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April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions.Deal round-up for April: The large deal highlights for the month include:§ •Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).DST invested $135mm in social-shopping service Groupon.Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm. •Warner Bros. acquired gaming company, Turbine, for $160 mm. •Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .
Citation preview
www.mackieresearch.com
Web 2.0 Weekly
“Financing on pace for record month”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
April 27, 2010
David Shore, CFA, MBA [email protected]
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.www.mackieresearch.com
www.mackieresearch.com2
Key Developments (past week)
Deals (M&A, Finance)� Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142
mm.� Warner Bros. acquired gaming company, Turbine, for $160 mm.� Diapers.com, internet retailer, received $20 mm in funding (lifetime financing total = $59
mm).
Financial Results/Guidance� Points International Ltd. (TSX:PTS) revised 2010 revenue guidance. The company
expects 2010 revenue in the range of $85-$95 mm (following on a prior guidance increase from $60-$70 mm to $75-$85 mm).
� CDC Corp. (NasdaqGS:CHIN.A) announced preliminary Q1/10 application sales to increase by approximately 14% to $8.2 mm from $7.2 mm in Q1/09. Total Non-GAAP recurring revenue (which CDC defines as Non-GAAP maintenance plus SaaS revenue) is expected to increase by ~13% to $27.4 mm in Q1/10 from $24.2 mm in Q1/09. First quarter 2010 license revenue is expected to be $7.9 mm, and Total Contract Value for new SaaS contracts secured in the quarter is expected to be about $300,000.
www.mackieresearch.com3
Key Developments cont.
Financial Results cont.
Company
Fiscal Period
(ended) Revenue (current/prior year) Y/Y % EPS (current/prior year) Y/Y %Modern Times Group Mtg AB (OM:MTG B) Q1/10 (Mar. 2010) SEK 3,524mm (SEK 3,336mm) 5.6% SEK 4.60 (SEK 2.19) 110.0%
Multiplied Media Corporation (TSXV:MMC) F2009 (Dec. 2009) $288,537 ($69,768) 313.6% ($0.04) (loss $0.011) NM
The New York Times Company (NYSE:NYT) Q1/10 (Mar. 2010) $587.9mm ($607.1mm) -3.2% $0.08 (loss $0.52) NM
Frogster Interactive Pictures AG (XTRA:FRG) F2009 (Dec. 2009) €14.7mm NA €0.96 per share NA
Sohu.com Inc. (NasdaqGS:SOHU) Q1/10 (Mar. 2010) $129.5mm ($115.6mm) 12.0% $0.73 NA
Changyou.com Limited (NasdaqGS:CYOU) Q1/10 (Mar. 2010) $72.0mm ($61.6mm) 16.9% $0.80 per ADS ($0.72 per ADS) 11.1%
www.mackieresearch.com4
Public Company Data
www.mackieresearch.com5
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 99 - - -
Market Cap (US$ mm) 86,002.5 80.2 38,752.5 1.7
Revenue (US$ mm) 22,695.3 60.4 3,257.4 0.0
1 Year revenue growth 4.8% 1178.9% -91.4%
EBITDA as % of revenue - 11.4% 67.7% -91.9%
Net cash (US$ mm) 8,270.2 1.2 1,754.9 -732.7
TEV/Revenue - 2.0x 45.2x 0.1x
TEV/EBITDA - 9.6x 46.2x 0.1x
P/E - 14.8x 76.6x 0.0x
Relative to 52 week high -29.5% 5.6% -98.1%
Source: CapitalIQ
www.mackieresearch.com6
Public Company Distribution
27
16
10
76
5
3 3 3 32 2 2 2
1 1 1 1 1 1 1 1
0
5
10
15
20
25
30
Ga
min
g
So
cia
l N
etw
ork
ing
Me
dia
Div
ers
ifie
d
Ma
rketin
g
Mobile
Infr
astr
uctu
re
SM
S/V
oic
e
Ente
rpris
e
Ad
vert
isin
g
Inte
rnet
Reta
il
Vir
tual W
orl
d
Datin
g
Mu
sic
Ve
rtic
al C
om
munit
ies
Co
llab
ora
tio
n
Po
dca
stin
g
Lea
rnin
g
Vid
eo
Sea
rch
Pay
ment
Fin
ancia
l S
erv
ices
By Sector By Country
0
5
10
15
20
25
30
35
40
45
Unit
ed S
tate
s
Cana
da
Chin
a
So
uth
Kore
a
Japa
n
Ta
iwa
n
Ge
rma
ny
Au
str
alia
Un
ited
Kin
gdom
Hong K
ong
Po
land
Ru
ssia
Fin
lan
d
Sw
ed
en
Mala
ysia
India
Italy
Sw
itz
