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New York, NY, April 01, 2022 (GLOBE NEWSWIRE) — viaNewMediaWireMaxxim Group LLC (“Maxim”) issues Equity Research Report onSociety Pass Inc. (NASDAQ: SOPA).
Click Here to view full Maxim Group LLC Equity Research Report.
Summary:
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4Q21 results reported Wednesday (3/30) but the results were not meaningful given product launches and recent acquisitions. The company also filed its 10-K.
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Leflair, an online seller of luxury goods, was relaunched in September 2021 in Vietnam and was the main revenue contributor.
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Maxim maintains estimates, which incorporate two recent acquisitions providing online grocery and restaurant delivery in Vietnam and the Philippines.
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The company ended 2021 with $23M cash and no debt. With proceeds from an IPO and secondary offering, Maxim estimates cash of $33M.
4Q21 results highlight early stages of building a Southeast Asian ecommerce company.Society Pass is in the early stages of building an online company. 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. In 4Q21, most of the company’s revenue came from the online ordering segment, which generated $0.4M in revenue for the quarter and $0.5M for the year.
Sufficient cash.The company ended 2021 with $23M in…
Full story available on Benzinga.com
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