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June financing ahead of average: Financing in the Web 2.0 universe in June continued to be strong with total transaction value (excluding M&A) month-to-date of $291.8 million from 29 transactions, averaging $10.1 million each - led by the Zynga financing. In comparison, total capital raised in June 2009 was $225.2 million, averaging $4.6 million over 49 deals. Excluding Dec 09 and Apr 10, the average monthly total is $260 million.Deals (M&A, Finance)888 Holdings acquired online gaming company Mytopia for $18 mm. In the second largest financing overall this year, Zynga (online gaming) raised another $147 mm from Softbank, bringing its total financing to $381 mm.Financial Results/GuidanceCyberplex Inc. (TSX:CX) completed the acquisition of Tsavo Media, Inc. from Fountainhead Estate Holding Corp., American Capital Equity I of American Capital Equity Management LLC, and others on June 8, 2010.NetDragon WebSoft, Inc. (SEHK:777), announced first quarter revenues of RMB 139,476,000 compared to RMB 173,898,000 for the same period a year ago. Profit before taxation was RMB 21,379,000 compared to RMB 53,502,000 for the same period a year ago. Profit for the period attributable to owners of the company was RMB 21,215,000 compared to RMB 48,943,000 for the same period a year ago. Diluted EPS was 4.03 cents compared to 9.31 cents for the same period a year ago.Gravity Co., Ltd (NasdaqGM:GRVY) reported net income attributable to parent company was $337 million or $0.05 per share on total net revenues of $9,840 million compared to net income attributable to parent company of $4,649 million or $0.67 per share on total net revenues of $14,696 million for the same period a year ago.Positive price performanceThe Web 2.0 public company universe rose this week, with 56% of companies seeing their market cap rise vs. 36% falling and 8% flat.
Citation preview
www.mackieresearch.com
Web 2.0 Weekly
“Funds for Online Gaming Appear Endless”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
June 16, 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) – Online Gaming Continues to Attract Significant Money
� 888 Holdings acquired online gaming company Mytopia for $18 mm.
� In the second largest financing overall this year, Zynga (online gaming) raised another $147 mm from Softbank, bringing its total financing to $381 mm.
Financial Results/Guidance� Cyberplex Inc. (TSX:CX) completed the acquisition of Tsavo Media, Inc. from
Fountainhead Estate Holding Corp., American Capital Equity I of American Capital Equity Management LLC, and others on June 8, 2010.
� NetDragon WebSoft, Inc. (SEHK:777), announced first quarter revenues of RMB 139,476,000 compared to RMB 173,898,000 for the same period a year ago. Profit before taxation was RMB 21,379,000 compared to RMB 53,502,000 for the same period a year ago. Profit for the period attributable to owners of the company was RMB 21,215,000 compared to RMB 48,943,000 for the same period a year ago. Diluted EPS was 4.03 cents compared to 9.31 cents for the same period a year ago.
� Gravity Co., Ltd (NasdaqGM:GRVY) reported net income attributable to parent company was $337 million or $0.05 per share on total net revenues of $9,840 million compared to net income attributable to parent company of $4,649 million or $0.67 per share on total net revenues of $14,696 million for the same period a year ago.
