Litchfield Hills Research: Society Pass Incorporated’s (Nasdaq: SOPA) Total Asset Value Implies Valuation of 1,300% of Current Market Capitalization
NEW YORK, Jan. 23, 2026 (GLOBE NEWSWIRE) — Society Pass Incorporated (Nasdaq: SOPA) (the “Company” or “SOPA”), Southeast Asia’s (“SEA”) next generation digital ecosystem announces that Litchfield Hills Research LLC (“Litchfield Hills Research”) has issued equity research report update.
Click Here (on SOPA website) or Here (on Litchfield Hills Research website) to view the full Litchfield Hills Research Equity Research Report.
Summary Points:
• Valuation disconnect: Litchfield Hills Research highlights a pronounced sum-of-the-parts valuation disconnect. SOPA’s $18.0M market capitalization implies a substantial holding-company discount to its operating assets and cash, which carry a value of roughly 1,300% of the parent, while assigning no value to non-consolidated AI infrastructure optionality.
• Strategic transformation: SOPA is transitioning from consumer e-commerce into a platform holding company with scalable, cash-generative operating businesses and embedded AI infrastructure optionality. By late 2025, management formally shifted strategy toward higher-margin, infrastructure-oriented assets, citing increasing competition and margin pressure in consumer e-commerce, accelerating global demand for AI inference capacity, and the opportunity to redeploy capital into scalable platforms with operating leverage. This strategic pivot marks a clear departure from SOPA’s earlier consumer-centric model and establishes the foundation for a diversified platform holding company with multiple, complementary operating assets.
• Strong revenue growth: Anchoring near-term value in two consolidated operating platforms. Thoughtful Media Incorporated, a subsidiary of the Company, (“Thoughtful Media” or “TMG”) and NusaTrip International Pte Ltd. (“NusaTrip”), another subsidiary of the Company, drive reported revenue, with consolidated sales forecast to grow from $7.0M in 2025 to $10M by 2027.
• Thoughtful Media: Litchfield Hills Research says Thoughtful Media is shifting toward premium advertising, and launching social commerce, supporting mid-teens growth and sustained profitability. Litchfield Hills Research forecasts 17% revenue CAGR through 2027 for Thoughtful Media. Strategically, Litchfield Hills Research views Thoughtful Media as the keystone asset in SOPA’s emerging model. When combined with SOPA’s developing AI infrastructure initiatives, this structure increasingly resembles an integrated platform holding company rather than a consumer e-commerce operator.
• Thoughtful Media IPO: To unlock the value of this asset, in August 2024 TMG filed for a registration statement for its IPO with a proposed price range of $4.00–$5.00 per share for 3.75 million shares. Based on the 21.55 million shares outstanding reported in the filing, this implies a pro forma equity valuation of approximately $86 million to $107 million. Following the offering, Litchfield Hills Research believes SOPA is expected to retain an approximate 83% majority stake (roughly 17.8 million shares). Assuming that the IPO of Thoughtful Media priced at $4.50 per share, the midpoint of the IPO price range, this stake represents an implied value of $80.1 million for SOPA. This valuation is equivalent to approximately 444% of SOPA’s current total market capitalization of $18.03 million. Notably, TMG was acquired by SOPA in July 2022 for a total consideration of approximately $2.0 million, suggesting a massive potential valuation step-up of nearly 40x upon a successful public listing.
• NusaTrip (Nasdaq: NUTR): NusaTrip is a majority-owned subsidiary of SOPA operating a high-volume, low-take-rate B2B travel infrastructure platform across Southeast Asia. SOPA acquired it for $5.0 million in 2022. Management is currently executing a pivot into the higher-margin hotel sector, leveraging a network of over 1 million properties—including 500,000 self-contracted hotels in SEA—via a strategic partnership with Bookcabin announced in January 2026. In the most recent reported quarter, NusaTrip remained SOPA’s primary revenue engine, accounting for approximately 55% of consolidated revenue ($0.77 million of $1.38 million). NusaTrip operates as an embedded travel infrastructure, processing approximately $250M GMV in 2025 with a path to full-year profitability. The revenue mix of approximately 95% B2B and 5% B2C, with B2C primarily serving as a testing and data-collection channel. It processes a daily volume of roughly 20,000 airline tickets.
• Sapience AI: Seeding AI data-center investments as long-dated upside. Minority, non-consolidated AI infrastructure investments in Central & Eastern Europe offer high-margin optionality, albeit with limited near-term financial visibility.
About Society Pass Inc.
Founded in 2018 as an e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, and with offices located in Bangkok, Beijing, Ho Chi Minh City, Hong Kong, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 4 interconnected verticals (digital media, travel, lifestyle, and alternative intelligence infrastructure).
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.
For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
X at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s intended M&A strategies, including possible future IPOs as well as the future performance or valuation of its stock. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Society Pass Incorporated’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Society Pass Incorporated’s common stock and risks relating to Society Pass Incorporated’s business, identifying potential acquisition targets, proposed IPO of Thoughtful Media, and the return of its investment in Sapience AI Inc.
Media Contact:
Raynuald LIANG
Chief Executive Officer
ray@thesocietypass.com