erla
nd
Isra
el
Source: CapitalIQ
www.mackieresearch.com7
Valuation Dashboard – 1 Week
Rising
58%
Falling
31%
Flat
11%
Rising
65%
Falling
31%
Flat
4%
Rising
73%
Falling
25%
Flat
2%
Market Cap
Rising
73%
Falling
27%
Flat
0%
EV/Revenue
EV/EBITDA P/E
www.mackieresearch.com8
Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x3
/9/2
00
93
/16
/20
09
3/2
3/2
00
93
/30
/20
09
4/6
/20
09
4/1
3/2
00
94
/20
/20
09
4/2
7/2
00
95
/4/2
00
95
/11
/20
09
5/1
8/2
00
95
/25
/20
09
6/1
/20
09
6/8
/20
09
6/1
5/2
00
96
/22
/20
09
6/2
9/2
00
97
/6/2
00
97
/13
/20
09
7/2
0/2
00
97
/27
/20
09
8/3
/20
09
8/1
0/2
00
98
/17
/20
09
8/2
4/2
00
98
/31
/20
09
9/7
/20
09
9/1
4/2
00
99
/21
/20
09
9/2
8/2
00
91
0/5
/20
09
10
/12
/20
09
10
/19
/20
09
10
/26
/20
09
11
/2/2
00
91
1/9
/20
09
11
/16
/20
09
11
/23
/20
09
11
/30
/20
09
12
/7/2
00
91
2/1
4/2
00
91
2/2
1/2
00
91
2/2
8/2
00
91
/4/2
01
01
/11
/20
10
1/1
8/2
01
01
/25
/20
10
2/1
/20
10
2/8
/20
10
2/1
5/2
01
02
/22
/20
10
3/1
/20
10
3/8
/20
10
3/1
5/2
01
03
/22
/20
10
3/2
9/2
01
04
/5/2
01
04
/12
/20
10
4/1
9/2
01
04
/26
/20
10
373838393939404039424243444545444546484949485051545558585860636363626363676867697168646969697172747776797777787779818381
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples recovering but
below LT Average
www.mackieresearch.com9
Median EV/EBITDA
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/9
/2009
3/1
6/2
009
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
2120 2022 22 2323 2222 2424 2323 2424 26 2626 2625 2526 2628 28 2930 3334 3639 3738 3738 39 3737 3740 4139 4041 41 4041 4245 4443 4949 4850 50 5049 4846
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples remain depressed below LT average
www.mackieresearch.com10
Median P/E
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/9
/2009
3/1
6/2
009
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
1719 1919 18 1819 1919 2020 1918 1919 20 2021 2524 2525 2526 26 2729 3029 3031 3032 3435 36 3636 3637 3839 3737 37 3635 3632 3130 3333 3333 33 3333 3231
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also below LT average
www.mackieresearch.com11
Average Valuation – by Sector
-
5.0
10.0
15.0
20.0
25.0
Infr
astr
uctu
re
Div
ers
ifie
d
SM
S/V
oic
e
Socia
l N
etw
ork
ing
Music
Vert
ical
Com
mun
itie
s
Mobile
Mark
eti
ng
Le
arn
ing
Gam
ing
Podc
asti
ng
Colla
bora
tion
Se
arc
h
Advert
isin
g
Vid
eo
Inte
rnet
Re
tail
Ente
rpri
se
Dati
ng
Media
Fin
anc
ial S
erv
ice
s
Virtu
al
Wo
rld
2 6 3 7 2 1 4 5 1 21 1 1 1 3 1 2 3 2 9 1 1# Companies
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Se
arc
h
Ente
rpris
e
Div
ers
ifie
d
Mobile
Me
dia
Colla
bora
tio
n
Inte
rnet
Re
tail
Socia
l N
etw
ork
ing
Gam
ing
Fin
anc
ial S
erv
ice
s
Mark
etin
g
Datin
g
Ad
vert
isin
g
1 2 5 1 6 1 2 5 13 1 3 1 1# Companies
EV/Revenue EV/EBITDA
www.mackieresearch.com12
EV/Revenue Ranking
0.20.20.40.40.4 0.50.50.50.60.60.70.70.70.80.80.80.90.9 1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.92.02.02.22.22.32.32.32.42.42.6 2.72.93.0 3.13.23.23.4 3.54.34.8 5.0 5.15.5 5.7 5.86.46.6
7.89.1
10.312.012.0
13.4
15.4
18.119.5
23.3
30.7
44.145.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Ngi G
roup Inc.
Cyberp
lex Inc.
Jum
buck E
nte
rtain
ment Lim
ited
RealN
etw
ork
s Inc.
Tre
e.C
om
, In
c.
Gam
eO
n C
o L
td.
Acto
z S
oft C
o., L
td.
Unis
erv
e C
om
munic
atio
ns C
orp
.G
igaM
edia
Ltd
.G
lu M
obile
, In
c.
Openw
ave S
yste
ms Inc.
Nort
hgate
Technolo
gie
s L
imite
dD
AD
A S
pA
Poin
ts Inte
rnatio
nal L
td.
Inte
rnet G
roup S
AIA
C/Inte
rActiv
eC
orp
.A
OL, In
c.
CD
C C
orp
.U
nite
d O
nlin
e, In
c.
Corn
erW
orld C
orp
ora
tion
The N
ew
York
Tim
es C
om
pany
TheS
treet.com
, In
c.
Beyond C
om
merc
e, In
c.