www.mackieresearch.com3
Public Company Data
www.mackieresearch.com4
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 101 - - -
Market Cap (US$ mm) 75,829.5 69.8 29,926.5 1.7
Revenue (US$ mm) 23,428.4 56.6 3,057.7 0.0
1 Year revenue growth 6.7% 8961.6% -100.0%
EBITDA as % of revenue - 12.8% 63.1% -63.7%
Net cash (US$ mm) 8,998.7 2.3 1,825.8 -670.8
TEV/Revenue - 1.9x 45.2x 0.0x
TEV/EBITDA - 8.5x 43.7x 0.0x
P/E - 16.4x 89.2x 0.0x
Relative to 52 week high -39.2% -2.0% -95.6%
Source: CapitalIQ
www.mackieresearch.com5
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.com6
Valuation Dashboard – 1 Week
Rising
56%
Falling
36%
Flat
8%
Rising
37%
Falling
59%
Flat
4%
Rising
43%
Falling
53%
Flat
4%
Market Cap
Rising
45%
Falling
55%
Flat
0%
EV/Revenue
EV/EBITDA P/E
www.mackieresearch.com7
Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x4
/28
/20
09
5/5
/20
09
5/1
2/2
00
95
/19
/20
09
5/2
6/2
00
96
/2/2
00
96
/9/2
00
96
/16
/20
09
6/2
3/2
00
96
/30
/20
09
7/7
/20
09
7/1
4/2
00
97
/21
/20
09
7/2
8/2
00
98
/4/2
00
98
/11
/20
09
8/1
8/2
00
98
/25
/20
09
9/1
/20
09
9/8
/20
09
9/1
5/2
00
99
/22
/20
09
9/2
9/2
00
91
0/6
/20
09
10
/13
/20
09
10
/20
/20
09
10
/27
/20
09
11
/3/2
00
91
1/1
0/2
00
91
1/1
7/2
00
91
1/2
4/2
00
91
2/1
/20
09
12
/8/2
00
91
2/1
5/2
00
91
2/2
2/2
00
91
2/2
9/2
00
91
/5/2
01
01
/12
/20
10
1/1
9/2
01
01
/26
/20
10
2/2
/20
10
2/9
/20
10
2/1
6/2
01
02
/23
/20
10
3/2
/20
10
3/9
/20
10
3/1
6/2
01
03
/23
/20
10
3/3
0/2
01
04
/6/2
01
04
/13
/20
10
4/2
0/2
01
04
/27
/20
10
5/4
/20
10
5/1
1/2
01
05
/18
/20
10
5/2
5/2
01
06
/1/2
01
06
/8/2
01
06
/15
/20
10
384040414141414343454646474747485051505150535656616161646666676464666970717174717168707472757679798180818080828285838584
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples flat with prior
week, well below LT average
www.mackieresearch.com8
Median EV/EBITDA
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
20 21 22 23 23 2222 2324 23 25 2324 26 26 26 26 26 2526 27 28 3329 34 3537 38 40 4039 38 41 4141 39 3942 43 42 4342 43 43 43 43 46 4544 50 51 5052 5353 51 51 49 5351
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples drop and remain depressed
below LT average
www.mackieresearch.com9
Median P/E
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
20 19 18 18 19 1919 1920 20 19 1819 19 20 21 24 24 2525 26 27 2927 30 3233 31 34 3435 36 38 3939 39 4040 41 42 4040 40 39 38 38 34 3332 35 35 3536 3535 33 35 32 3433
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also below LT average
www.mackieresearch.com10
Average Valuation – by Sector
-
5.0
10.0
15.0
20.0
25.0
Infr
astr
uctu
re
Music
Socia
l N
etw
ork
ing
Le
arn
ing
Div
ers
ifie
d
Vert
ical
Com
mun
itie
s
Mobile
SM
S/V
oic
e
Mark
eti
ng
Gam
ing
Se
arc
h
Colla
bora
tion
Media
Advert
isin
g
Podc
asti
ng
Vid
eo
Inte
rnet
Re
tail
Ente
rpri
se
Dati
ng
Fin
anc
ial S
erv
ice
s
Virtu
al
Wo
rld
2 2 7 1 5 1 4 3 6 21 1 1 9 3 1 1 2 3 2 1 1# Companies
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Mobile
Ente
rpri
se
Div
ers
ifie
d
Inte
rnet
Re
tail
Media
Colla
bora
tion
Socia
l N
etw
ork
ing
Gam
ing
Mark
eti
ng
Dati
ng
Advert
isin
g
1 2 5 2 6 1 5 14 3 1 1# Companies
EV/Revenue EV/EBITDA
www.mackieresearch.com11
EV/Revenue Ranking
45.2
33.0
29.2
23.7
17.9
15.615.2
12.711.4
10.19.69.5
7.97.67.4
5.55.34.84.74.44.13.83.53.23.2 3.13.02.82.62.62.42.32.22.22.12.12.12.01.9 1.9 1.8 1.8 1.7 1.7 1.5 1.5 1.5 1.51.4 1.4 1.4 1.3 1.3 1.0 1.0 1.00.90.80.80.80.80.80.80.80.70.70.70.60.60.60.60.40.40.30.30.30.20.20.10.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
NeXplore Corporation
Worlds.com Inc.
