Maxim: Society Pass (Nasdaq: SOPA) – 1Q22 Results and Outlook; Positive on Opportunities in the SE Asia E-commerce Market

New York, , May 19, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Maxim Group LLC (“Maxim”) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA).


· 1Q22 results reported on May 17, 2022 with the company in the early stages of launching online services and adding new acquisitions.
· Leflair, an online seller of luxury goods, was relaunched in September 2021 in Vietnam and was the main revenue contributor. Two acquisitions in grocery and delivery were announced in February 2022 as management looks to expand organic growth with M&A.
· A loyalty rewards program will be launching this summer and has the potential to create upside with high margin business.
· The company ended March 2022 with $31M in cash (worth over two-thirds of the company’s market cap) and no debt, which Maxim believes supports organic growth for the next 2 years.
· Tailwinds include attractive SE Asia markets and capital to spur growth.

1Q22 results highlight early stages of building a Southeast Asian ecommerce company. Society Pass is in the early stages of building an online luxury store (Leflair), acquisitions of online delivery companies Handycart and Pushkart (during 1Q22), and hardware and software solutions to merchants (#HOTTAB) in SE Asia. Maxim has a positive view on this market given faster-than-expected growth rates, increasing mobile and ecommerce penetration, younger populations, and the opportunity to consolidate smaller companies.

1Q22 revenue of $445K increased significantly from $10K in the prior year quarter. Almost all of the quarter’s revenue came from the online ordering segment.

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