OA
O R
BC
Info
rmatio
n S
yste
ms
AQ
Inte
ractiv
e, In
c.
Hutc
his
on T
ele
com
munic
atio
ns H
ong
HanbitS
oft, In
c.
info
GR
OU
P, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Spark
Netw
ork
s, In
c.
YD
Onlin
e C
orp
.V
alu
eC
lick, In
c.
NetD
ragon W
ebS
oft, In
c.
Ynk K
ore
a Inc.
Score
Media
Inc.
Shutterf
ly, In
c.
SN
AP
Inte
ractiv
e, In
c.
PN
I D
igita
l Media
Inc.
Oriente
d M
edia
Gro
up B
erh
ad
XIN
G A
GV
elti
Plc
UO
MO
Media
, In
cM
odern
Tim
es G
roup M
tg A
BN
euLio
n Incorp
ora
ted
Webzen Inc.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Sohu.c
om
Inc.
SK
Com
munic
atio
ns C
o., L
td.
Myriad G
roup A
GO
pen T
ext C
orp
.N
EO
WIZ
Gam
es C
orp
ora
tion
Wiz
zard
Softw
are
Corp
ora
tion
iseem
edia
Inc.
Tale
o C
orp
.Lin
go M
edia
Corp
ora
tion
Dig
italP
ost In
tera
ctiv
e, In
c.
WebM
edia
Bra
nds Inc
Kin
gsoft C
orp
ora
tion L
imite
dA
ccele
rize N
ew
Media
, In
c.
Changyou.c
om
Lim
ited
Unila
va C
orp
ora
tion
Mix
i, In
c.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GF
luid
Music
Canada, In
c.
Gre
e, In
c.
Tra
nsG
am
ing, In
c.
HU
GH
ES
Tele
matic
s, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
GeoS
entr
ic O
yj
Paid
Inc.
MO
KO
.mobi L
imite
dT
encent H
old
ings L
td.
Bright T
hin
gs p
lcS
pectr
um
DN
A, In
c.
NeX
plo
re C
orp
ora
tion
Source: CapitalIQ
NeXplore has highest revenue multiple at 45.2x
www.mackieresearch.com13
EV/EBITDA Ranking
1.9 2.0 2.7 2.74.7 5.1 5.7 5.7 6.7 6.9 6.9 7.0 7.6 7.8 8.0 8.4 8.4 8.9 9.3 9.8 10.1 11.111.9 11.912.0 12.3 13.213.9 14.614.9 15.1
16.3 17.2 17.5
21.7
24.7
32.435.1
45.5 46.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Cyberp
lex Inc.
Gam
eO
n C
o L
td.
AO
L, In
c.
Acto
z S
oft C
o., L
td.
Unite
d O
nlin
e, In
c.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Ltd
.
Valu
eC
lick, In
c.
The N
ew
York
Tim
es C
om
pany
Sohu.c
om
Inc.
Spark
Netw
ork
s, In
c.
DA
DA
SpA
YD
Onlin
e C
orp
.
info
GR
OU
P, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
CD
C C
orp
.
XIN
G A
G
NetD
ragon W
ebS
oft, In
c.
PN
I D
igita
l Media
Inc.
Changyou.c
om
Lim
ited
Tre
e.C
om
, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.
Velti
Plc
Score
Media
Inc.
Open T
ext C
orp
.
NE
OW
IZ G
am
es C
orp
ora
tion
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Kin
gsoft C
orp
ora
tion L
imite
d
IAC
/Inte
rActiv
eC
orp
.
HanbitS
oft, In
c.
Shutterf
ly, In
c.
Openw
ave S
yste
ms Inc.
Ynk K
ore
a Inc.
Modern
Tim
es G
roup M
tg A
B
Gre
e, In
c.
Mix
i, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
Tale
o C
orp
.
TheS
treet.com
, In
c.
Tencent H
old
ings L
td.
SK
Com
munic
atio
ns C
o., L
td.
Excluding EV/EBITDA > 100xSource: CapitalIQ
SK Communications leads the group at 46.2x
www.mackieresearch.com14
P/E Ranking
2.0 2.1 2.6 4.4 5.7 6.6 8.510.6 11.0 11.7 12.1 12.4 14.3 14.8 15.4
18.5 18.9 20.622.6 24.5 25.7
32.034.5 35.3
40.9
57.7 58.9
69.3
76.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Nete
ase.c
om
Inc.
Jum
buck E
nte
rtain
ment Lim
ited
Cyberp
lex Inc.
Gig
aM
edia
Ltd
.
YD
Onlin
e C
orp
.
DA
DA
SpA
Unite
d O
nlin
e, In
c.
Gam
eO
n C
o L
td.
AO
L, In
c.
Changyou.c
om
Lim
ited
Valu
eC
lick, In
c.
Sohu.c
om
Inc.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Ltd
.
Kin
gsoft C
orp
ora
tion L
imite
d
The N
ew
York
Tim
es C
om
pany
CD
C C
orp
.
Velti
Plc
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
NetD
ragon W
ebS
oft, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
Gre
e, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
Open T
ext C
orp
.