Bright Things plc
SpectrumDNA, Inc.
MOKO.mobi Limited
Tencent Holdings Ltd.
GeoSentric Oyj
Paid Inc.
Beyond Commerce, Inc.
Gree, Inc.
Chinese Gamer International
Lingo Media Corporation
Dena Co. Ltd.
TransGaming, Inc.
DigitalPost Interactive, Inc.
HUGHES Telematics, Inc.
Accelerize New Media, Inc.
WebMediaBrands Inc
Fluid Music Canada, Inc.
Changyou.com Limited
SK Communications Co., Ltd.
Taleo Corp.
Mixi, Inc.
iseemedia Inc.
Kingsoft Corporation Limited
Wizzard Software Corporation
Frogster Interactive Pictures AG
ePro Ltd.
UOMO Media, Inc
Open Text Corp.
NEOWIZ Games Corporation
Modern Times Group Mtg AB
PNI Digital Media Inc.
Sohu.com Inc.
XING AG
Velti Plc
Webzen Inc.
Score Media Inc.
Shutterfly, Inc.
ValueClick, Inc.
GungHo Online Entertainment, Inc.
Unilava Corporation
Myriad Group AG
Platforma Mediowa Point Group S.A.
YD Online Corp.
Spark Networks, Inc.
NeuLion Incorporated
HanbitSoft, Inc.
Gamania Digital Entertainment Co., Ltd.
Hutchison Telecommunications Hong
SNAP Interactive, Inc.
Oriented Media Group Berhad
infoGROUP, Inc.
OAO RBC Information Systems
CornerWorld Corporation
Internet Group SA
The New York Times Company
AQ Interactive, Inc.
TheStreet.com, Inc.
IAC/InterActiveCorp.
NetDragon WebSoft, Inc.
United Online, Inc.
Ynk Korea Inc.
CDC Corp.
Uniserve Communications Corp.
AOL, Inc.
Points International Ltd.
DADA SpA
GigaMedia Ltd.
Glu Mobile, Inc.
Northgate Technologies Limited
Openwave Systems Inc.
Tree.Com, Inc.
Actoz Soft Co., Ltd.
Cyberplex Inc.
Jumbuck Entertainment Limited
RealNetworks Inc.
GameOn Co Ltd.
Asknet AG
LookSmart, Ltd.
Source: CapitalIQ
NeXplore has highest revenue multiple at 45.2x
www.mackieresearch.com12
EV/EBITDA Ranking
43.7
33.2
30.028.4
18.918.817.517.416.616.6
15.014.814.614.513.012.912.7
10.5 9.8 9.2 8.9 8.6 8.5 8.5 8.3 8.0 7.8 7.7 7.6 7.5 7.0 6.8 6.7 6.65.5 5.4 5.2 4.4 4.0 3.2 2.2 1.8 0.8 0.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
SK Communications Co., Ltd.
HanbitSoft, Inc.
Tencent Holdings Ltd.
Taleo Corp.
Chinese Gamer International
Frogster Interactive Pictures AG
Gree, Inc.
Myriad Group AG
Modern Times Group Mtg AB
Dena Co. Ltd.
Openwave Systems Inc.
Mixi, Inc.
TheStreet.com, Inc.
