants/brands in Southeast Asia. Society Pass Incorporated (Nasdaq: SOPA) is committed to driving innovation and reshaping the digital commerce landscape in the region.

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Cautionary Note Concerning Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable laws.

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