Mix
i, In
c.
Tencent H
old
ings L
td.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
HanbitS
oft, In
c.
Source: CapitalIQ
HanbitSoft has the highest P/E at 76.6x
www.mackieresearch.com15
Total Market Capitalization - $80 BN
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
94 95 95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 95 95 95 95 95 96 96 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99
(US
$m
)
# companies
Source: CapitalIQ
www.mackieresearch.com16
Total Market Cap – by Sector
-
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
50,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Colla
bora
tion
Mark
eting
Ente
rprise
Inte
rnet
Reta
il
Searc
h
Mobile
SM
S/V
oic
e
Fin
ancia
l S
erv
ices
Music
Vid
eo
Dating
Virtu
al W
orld
Advert
isin
g
Vert
ical C
om
munitie
s
Paym
ent
Infr
astr
uctu
re
Podcasting
Learn
ing
7 27 10 16 1 6 3 2 1 5 3 1 2 1 2 2 3 1 1 3 1 1# Companies
27 Gaming companies totaling over $17b in market cap
www.mackieresearch.com17
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Bro
adW
ebA
sia
Inc.
Mobile
Data
Corp
.U
OM
O M
edia
, In
cC
orn
erW
orld C
orp
ora
tion
Unis
erv
e C
om
munic
atio
ns C
orp
.B
eyond C
om
merc
e, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Kiw
ibox.C
om
, In
c.
Dig
italP
ost In
tera
ctiv
e, In
c.
Worlds.c
om
Inc.
Kent In
tern
atio
nal H
old
ings Inc.
Oriente
d M
edia
Gro
up B
erh
ad
Spectr
um
DN
A, In
c.
Real V
alu
e E
sta
tes, In
c.
Bright T
hin
gs p
lcLin
go M
edia
Corp
ora
tion
Sahara
Media
Hold
ings, In
c.
SN
AP
Inte
ractiv
e, In
c.
iseem
edia
Inc.
MO
KO
.mobi L
imite
dJum
buck E
nte
rtain
ment Lim
ited
IAS
Energ
y, In
c.
VO
IS, In
c.
Inte
rnet G
roup S
AN
ort
hgate
Technolo
gie
s L
imite
dW
izzard
Softw
are
Corp
ora
tion
NeX
plo
re C
orp
ora
tion
Accele
rize N
ew
Media
, In
c.
LookS
mart
, Ltd
.D
olp
hin
Dig
ital M
edia
, In
c.
Ynk K
ore
a Inc.
Asknet A
GS
ocia
lwis
e, In
c.
Multi
plie
d M
edia
Corp
ora
tion
WebM
edia
Bra
nds Inc
Cyberp
lex Inc.
Tra
nsG
am
ing, In
c.
Glu
Mobile
, In
c.
Unila
va C
orp
ora
tion
Dig
italT
ow
n, In
c.
GeoS
entr
ic O
yj
Quepasa C
orp
.P
NI D
igita
l Media
Inc.
Gra
vity
Co., L
tdS
core
Media
Inc.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GS
park
Netw
ork
s, In
c.
Ngi G
roup Inc.
Moggle
, In
cN
euLio
n Incorp
ora
ted
HanbitS
oft, In
c.
YD
Onlin
e C
orp
.P
aid
Inc.
Poin
ts Inte
rnatio
nal L
td.
DA
DA
SpA
Flu
id M
usic
Canada, In
c.
Tre
e.C
om
, In
c.
AQ
Inte
ractiv
e, In
c.
Gam
eO
n C
o L
td.
Acto
z S
oft C
o., L
td.
TheS
treet.com
, In
c.
Webzen Inc.
Gig
aM
edia
Ltd
.T
he9 L
imite
dX
ING
AG
Myriad G
roup A
GV
elti
Plc
OA
O R
BC
Info
rmatio
n S
yste
ms
Openw
ave S
yste
ms Inc.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
NetD
ragon W
ebS
oft, In
c.
CD
C C
orp
.H
UG
HE
S T
ele
matic
s, In
c.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
info
GR
OU
P, In
c.
RealN
etw
ork
s Inc.
SK
Com
munic
atio
ns C
o., L
td.
Shutterf
ly, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
Unite
d O
nlin
e, In
c.
Valu
eC
lick, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dH
utc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Chin
ese G
am
er
Inte
rnatio
nal
Mix
i, In
c.
Tale
o C
orp
.T
he N
ew
York
Tim
es C
om
pany
Perf
ect W
orld C
o., L
td.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Changyou.c
om
Lim
ited
Sohu.c
om
Inc.
Open T
ext C
orp
.IA
C/Inte
rActiv
eC
orp
.G
ree, In
c.
AO
L, In
c.
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.M
odern
Tim
es G
roup M
tg A
BN
ete
ase.c
om
Inc.
Tencent H
old
ings L
td.