Shutterfly, Inc.
AQ Interactive, Inc.
Score Media Inc.
YD Online Corp.
IAC/InterActiveCorp.
Platforma Mediowa Point Group S.A.
Open Text Corp.
PNI Digital Media Inc.
Gamania Digital Entertainment Co., Ltd.
NEOWIZ Games Corporation
XING AG
Velti Plc
GungHo Online Entertainment, Inc.
DADA SpA
Uniserve Communications Corp.
Kingsoft Corporation Limited
Spark Networks, Inc.
Changyou.com Limited
ValueClick, Inc.
infoGROUP, Inc.
CDC Corp.
Hutchison Telecommunications Hong Kong Holdings
The New York Times Company
Sohu.com Inc.
NetDragon WebSoft, Inc.
United Online, Inc.
Cyberplex Inc.
AOL, Inc.
Actoz Soft Co., Ltd.
GameOn Co Ltd.
Jumbuck Entertainment Limited
Excluding EV/EBITDA > 100xSource: CapitalIQ
SK Communications leads the group at 43.7x
www.mackieresearch.com13
P/E Ranking
89.2
50.8 50.146.8 46.1
40.4 40.036.0 34.2
31.226.1 25.4
21.6 20.3 19.917.1 16.4 15.9 14.0 13.4 13.1 11.6 11.1 10.2 9.6 9.1
6.23.5 2.1 2.1 1.9 1.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Shutterfly, Inc.
Points International Ltd.
CDC Corp.
infoGROUP, Inc.
Mixi, Inc.
Open Text Corp.
Tencent Holdings Ltd.
Dena Co. Ltd.
Gree, Inc.
Gamania Digital Entertainment Co., Ltd.
Velti Plc
Chinese Gamer International
Frogster Interactive Pictures AG
NetDragon WebSoft, Inc.
NEOWIZ Games Corporation
Hutchison Telecommunications Hong Kong Holdings
Ltd.
The New York Times Company
ValueClick, Inc.
Sohu.com Inc.
Cyberplex Inc.
Kingsoft Corporation Limited
DADA SpA
AOL, Inc.
Changyou.com Limited
United Online, Inc.
GameOn Co Ltd.
Uniserve Communications Corp.
Jumbuck Entertainment Limited
Netease.com Inc.
Giant Interactive Group, Inc.
Shanda Interactive Entertainment Ltd.
Perfect World Co., Ltd.
Source: CapitalIQ
Shutterfly has the highest P/E at 89.2x
www.mackieresearch.com14
Total Market Capitalization
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99100100100100100100100100100100100100100101101101101101101101101101101101101101101101101101
(US$m)
# companies
Source: CapitalIQ
Total market cap drops to $75.5 bn
www.mackieresearch.com15
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
40,000.0D
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
Music
Dating
Fin
ancia
l S
erv
ices
Virtu
al W
orld
Advert
isin
g
Vid
eo
Vert
ical C
om
munitie
s
Paym
ent
Podcasting
Infr
astr
uctu
re
Learn
ing
8 28 10 16 1 6 3 2 1 5 3 2 2 1 2 3 1 1 1 1 3 1# Companies
Eight Diversified companies totaling over $34 bn in market cap
www.mackieresearch.com16
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent H
old
ings L
td.
Dena C
o. Ltd
.N
ete
ase.c
om
Inc.
Modern
Tim
es G
roup M
tg A
BG
ree, In
c.
IAC
/Inte
rActiv
eC
orp
.S
handa Inte
ractiv
e E
nte
rtain
ment Ltd
.A
OL, In
c.
Open T
ext C
orp
.S
ohu.c
om
Inc.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Changyou.c
om
Lim
ited
The N
ew
York
Tim
es C
om
pany
Perf
ect W
orld C
o., L
td.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Tale
o C
orp
.V
alu
eC
lick, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
NE
OW
IZ G
am
es C
orp
ora
tion
SK
Com
munic
atio
ns C
o., L
td.
