Spartan Capital: Society Pass (Nasdaq: SOPA) – Southeast Asia eCommerce Super-App With Billion Dollar Potential
Spartan Capital Securities LLC (“Spartan Capital”) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”).
Click Here (on Society Pass website) or Here (with Spartan Capital Securities account) to view the full Spartan Capital Equity Research Report.
Summary Points:
- Society Pass aspires to be the next major Southeast Asia (“SEA”) super-app. Comparable success stories such as Lazada, GoTo and Grab have all been accorded multi-billion valuations.
- Spartan Capital forecasts SoPa to generate $7.2 million in revenue in 2022, $29.3 million in 2024, up 308% and $59.8 million in 2024, up 104%. Spartan Capital forecasts EBITDA loss narrowing from $10 million in 2022 to just $5.6 million in 2024, then turning positive in 2025.
- Spartan Capital likens SoPa to what Masayoshi Son has done with SoftBank, headquartered out of Japan, although with an exclusive focus on e-commerce and SEA.
- SoPa operates in five SEA countries (Singapore, Vietnam, Indonesia, Philippines, and Thailand), all are vibrant open economies, recovering from Covid lockdowns and now seeing dynamic growth. SEA consumers are younger and more tech-savvy than counterparts in the US.
- SoPa owns 8 portfolio companies in food/beverage (F&B), luxury goods, telecoms, digital media, travel and merchant software sectors and ties them together with its Society Points loyalty program. The eight business units are:
- Leflair – a Vietnam luxury goods flash sale e-commerce company akin to Groupon.
- NusaTrip – an Indonesia travel website company serving the region akin to Expedia.
- Thoughtful Media Group – a Bangkok-based social commerce firm serving US and Asian brands.
- Gorilla Networks – a Singapore blockchain-enabled MVNO serving the mobile/travel markets.
- Mangan – Philippines largest local restaurant food delivery company akin to GrubHub/DoorDash.
- Handycart – a Hanoi, Vietnam restaurant delivery company poised to enter Saigon.
- Pushkart – a Philippines supermarket delivery company akin to Instacart.
- #HOTTAB – a Vietnam restaurant and hotel terminal/back-end software management platform.
- Society Points and SoPa’s 8 subsidiaries offer multiple ways for consumers to earn loyalty points and to redeem such loyalty points for things of value.
- Operating under a matrix management structure, SoPa is led by entrepreneurial Founder, Chairman and CEO, Dennis Nguyen, and a strong team of C-suite executives, business unit CEOs and country managers.
- Over half of SoPa’s executives are female.
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