Source: CapitalIQ
Tencent’s $39 bn market cap dominates group
www.mackieresearch.com18
Price Performance – 1 week
Rising
53%Flat
13%
Falling
34%
Price Momentum• Positive momentum, with 66% of stocks
rising or flat over past week.
www.mackieresearch.com19
Average Price Performance – 1 Week, By Sector
28.0%
16.6%
13.2%12.8%
7.7%6.3%
4.9%3.6% 3.5% 3.4% 2.5% 2.4% 1.3% 0.9%
-0.3% -0.8% -1.5% -1.8%-4.3% -4.7%
-6.1%
-12.3%-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Datin
g
Sea
rch
SM
S/V
oic
e
En
terp
rise
Vid
eo
Ve
rtic
al
Co
mm
un
itie
s
Inte
rnet R
eta
il
Ga
min
g
Po
dca
stin
g
Pa
ym
en
t
Ma
rketin
g
So
cia
l
Ne
two
rkin
g
Co
llab
ora
tion
Fin
an
cia
l
Se
rvic
es
Vir
tua
l W
orl
d
Me
dia
Mu
sic
Mo
bile
Infr
astru
ctu
re
Div
ers
ifie
d
Ad
vert
isin
g
Le
arn
ing
# companies
Source: CapitalIQ
Dating shows biggest gains
www.mackieresearch.com20
Price Performance – 1 Week
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
BW
BA
NX
PC
SH
HD
BY
OC
SP
XA
TS
XV
:MM
CT
SX
V:L
MA
04
70
80
IAS
C.A
KO
SE
:A0
69
TS
X:C
XP
AY
DU
NL
AL
OV
DB
:M0
CN
YT
CM
:DA
AC
LZ
RB
CI
OM
ED
IAT
SX
:FM
ND
GT
W7
77
38
12
A0
23
77
0M
KB
A0
95
66
0N
CT
Y2
49
7K
NT
HIA
CI
FR
GV
CL
KG
AK
IWB
GE
O1
VM
YR
NC
WR
LA
IM:B
GT
ET
GI
RV
LU
TS
X:S
CR
UO
MO
WD
DD
WS
E:IG
RT
SX
V:T
NG
AS
X:J
MB
O1
BC
P
WR
DC
HIN
.AM
BY
LT
RE
EO
TE
X5
90
05
7T
LE
OS
EH
K:2
15
SN
DA
IUS
AA
05
27
70
GR
VY
21
21
XT
RA
:A5
AR
NW
K3
88
8G
IGM
SC
LW
WZ
ET
SE
:36
32
OP
WV
TS
XV
:PN
AO
LS
FL
YU
NT
D7
00
MT
G B
SO
HU
DP
DM
WE
BM
NT
ES
CY
OU
GT
SM
:30
83
TS
X:N
LN
VE
LQ
PS
AIE
E6
18
0T
SC
MD
GL
PA
05
27
90
LO
OK
37
65
A0
66
27
03
83
8V
OIS
TS
X:P
TS
HU
TC
GL
UU
TS
XV
:US
SS
TV
I
Source: CapitalIQ
www.mackieresearch.com21
Price Performance (Top 10)
1 Month
0%
50%
100%
150%
200%
250%
300%
IAS
En
erg
y, I
nc.
Be
yo
nd
Co
mm
erc
e,
Inc.
AQ
In
tera
ctiv
e,
Inc.
Dig
ita
lTo
wn
, In
c.
Glu
Mo
bile
, In
c.
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
VO
IS,
Inc.
Inte
rne
t G
rou
p
SA
Gu
ng
Ho
On
line
En
tert
ain
me
nt,
Inc.
HU
GH
ES
Te
lem
atic
s, I
nc.
3 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OA
O R
BC
Info
rmation
Syste
ms
Dig
italT
ow
n,
Inc.
IAS
Energ
y,
Inc.
Beyond
Com
merc
e,
Inc.
Unila
va
Corp
ora
tion
SN
AP
Inte
ractive,
Inc.
Ngi G
roup
Inc.
Oriente
d
Media
Gro
up
Berh
ad
AQ
Inte
ractive,
Inc.
Shutt
erf
ly,
Inc.
6 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OA
O R
BC
Info
rmation
Syste
ms
AQ
Inte
ractive,
Inc.
Quepasa C
orp
.
Unis
erv
e
Com
munic
ations
Corp
.
VO
IS,
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Oriente
d M
edia
Gro
up B
erh
ad
SN
AP
Inte
ractive,
Inc.
Velti P
lc
Ngi G
roup I
nc.
1 Year
0%
1000%
2000%
3000%
4000%
5000%
6000%
7000%
OA
O R
BC
Info
rma
tio
n
Sys
tem
s
Qu
ep
asa
Co
rp.
Tra
nsG
am
ing
,
Inc.
VO
IS,
Inc.
AQ
In
tera
ctiv
e,
Inc.
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
Dig
ita
lPo
st
Inte
ract
ive
, In
c.
Flu
id M
usi
c
Ca
na
da
, In
c.
CD
C C
orp
.
Glu
Mo
bile
, In
c.
Source: CapitalIQ
www.mackieresearch.com22
Price Performance (Bottom 10)
1 Week
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Webz
en In
c.
IAS
En
erg
y,
Inc.
HanbitS
oft,
Inc
.