Mix
i, In
c.
Shutterf
ly, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dU
nite
d O
nlin
e, In
c.
RealN
etw
ork
s Inc.
info
GR
OU
P, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Velti
Plc
CD
C C
orp
.G
ungH
o O
nlin
e E
nte
rtain
ment, Inc.
NetD
ragon W
ebS
oft, In
c.
Myriad G
roup A
GO
penw
ave S
yste
ms Inc.
XIN
G A
GO
AO
RB
C Info
rmatio
n S
yste
ms
Gig
aM
edia
Ltd
.W
ebzen Inc.
Flu
id M
usic
Canada, In
c.
The9 L
imite
dH
UG
HE
S T
ele
matic
s, In
c.
TheS
treet.com
, In
c.
AQ
Inte
ractiv
e, In
c.
Gam
eO
n C
o L
td.
Poin
ts Inte
rnatio
nal L
td.
HanbitS
oft, In
c.
Acto
z S
oft C
o., L
td.
Tre
e.C
om
, In
c.
Spark
Netw
ork
s, In
c.
Paid
Inc.
DA
DA
SpA
Score
Media
Inc.
YD
Onlin
e C
orp
.F
rogste
r In
tera
ctiv
e P
ictu
res A
GP
NI D
igita
l Media
Inc.
Ngi G
roup Inc.
NeuLio
n Incorp
ora
ted
Moggle
, In
cP
latform
a M
edio
wa P
oin
t G
roup S
.A.
Gra
vity
Co., L
tdQ
uepasa C
orp
.G
lu M
obile
, In
c.
WebM
edia
Bra
nds Inc
Cyberp
lex Inc.
Dig
italT
ow
n, In
c.
eP
ro L
td.
Tra
nsG
am
ing, In
c.
GeoS
entr
ic O
yj
Multi
plie
d M
edia
Corp
ora
tion
Socia
lwis
e, In
c.
LookS
mart
, Ltd
.V
OIS
, In
c.
Asknet A
GY
nk K
ore
a Inc.
NeX
plo
re C
orp
ora
tion
Accele
rize N
ew
Media
, In
c.
Wiz
zard
Softw
are
Corp
ora
tion
Lin
go M
edia
Corp
ora
tion
Youbla
st G
lobal,
Inc.
Dolp
hin
Dig
ital M
edia
, In
c.
Nort
hgate
Technolo
gie
s L
imite
dis
eem
edia
Inc.
Unila
va C
orp
ora
tion
MO
KO
.mobi L
imite
dJum
buck E
nte
rtain
ment Lim
ited
Inte
rnet G
roup S
AK
ent In
tern
atio
nal H
old
ings Inc.
Dig
italP
ost In
tera
ctiv
e, In
c.
Bright T
hin
gs p
lcB
eyond C
om
merc
e, In
c.
SN
AP
Inte
ractiv
e, In
c.
Worlds.c
om
Inc.
Kiw
ibox.C
om
, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Spectr
um
DN
A, In
c.
IAS
Energ
y, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
Unis
erv
e C
om
munic
atio
ns C
orp
.U
OM
O M
edia
, In
cC
orn
erW
orld C
orp
ora
tion
Bro
adW
ebA
sia
Inc.
Mobile
Data
Corp
.
