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Argus Search: Company Pass (

NEW YORK, NY, May 23, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Argus Research Co (“Argus”) publishes Equity Research Update on Society Pass Inc. (SOPA).

Click here to see the full stock research update from Argus Research.


  • The company’s recent market cap of close to $40 million is below Argus’ single $50 million year-end revenue forecast for 2022, well below the average multiple of more than six for a basket of comparable e-commerce peers.
  • In May 2022, Society Pass reported Q1 2022 revenue of $445,090, representing growth of over 4,600% over the prior year period.
  • As of March 31, 2022, Society Pass had nearly $31 million in cash on its balance sheet, with no debt. According to Argus, the company is sufficiently capitalized to execute its strong M&A strategy, while retaining the flexibility to limit equity issuance.
  • As of March 2022, Society Pass has over 1.6 million registered users and over 5,500 affiliate merchants.
  • Based on Argus’ EV/earnings analysis, Argus arrives at a fair value estimate for SOPA of $10 per share, well above current levels.

Building a loyalty-driven e-commerce platform in Southeast Asia. Society Pass is an e-commerce company operating in the fast growing markets of Southeast Asia. The company has built a robust e-commerce platform for consumer goods, luxury fashion, and food and beverage delivery, and provides related software and systems to participating merchants. It is also expanding into other verticals, including telecommunications, digital advertising, travel booking, and food and beverage ordering.

Business model. Society Pass acquires small, high-growth e-commerce businesses at relatively low cost, and expands its user base through a robust ecosystem of products and services. Society Pass plans to integrate these various businesses through a loyalty program called Society Points, which it plans to launch in Q2 2022.

Current portfolio. Its current portfolio is powered by the Leflair platform, which enables local businesses in Vietnam to sell premium domestic and foreign brands. Leflair has more than 3,500 registered brands, primarily in the fashion and accessories, beauty and personal care, and home and lifestyle categories, and has approximately 1.5 million registered users. In February 2022, Society Pass acquired Handycart, an online restaurant delivery app from Vietnam, and Pushkart, an online grocery delivery app from the Philippines. Society Pass expects Handycart to deliver from 500 restaurants in Hanoi by the end of 2022 and Pushkart to double its registered user base to over 500,000 and boost app downloads to over 150,000 in 2022.

Significant revenue growth for the next two years. Argus forecasts revenue of $14 million in 2022 and $38 million in 2023, which includes contributions from recent acquisitions, namely Leflair, Pushkart, Handycart and merchant software company #HOTTAB. Argus expects further acquisitions to close throughout 2022, including lifestyle, travel and digital advertising businesses. Aided by the launch of the Society Points program, Argus expects the revenue rate to be around $50 million by the end of the year.

About the Company Pass

Society Pass is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms in its key markets. Its business model is centered on collecting user data through the expected circulation of its universal loyalty points, Society Points. It seamlessly connects consumers and merchants across multiple product and service categories that drive organic loyalty. Since its inception, SoPa has gathered over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested over 2 years in building a proprietary IT architecture with state-of-the-art components to effectively scale and support consumers, merchants and acquisitions on its platform.

Society Pass offers merchants #HOTABBIZ and #HOTABPOS – a specialized point-of-sale technology solution, a complete payment system, loyal customer management, user profile analysis and practical financial support packages for small and medium-sized businesses.

Additionally, SoPa operates Leflair.comVietnam’s first lifestyle e-commerce platform, Pushkart.pha popular grocery delivery company in the Philippines, and Handycart.vna leading online restaurant delivery service based in Hanoi, Vietnam.

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