Lin
go M
edia
Corp
ora
tion
Multi
plie
d
Media
Corp
ora
tion
Spectr
um
DN
A,
Inc.
Be
yond
Co
mm
erc
e,
Inc.
Saha
ra M
edia
Hold
ings,
Inc.
NeX
plo
re
Corp
ora
tion
Bro
adW
ebA
sia
Inc.
1 Month
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Lin
go M
edia
Co
rpora
tion
Mo
bile
Data
Corp
.
Multi
plie
d
Med
ia
Co
rpora
tion
UO
MO
Med
ia,
Inc
Sp
ectr
um
DN
A,
Inc.
Saha
ra M
edia
Hold
ings
, In
c.
NeX
plo
re
Co
rpora
tion
Bro
adW
eb
Asia
Inc.
En2G
o
Inte
rnatio
na
l,
Inc
.
Corn
erW
orl
d
Corp
ora
tion
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
DA
DA
SpA
No
rthg
ate
Te
ch
nolo
gie
s
Lim
ited
Lin
go
Me
dia
Co
rpora
tion
Cyb
erp
lex I
nc.
NeX
plo
re
Co
rpora
tion
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
na
l,
Inc.
UO
MO
Me
dia
,
Inc
Bro
adW
eb
Asia
Inc
.
Saha
ra M
edia
Ho
ldin
gs
, In
c.
1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Nort
hgate
Technolo
gie
s
Lim
ited
Wiz
zard
Softw
are
Corp
ora
tion
Cyberp
lex Inc.
Mobile
Data
Corp
.
UO
MO
Media
,
Inc
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
nal,
Inc.
Sahara
Media
Hold
ings, In
c.
Beyond
Com
merc
e,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com23
Capital Market Activity (Financing, M&A)
www.mackieresearch.com24
Financing Momentum
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Oct-
04
De
c-0
4
Fe
b-0
5
Ap
r-0
5
Ju
n-0
5
Au
g-0
5
Oct-
05
De
c-0
5
Fe
b-0
6
Ap
r-0
6
Ju
n-0
6
Au
g-0
6
Oct-
06
De
c-0
6
Fe
b-0
7
Ap
r-0
7
Ju
n-0
7
Au
g-0
7
Oct-
07
De
c-0
7
Fe
b-0
8
Ap
r-0
8
Ju
n-0
8
Au
g-0
8
Oct-
08
De
c-0
8
Fe
b-0
9
Ap
r-0
9
Ju
n-0
9
Au
g-0
9
Oct-
09
De
c-0
9
Fe
b-1
0
Ap
r-1
0
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total (LTM) Average Size (LTM)
Sharp rise driven by large DST transactions
www.mackieresearch.com25
Financing activity – Current MonthMonth Company Name Country Sector Angel/Seed Debt financing PIPE Series A Series B Series C Series D Grand Total
Apr-10 Digital Sky Technologies Russia Diversif ied 300.0 300.0
Groupon USA Social Commerce 135.0 135.0
Vidyo USA Video 25.0 25.0
LendingClub USA Financial Services 24.5 24.5
MokaFive USA Enterprise 21.0 21.0
Diapers.com USA Internet Retail 20.0 20.0
BlackArrow USA Advertising 20.0 20.0
Xobni USA Social Netw orks 16.2 16.2
Box.net USA Collaboration 15.0 15.0
Prosper.com USA Financial Services 14.6 14.6
Knewton USA Online Learning 12.5 12.5
Brightcove USA Video 12.0 12.0
EdgeCast CDN USA Media 10.0 10.0
Tynt Canada Infrastructure 8.0 8.0
PubMatic USA Advertising 7.5 7.5
Overtone USA Analytics 7.0 7.0
Searchandise Commerce USA Advertising 7.0 7.0
OpenSky USA Social Commerce 6.0 6.0
Stitcher USA Media 6.0 6.0
Cramster USA Vertical Communities 6.0 6.0
quirky USA Social Netw orks 6.0 6.0
58.com China Classif ied 5.8 5.8
Networked Insights USA Analytics 5.0 5.0
Tumblr USA Social Netw orks 5.0 5.0
TellApart USA Analytics 4.8 4.8
Wildfire USA Advertising 4.0 4.0
Daily Grommet USA Social Commerce 3.4 3.4
gdgt USA Vertical Communities 3.2 3.2
TweetPhoto USA Micromedia 2.6 2.6
Assistly USA Enterprise 2.2 2.2
Wibiya Israel Blog 2.0 2.0
Spredfast USA Analytics 1.6 1.6
FreshPlanet USA Gaming 1.5 1.5
ZoomSafer USA Mobile 1.0 1.0
NearVerse USA Location-based SNS 1.0 1.0
DIYSEO USA Search 1.0 1.0
Kontagent USA Analytics 1.0 1.0
Currensee USA Financial Services 0.8 0.8
MyLikes USA Advertising 0.6 0.6
Plyce France Location-based SNS 0.4 0.4
Apr-10 Total 4.0 20.0 300.0 29.1 47.8 298.7 26.6 726.1
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Financing activity – Current Month, By Sector
Diversified
2% Gaming
7% Social
Commerce
7%
Crowdsourced
Content
2%
Media
7%
Video
9%
Financial
Services
7%Advertising
11%Social Networks
7%
Enterprise
5%
Internet Retail
2%
Analytics
11%
Collaboration
2%
Online Learning
2%
Vertical
Communities
9%
Infrastructure
2%
Classified
2%
Music
2%
Micromedia
2%
Other
48%
Diversified
26% Gaming
14%
Social
Commerce
12%
# Deals $ Raised
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Financing Activity – last three months
12.5
4.65.5 5.5
8.9
6.4
10.2
12.5
9.1
8.2
5.4
18.2
5.8
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
(US
$m
)
Total Average*May-09 includes $200m FB investment
Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
$426 mm ex-DST, averaging $15.2 mm per deal