Source: CapitalIQ
Tencent’s $30 bn market cap dominates group
www.mackieresearch.com17
Price Performance – 1 Week
Rising
55%Flat
9%
Falling
36%
Price Momentum• Positive price momentum, with 55% of
stocks rising over the past week.
www.mackieresearch.com18
Average Price Performance – 1 Week, by Sector
26.6%
10.1% 9.8% 9.5%7.3%
4.9% 4.6% 4.2% 3.4% 3.2%1.6% 1.0% 0.9%
-1.2% -2.0% -2.1% -3.2% -4.8% -6.1%
-16.1%
-21.9%-24.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
Datin
g
Po
dca
stin
g
Inte
rnet R
eta
il
En
terp
rise
Mu
sic
So
cia
l
Ne
two
rkin
g
Me
dia
Fin
an
cia
l
Se
rvic
es
Vid
eo
Ve
rtic
al
Co
mm
un
itie
s
Ma
rketin
g
Ga
min
g
Ad
vert
isin
g
Co
llab
ora
tion
Pa
ym
en
t
Mo
bile
Div
ers
ifie
d
Sea
rch
Vir
tua
l W
orl
d
Infr
astru
ctu
re
Le
arn
ing
SM
S/V
oic
e
Source: CapitalIQ
Dating sector shows highest weekly returns
www.mackieresearch.com19
Price Performance – 1 Week
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
UN
LA
BW
BA
MB
YL
GE
O1
VW
DD
DT
SX
V:L
MB
YO
CN
XP
CS
PX
AD
PD
M7
00
SE
HK
:80
86
GR
VY
QP
SA
TS
XV
:TN
GW
SE
:PG
MA
IM:B
GT
OM
ED
IAS
ND
AL
OO
KT
SX
:FM
NA
06
62
70
IEE
HU
TC
61
80
38
12
SC
LW
21
21
KO
SE
:A0
69
08
0N
CT
YT
SE
:24
32
SH
HD
OT
EX
A0
52
79
0G
TS
M:3
08
3A
02
37
70
CW
RL
IUS
AK
IWB
ET
GI
MY
RN
AS
X:J
MB
DG
TW
DB
:M0
CT
SE
:36
32
VE
L7
77
SE
HK
:21
5R
BC
I3
88
8O
1B
C
WS
E:IG
RC
M:D
AT
SX
:PT
SG
AP
AY
D3
83
8A
CL
ZD
GL
PN
TE
SG
LU
UT
SX
:SC
RX
TR
A:A
5A
SO
HU
LO
VA
05
27
70
WE
BM
TS
X:N
LN
37
65
TR
EE
RN
WK
TS
XV
:MM
CIA
CI
59
00
57
A0
95
66
0T
SX
:CX
TS
CM
GIG
MA
OL
CY
OU
UN
TD
VC
LK
A0
47
08
0K
NT
HT
SX
V:P
NW
ZE
OP
WV
SF
LY
FR
GM
TG
BT
LE
O2
49
7C
HIN
.AP
WR
DIA
SC
.AN
YT
UO
MO
MK
BS
TV
IT
SX
V:U
SS
VO
IS
Source: CapitalIQ
www.mackieresearch.com20
Price Performance (Top 10)
1 Month
0%
20%
40%
60%
80%
100%
120%
140%
160%
Yo
ub
last
Glo
ba
l,
Inc.
Mo
bile
Da
ta
Co
rp.
Be
yo
nd
Co
mm
erc
e,
Inc.
Ve
lti P
lc
Gre
e,
Inc.
ise
em
ed
ia I
nc.
AQ
In
tera
ctiv
e,
Inc.
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
MO
KO
.mo
bi
Lim
ited
NE
OW
IZ G
am
es
Co
rpo
ratio
n
3 Month
0%20%40%60%80%
100%120%140%160%
Beyond C
om
merc
e,
Inc. eP
ro L
td.
LookS
mart
, Ltd
.
SK
Com
munic
ations
Co.,
Ltd
.
Glu
Mobile
, In
c.
Dig
italT
ow
n,
Inc.
Velti P
lc
Youbla
st
Glo
bal, I
nc.
Dena C
o.
Ltd
.
Hutc
his
on
Tele
com
munic
ations
Hong K
ong H
old
ings
Ltd
.
6 Month
0%
500%
1000%
1500%
2000%
2500%
OA
O R
BC
Info
rmation
Syste
ms
eP
ro L
td.
AQ
Inte
ractive,
Inc.
