NEW YORK, Nov 2, 2023 - (ACN Newswire) - Greenridge Global LLC (“Greenridge Global”) initiates equity research coverage on Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) to view the full Greenridge Global Equity Research Report.

Summary Points:

• Valuation: Greenridge Global initiates coverage with a target price based on an EV/Revenue multiple of roughly 3 times 2025 Revenue estimate of $33.3 million, discounted back one year at 20%. The mix of social/influencer advertising and a loyalty-driven eCommerce ecosystem present a unique opportunity to capture this growth, and collect an abundance of data that can be monetized down the road. Greenridge Global believes the market is not fairly valuing SoPa’s assets at this time and believe listing some of its subsidiaries provides greater transparency to SoPa’s overall business model.

• SEA is Ideal Market for SoPa:  SoPa is uniquely positioned to capitalize on the young and rapidly growing digitally-connected population in SEA, which is poised to see among the highest GDP growth rates over the next handful of years, while having arguably less geopolitical risk than other countries.

• Loyalty Wallet to Drive Revenues Growth:  The Company launched its Society Points Loyalty Wallet in June 2023 and should have all of its subsidiaries linked by the end of 2023, which should boost sales across businesses, increase retention and offer unique advertising opportunities to the 3.3 million users of its companies.

• Thoughtful Media Expected to See Substantial Revenue Generation:  Thoughtful Media is in the early stages of rapid expansion, through strategic bolt-on acquisitions and opening new regional offices, all of which should result in substantial Revenue growth in the next few years.

• SEA Unbanked Population Offers Growth Potential for SoPa:  Roughly 70% of Southeast Asia’s population is unbanked or underbanked, making the payment options of the Loyalty Wallet a starting point for the Company to deliver different financial service options to its users.

• Acquisitions to Drive NusaTrip Growth:  The recent VLeisure acquisition and early rollup stages of traditional travel agencies, coupled with the mobile access Gorilla’s eSIM brings should turn NusaTrip into a holistic travel booking destination for the SEA region, which has seen rapid increases in travel post-Covid.

• Expected Capital Markets Activities in 2024 to Unlock Value:  SoPa is in the midst of listing two of its key assets, Thoughtful Media and NusaTrip, which should enhance the valuation of these assets, as well as provide for more diverse funding and M&A options.

About Greenridge Global LLC

Greenridge Global was founded in June 2012 with the aim of providing a range of institutional services to small cap and Asian-based companies who have been abandoned by traditional broker-dealers.  Greenridge’s growing team has a rich history of working in buyside, sell-side and investment banking capacities in the US and Asia, enabling it to have a broad network of investors and industry partners.  We look forward to providing a high level of value added service to our corporate and investor clients around the world. For more information on Greenridge Global, please visit: Website at https://www.greenridgeglobal.com/home.html.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;  Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass  or
Facebook at https://www.facebook.com/thesocietypass  or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

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