SOPA) – Initiating Coverage on Digital Commerce Platform for Southeast Asia with Upside Potential

Society Pass Incorporated

Society Pass Incorporated

New York, NY, September 27, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – Think Equity, LLC (“Think Equity”) will begin reporting on Company Pass Inc. (Nasdaq: SOPA) (“SoPa”).

Click here (on the Society Pass website) to view the full Think Equity research report.

Summary points:
• E-Commerce Holding Company. Society Pass is an acquisition-driven eCommerce holding company that operates six interconnected verticals in customer engagement, lifestyle, food & beverage, telecom, digital media and travel, connecting millions of registered consumers and thousands of registered merchants in Southeast Asia. The company has onboarded more than 3.3 million registered consumers and over 200,000 registered retailers and brands. The company had revenue of $520,000 in 2021, with revenue guidance of $9.5 million for 2022 and $42.7 million for 2023.

• Experienced and diverse leadership team. The company is led by a team of experienced Asia-based executives who have collectively spent over 150 years on the ground in Asia with operational, marketing, technology and financial experience. Society Pass is the sixth company that Dennis Nguyen, the Group’s Founder, Chairman and CEO, has taken public. More than half of the managers and employees are female. The firm’s board of directors brings a diverse range of experience from technology to finance and law to investment banking/private equity. The company has built a sophisticated technology platform in four years, onboarding over 3.3 million registered consumers and over 200,000 registered merchants/brands.

• Integrated ecosystem. Society Pass acquires businesses in specific industries, including lifestyle, food and beverage delivery, travel, digital media, telecommunications and loyalty. In the lifestyle industry, the company acquired Leflair in February 2021 and relaunched in the Vietnamese market in September 2021. In food and beverage delivery, the company acquired Pushkart and Handycart in February 2022 and Manganese in July 2022. In July 2022, the company acquired Thoughtful Media, a Thailand-based digital media company. In August 2022, the company acquired NusaTrip, an Indonesia-based leading Southeast Asian OTA. The business model is to acquire companies in targeted industries and integrate them into the platform.

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• Society Points – A virtuous cycle of revenue generation and loyalty building in SEA. The company opportunistically acquires attractively valued companies to synergistically generate additional revenue streams, optimize efficiencies for merchants, and more cost-effectively bring consumers and merchants together through synchronized marketing campaigns. The company’s loyalty platform, Society Points, powers these revenue generation and loyalty building processes. The company launched a beta version of the Society Pass app in June 2022 and expects to fully launch the app in Q1 2023.

• Strategies for digital commerce in Asia Pacific. Digital commerce revenue in Southeast Asia is expected to reach a 10-year CAGR of 32% by 2025. Business leaders like Society Pass choose their markets carefully. Based on industry estimates, the expected growth in consumer spending on digital commerce in the Southeast Asian region will exceed $88 billion by 2025. This is due to low penetration of the overall retail market. Southeast Asia offers attractive growth opportunities and challenges for SoPa.

• Growth Strategies. As the company continues to acquire e-commerce platforms and apps in Southeast Asia, it should dramatically increase its revenue base, registered customer base, and registered merchant base. The company launched its Society Pass loyalty platform in beta in Q2 2022. The company is constantly improving its HR talent, particularly identifying and mentoring female leaders. The company has built a powerful and integrated technology ecosystem for Southeast Asia and operates in three of the most attractive and fastest growing economies in the world. Its senior executives have spent most of their lives in Southeast Asia running businesses.

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• Valuation. Think Equity’s 12-month price target is $6 based on an estimate of 3.9x earnings per share for FY23.

• Solid finances. As of June 30, 2022, the Company had $28 million in cash and cash equivalents. For the six months ended June 30, 2022, the Company’s equity was $35 million.

About Society Pass Inc
Founded in 2018 as a digitally focused loyalty and data marketing ecosystem in the fast-growing markets of Vietnam, Indonesia, the Philippines, Singapore and Thailand, which represent more than 80% of the SEA population, and with offices in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila and Singapore, SoPa is an acquisition-driven e-commerce holding company operating 6 interconnected verticals (Loyalty, Digital Media, Travel, Telecom, Lifestyle and F&B) seamlessly connecting millions of registered Consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories across SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were included in the Russell 2000 Index in December 2021.

SoPa acquires fast-growing e-commerce companies and expands its user base through a robust product and service ecosystem. SoPa is integrating these complementary businesses through its Society Pass loyalty platform and the proliferation of its universal loyalty points, or Society Points, which have entered beta testing and are expected to be widely rolled out in early 2023. Society Pass loyalty program members earn and redeem Society points and receive personalized promotions based on SoPa’s data capabilities and understanding of consumer shopping behavior. SoPa has more than 3.3 million registered consumers and over 205,000 registered retailers and brands. It has invested more than 2 years in building a proprietary IT architecture to effectively scale and support its consumers, merchants and acquisitions.

Society Pass uses technology to create a more personalized experience for customers throughout the checkout process, transforming the entire retail value chain into SEA. Sopa works Thoughtful media groupa Thailand-based, multi-platform, premium digital video network focused on social commerce;NusaTripa leading Indonesia-based online travel agency; Gorilla Networksa Singapore-based, Web3-enabled mobile blockchain network operator; Leflair.comVietnam’s leading lifestyle e-commerce platform; Pushkart.pha popular food delivery company in the Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and manganesea leading delivery service for local restaurants in the Philippines.

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For more information, see: http://thesocietypass.com/.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain “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 in this press release, other than statements of historical fact, are forward-looking statements. As used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions identify forward-looking statements when they relate to us or our management team. Such forward-looking statements are based on management’s beliefs, assumptions and information currently available to the Company’s management. Actual results could differ materially from those projected in the forward-looking statements as a result of certain factors detailed in the Company’s SEC filings. All of the following forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf are included within this paragraph in their entirety. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus relating to the Company’s SEC filing. The company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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