Beyond
Com
merc
e,
Inc.
Unis
erv
e
Com
munic
ations
Corp
.
SN
AP
Inte
ractive,
Inc.
Velti P
lc
Score
Media
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Dena C
o.
Ltd
.1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%
OA
O R
BC
Info
rma
tion
Sys
tem
s
Qu
ep
asa
Co
rp.
eP
ro L
td.
Ve
lti P
lc
De
na
Co
. L
td.
Flu
id M
usic
Ca
na
da
, In
c.
Tra
nsG
am
ing
,
Inc.
Fro
gst
er
Inte
ractiv
e
Pic
ture
s A
G
Mo
de
rn T
ime
s
Gro
up
Mtg
AB
Gre
e,
Inc.
Source: CapitalIQ
www.mackieresearch.com21
Price Performance (Bottom 10)
1 Week
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Dolp
hin
Dig
ital
Media
, In
c.
Spectr
um
DN
A,
Inc.
NeX
plo
re
Corp
ora
tion
Be
yond
Co
mm
erc
e,
Inc.
Lin
go M
edia
Corp
ora
tion
Worlds.c
om
Inc.
GeoS
en
tric
Oyj
Mo
bile
Data
Corp
.
Bro
adW
ebA
sia
Inc.
Unila
va
Corp
ora
tion
1 Month
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Dolp
hin
Dig
ital
Me
dia
, In
c.
Qu
epa
sa C
orp
.
Lin
go M
edia
Co
rpora
tion
Paid
Inc
.
Sp
ectr
um
DN
A,
Inc.
NeX
plo
re
Co
rpora
tion
Bro
adW
eb
Asia
Inc.
Corn
erW
orl
d
Corp
ora
tion
IAS
Ene
rgy
,
Inc
.
Unila
va
Co
rpora
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%
Ac
toz S
oft
Co
., L
td.
Mix
i, In
c.
Kiw
ibox.C
om
,
Inc.
Cyb
erp
lex I
nc.
Un
ilava
Co
rpora
tion
NeX
plo
re
Co
rpora
tion
Sp
ectr
um
DN
A,
Inc.
En2G
o
Inte
rnatio
na
l,
Inc.
Corn
erW
orld
Corp
ora
tion
Bro
adW
eb
Asia
Inc
.1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Wiz
zard
Softw
are
Corp
ora
tion
Spectr
um
DN
A,
Inc.
Cyberp
lex Inc.
IAS
Energ
y,
Inc.
Corn
erW
orld
Corp
ora
tion
UO
MO
Media
,
Inc
Youbla
st
Glo
bal,
Inc.
Beyond
Com
merc
e,
Inc.
En2G
o
Inte
rnatio
nal,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com22
Capital Market Activity (Financing, M&A)
www.mackieresearch.com23
Financing Activity – Current MonthCompany Name Country Sector Acquis ition Ange l/Seed Debt financing Series A Series B Ser ies C Series D NA Grand Total
Zynga US A Gaming 147.0 147.0
Invite Media US A Analy tics 70.0 70.0
FetchBack US A Advertis ing 40.0 40.0
HauteLook US A Internet R eta il 31.0 31.0
Challenge Games US A Gaming 20.5 20.5
Mytopia Is rael Gaming 18.0 18.0
Marin Softw are US A Advertis ing 11.2 11.2
RockYou US A Widget 10.0 10.0
BookRenter US A S oc ial Commerce 10.0 10.0
Machinima.com US A V irtual World 9.0 9.0
Trans pera US A Mobile Ad 7.0 7.0
Kudzu Interactive US A Financia l S erv ices 7.0 7.0
Curs e US A S oc ia l Netw orks 6.0 6.0
Adis n US A Advertis ing 5.5 5.5
Connotate US A Analy tics 5.3 5.3
Metacafe US A V ideo 5.0 5.0
BigDoor Media US A Media 5.0 5.0
BeachMint US A S oc ial Commerce 5.0 5.0
Spons orPay Germany V irtual Goods 4.6 4.6
LucidMedia US A Advertis ing 4.5 4.5
Giiv US A S oc ial Commerce 3.4 3.4
Attr ibutor US A Analy tics 3.2 3.2
Tre fis US A Analy tics 3.2 3.2
Metamarkets US A Advertis ing 2.5 2.5
Snaptic US A Mobile 2.3 2.3
uC irrus US A Inf ras tructure 1.7 1.7
WOWIO US A Internet R eta il 1.7 1.7
Dilithium Networks US A V ideo 1.5 1.5
