Society Pass Inc. (
Nasdaq: SOPA)
(“
SoPa” or the “
Company”),
Southeast Asia’s (SEA) next generation, data-driven, loyalty,
fintech and e-commerce ecosystem, and
Thoughtful Media
Group Inc ("
Thoughtful Media Group" or
"
TMG"), a Thailand-based social commerce-focused,
premium digital advertising network of the SoPa ecosystem,
announces that Greenridge Global LLC
(“
Greenridge”) has initiated equity research
coverage on TMG.
Click Here (on Society Pass
website) to view the full Greenridge Equity Research Report.
Summary Points:•
Corporate Summary: Founded in 2010, TMG aims to be
the premier digital advertising firm in SEA and offers creative
strategy, content creation and production, media placements and
targeted distribution, and performance analytics services. It also
connects advertisers, brands and merchants with its network of over
10,000 influencers to target consumers in SEA through its social
media-centric advertising platform. The Company boasts a client
list of over 500 brands, from local to globally recognized, and has
a client satisfaction rate of 98%.
• Valuation: Based on an
EV/Revenue multiple of 3 times its 2025 Revenue estimate of $23
million and discounted back one year at 20%, Greenridge values TMG
at $60 million. It states that TMG’s huge organic growth and SEA
influencer market’s fast growth as bases for its valuation
estimate.
• Upcoming 2024 IPO: SOPA
intends to spin out and publicly list TMG via Nasdaq IPO in
2024.
• Huge Market Potential: SEA
influencer marketing services already generates over $600 million
in turnover and is poised for exponential growth due to SEA’s young
population, 482 million active social media users, and 10 hours per
day of daily online usage.
• Highly Attractive
Demographics: Outside of Thailand, the median age of the
other four SEA target countries is around 30 years old, which is
far below that of more developed countries, including China. The
low median age is significant as this age group are prevalent users
of the Internet and social media. Internet penetration is between
72% and 96% across the five key countries, with mobile penetration
even higher as there are 1.28 to 1.63 mobile devices per person.
Social media usage is also higher in SEA, at between 60% to 78%
penetration, for a total of 482 million active social media users.
After adjusting for those individuals age 18 and over, the usage
rate increases to 79% to 102%.
• Robust Business
Strategy: TMG businesses include
multi-channel network, premium advertising, social commerce, sports
marketing, a production house, and music entertainment. These
verticals blend to give TMG the ability to sign an advertising
client and generate revenue from that engagement, earn fees on the
production of the content, as well as the content placement and
distribution. In effect, TMG provides a complete
advertising/marketing platform to brands targeting SEA by
leveraging its network of content creators and regional
footprint.
• Wide Operational Footprint:
Thailand-headquartered TMG opened offices in Vietnam, Indonesia and
Philippines in the last twelve months, with offices in Singapore
and Malaysia scheduled in the next few months. Greenridge expects
the larger local footprint attracts more local advertising clients
and expand its influencer network.
• Strong Revenue Growth: Recent
acquisitions and organic initiatives should drive revenues starting
in Q4 as TMG accelerates its Premium services and launches in the
event space.
• Society Pass
Ecosystem: TMG is part of the
Society Pass ecosystem, which includes a collection of service
providers targeting middle to upper class consumers in SEA. The
platform is based on the Society Pass Loyalty Wallet and enables
consumers to earn Society Points for purchases on platform
companies. TMG accesses an increasingly large collection of timely
consumer data in its key markets for advertising purposes.
About Thoughtful Media Group
Inc.Founded in 2010, Thoughtful Media Group is the leading
digital advertising platform in SEA. Through our network of more
than 10,000 talented creators across multiple industries in
Thailand, Vietnam, Indonesia and Philippines, we help brands
maximise marketing budgets and achieve business objectives through
some of the most innovative marketing campaigns in the region.
In July 2022, Society Pass (Nasdaq: SOPA), the
next generation acquisition-focused fintech and e-commerce
ecosystem in SEA, acquired TMG. Since then, TMG has fully evolved
into a digital-first and fully integrated advertising powerhouse,
servicing creators and advertisers in SEA.
For more information on TMG, please visit:
Website at www.thoughtfulmedia.com orLinkedIn at
https://www.linkedin.com/company/thoughtful-media-group-inc
orInstagram at https://www.instagram.com/thoughtfulmedia/
orFacebook at https://www.facebook.com/thoughtfulmediaasia
orTwitter at https://twitter.com/ThoughtfulMedia.
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. 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, Vietnam’s leading lifestyle e-commerce
platform.
For more information on Society Pass, please
visit:
Website at https://www.thesocietypass.com
orLinkedIn at https://www.linkedin.com/company/societypass
orFacebook at https://www.facebook.com/thesocietypass orTwitter at
https://twitter.com/society_pass orInstagram at
https://www.instagram.com/societypass/.
Cautionary Note Concerning
Forward-Looking StatementsThis 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
SidlauskasChief Marketing Officerrokas@thesocietypass.com
Society Pass (NASDAQ:SOPA)
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