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Capital Market Activity Ranking – by Sector, last three months
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Div
ers
ified
Gam
ing
Media
Vid
eo
Cro
wdsourc
ed
Conte
nt
Socia
l
Com
merc
e
Advert
isin
g
Searc
h
Socia
l
Netw
ork
sF
inancia
l
Serv
ices
Mobile
Inte
rnet R
eta
il
Analy
tics
Mobile
Ad
Ente
rprise
Music
Vert
ical
Com
muniti
es
Onlin
e
Learn
ing
Mobile
Paym
ent
Colla
bora
tion
Locatio
n-
based S
NS
Virtu
al W
orld
Mic
roblo
g
Infr
astr
uctu
re
Wid
get
Tra
vel
SM
S/V
oic
e
Blo
g
Cla
ssifi
ed
Onlin
e
Cale
ndar
Mic
rom
edia
Onlin
e D
atin
g
Aggre
gatio
n
1 8 6 11 5 4 17 8 10 8 6 3 7 2 2 3 7 2 1 1 4 3 2 3 1 3 1 2 1 1 1 1 1
(US
$m
)
# companies
Advertising has most deals in last 3 months
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Top 10 Deals (2010 YTD)
300.0
135.0
25.0 24.5 21.0 20.0 20.0 16.2 15.0 14.6
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Gro
up
on
Vid
yo
Le
nd
ing
Clu
b
Mo
ka
Fiv
e
Dia
pe
rs.c
om
Bla
ckA
rro
w
Xo
bn
i
Bo
x.n
et
Pro
sp
er.
co
m
160
142
100
80
50
36.533
21 20 18
0
20
40
60
80
100
120
140
160
180
Turbine Jigsaw Ankeena
Networks
Mochi
Media
Aardvark StudioNow Saf-T-Net C&C
Media
Red 5
Studios,
Inc.
Multicast
Media
Financings Acquisitions
DST involved in 2 largest deals YTD
www.mackieresearch.com30
Upcoming events/earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
AOL, Inc. (NYSE:AOL) 28-Apr-10 10:00 AM (EDT) Q1/10 http://ir.aol.com
CDC Corp. (NasdaqGS:CHIN.A) 28-Apr-10 9:00 AM (EDT) Q1/10
IAC/InterActiveCorp. (NasdaqGS:IACI) 28-Apr-10 11:00 a.m. EST Q1/10 http://www.iac.com/Investors
Openwave Systems Inc. (NasdaqGS:OPWV) 28-Apr-10 2:00 PM (PDT) Q3/10 877-941-1427
Shutterfly, Inc. (NasdaqGS:SFLY) 28-Apr-10 2:00 PM (PDT) Q1/10 970-315-0490
Taleo Corp. (NasdaqGM:TLEO) 28-Apr-10 5:00 PM (EDT) Q1/10 www.taleo.com
Open Text Corp. (NasdaqGS:OTEX) 29-Apr-10 5:00 PM (EDT) Q3/10 800-814-4860
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
TheStreet.com, Inc. (NasdaqGM:TSCM) 5-May-10 4:30 PM (EST) Q1/10 866-770-7129, p/w 13839355
United Online, Inc. (NasdaqGS:UNTD) 5-May-10 2:30 PM (PST) Q1/10 888-510-1783, 3384050
RealNetworks Inc. (NasdaqGS:RNWK) 6-May-10 5:00 PM (EST) Q1/10 800-857-5305
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Public Company ListingCompany Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Accelerize New Media, Inc. ACLZ OTCBB USD United States 1 17.0 NA
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 14,600 115.1 NA
AOL, Inc. AOL NYSE USD United States 28 3,020.2 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 174,800 103.0 NA
Asknet AG XTRA:A5A XTRA EUR Germany 4 27.1 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 3.9 86
Bright Things plc AIM:BGT AIM GBP United Kingdom 0 6.7 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 305.7 NA
Changyou.com Limited CYOU NasdaqGS USD China 35 1,789.9 1,308
Chinese Gamer International GTSM:3083 GTSM TWD Taiwan 378 1,015.8 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 41.7 NA
DADA SpA CM:DA CM EUR Italy 5 97.6 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 5.2 NA
DigitalTown, Inc. DGTW OTCBB USD United States 2 48.0 3
Dolphin Digital Media, Inc. DPDM OTCBB USD United States 0 20.6 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
Fluid Music Canada, Inc. TSX:FMN TSX CAD United States 2 99.2 NA
Frogster Interactive Pictures AG FRG XTRA EUR Germany 20 70.5 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51 248.8 NA
GameOn Co Ltd. 3812 TSE JPY Japan 99,900 104.7 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 48.4 NA
Giant Interactive Group, Inc. GA NYSE USD China 8 1,778.3 NA
GigaMedia Ltd. GIGM NasdaqGS USD Taiwan 3 167.4 751
Glu Mobile, Inc. GLUU NasdaqGM USD United States 1 45.2 NA
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 62.0 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,760 2,823.1 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 288,000 358.1 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,255 83.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 4 322.3 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 930.4 NA
IAC/InterActiveCorp. IACI NasdaqGS USD United States 24 2,741.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 473.1 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 13.8 NA
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Public Company Listing cont.Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.13 8.9 79
Jumbuck Entertainment Limited ASX:JMB ASX AUD Australia 0.25 11.2 NA
Kent International Holdings Inc. KNTH OTCPK USD United States 1.80 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.24 891.7 NA Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo Media Corporation TSXV:LM TSXV CAD Canada 0.57 7.0 65
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.20 20.6 NA
Mixi, Inc. 2121 TSE JPY Japan 620,000.00 1,038.8 NA
Mobile Data Corp. MBYL OTCBB USD United States 0.07 1.7 NA
Modern Times Group Mtg AB MTG B OM SEK Sweden 450.60 4,129.8 2
Moggle, Inc DB:M0C DB EUR United States 1.20 75.5 NA
MOKO.mobi Limited MKB ASX AUD Australia 0.10 10.4 NA
Multiplied Media Corporation TSXV:MMC TSXV CAD Canada 0.17 36.9 405 Myriad Group AG MYRN SWX CHF Switzerland 4.20 191.7 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 38,450.00 725.3 2,901
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.26 290.1 NA
Netease.com Inc. NTES NasdaqGS USD China 37.40 4,844.1 224
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.70 80.2 NA
NeXplore Corporation NXPC OTCPK USD United States 0.30 16.7 NA
Ngi Group Inc. 2497 TSE JPY Japan 53,700.00 72.1 160
Northgate Technologies Limited 590057 BSE INR India 18.80 14.7 2,523 OAO RBC Information Systems RBCI MICEX RUB Russia 44.40 205.5 3,700
Open Text Corp. OTEX NasdaqGS USD Canada 47.74 2,695.5 590
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.80 234.6 NA
Oriented Media Group Berhad OMEDIA KLSE MYR Malaysia 0.16 6.5 20
Paid Inc. PAYD OTCBB USD United States 0.32 86.1 NA
Perfect World Co., Ltd. PWRD NasdaqGS USD China 35.00 1,743.9 NA
PNI Digital Media Inc. TSXV:PN TSXV CAD Canada 1.80 59.6 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.61 89.7 71 Quepasa Corp. QPSA OTCBB USD United States 4.49 58.2 NA
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 1,754
RealNetworks Inc. RNWK NasdaqGS USD United States 4.52 610.8 NA
Sahara Media Holdings, Inc. SHHD OTCBB USD United States 0.25 7.8 220
Score Media Inc. TSX:SCR TSX CAD Canada 0.80 63.8 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.97 3,024.5 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 24.89 666.7 NA
www.mackieresearch.com33
Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 16,500.00 618.3 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.25 8.2 NA
Socialwise, Inc. SCLW OTCBB USD United States 0.60 29.1 3,997
Sohu.com Inc. SOHU NasdaqGS USD China 52.77 1,993.0 155
Spark Networks, Inc. LOV AMEX USD United States 3.48 71.6 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.5 916
Taleo Corp. TLEO NasdaqGM USD United States 27.41 1,087.0 7,515
Tencent Holdings Ltd. 700 SEHK HKD China 164.40 38,752.5 7,665
The New York Times Company NYT NYSE USD United States 11.28 1,641.8 NA
The9 Limited NCTY NasdaqGS USD China 6.78 173.0 NA
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.95 124.6 28
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.75 42.0 700
Tree.Com, Inc. TREE NasdaqGM USD United States 9.22 101.5 39
Unilava Corporation UNLA OTCBB USD United States 0.47 47.0 NA
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.15 3.5 1,699
United Online, Inc. UNTD NasdaqGS USD United States 8.56 740.8 NA
UOMO Media, Inc UOMO OTCBB USD Canada 0.02 1.7 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.07 818.9 450
Velti Plc VEL AIM GBP United Kingdom 3.36 192.8 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 13.0 NA
WebMediaBrands Inc WEBM NasdaqGS USD United States 1.06 39.7 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 12,050.00 127.7 NA
Wizzard Software Corporation WZE AMEX USD United States 0.25 16.5 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 NA XING AG O1BC XTRA EUR Germany 27.40 191.6 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,380.00 85.6 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,195.00 22.8 -
www.mackieresearch.com34
Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).
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