Schoology US A Online Learning 1.3 1.3
Thumbtack US A Crow ds ourced Content 1.2 1.2
SoGeo Netherlands Location-bas ed S NS 0.8 0.8
Rummble UK Location-bas ed S NS 0.8 0.8
TeamSnap US A V ertica l Communities 0.7 0.7
154.0 6.0 1.5 32.6 17.0 47.0 175.9 11.8 445.8
www.mackieresearch.com24
Financing Activity – Current Month, by Sector
Other
14%
Gaming
43%
Analytics
18%
Advertising
14%
Social
Commerce
4%Internet Retail
7%
$ Raised # Deals
Other
46%
Gaming
9%
Analytics
15%
Advertising
15%
Internet Retail
6%
Social
Commerce
9%
www.mackieresearch.com25
5.4
6.4
8.9
6.4
9.8
12.2
7.8
10.3
5.8
14.1
5.7
10.1
4.6
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total Average*Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
Jun-10 includes $147m Zynga investment
Financing Activity
June financing remained strong with over US$290 mm raised versus ~US$260
mm monthly total deal value average
www.mackieresearch.com26
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Gam
ing
Div
ers
ified
Colla
bora
tion
Mobile
Media
Socia
l
Com
merc
eC
row
dsourc
ed
Conte
nt
Advert
isin
g
Analy
tics
Vid
eo
Inte
rnet R
eta
il
Socia
l
Netw
ork
sF
inancia
l
Serv
ices
Virtu
al W
orld
Wid
get
Ente
rprise
Vert
ical
Com
muniti
es
Infr
astr
uctu
re
Mobile
Paym
ent
Virtu
al G
oods
Mobile
Ad
Onlin
e
Learn
ing
Music
Aggre
gatio
n
Searc
h
Cla
ssifi
ed
Tra
vel
Locatio
n-
based S
NS
Mic
roblo
g
Mic
rom
edia
Blo
g
13 1 5 9 8 9 3 15 14 8 5 8 5 5 2 4 9 5 1 2 2 2 2 1 3 1 3 4 1 1 1
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Gaming the biggest area of interest in the past quarter
www.mackieresearch.com27
Top 5 Sectors (2008-present)
$ Raised # Deals
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(US
$ m
m)
Social Networks Gaming Advertising Video Virtual World
0
5
10
15
20
25
30
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(# D
eals
)
Social Networks Advertising Gaming Virtual World Video
Top 5 sectors average $170 mm & 15 deals per month (aggregate)
www.mackieresearch.com28
Upcoming Events/Earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
Tree.Com, Inc. (NasdaqGM:TREE) 29-Jul-10 11:00 AM (EST) Q2/10 877-874-1588
www.mackieresearch.com29
Public Company ListingCompany Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
C ap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 1 15.9 10
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 10,700 77.2 NA
AOL, Inc. AOL NYSE USD United States 22 2,309.4 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 150,000 89.4 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3 20.2 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 6.0 16
Bright Things plc AIM :BGT AIM GBP United Kingdom 0 6.2 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2 250.1 NA
Changyou.com Limited CYOU NasdaqGS USD China 29 1,500.1 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 279 741.4 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 37.9 NA
DADA SpA CM :DA CM EUR Italy 3 69.8 597
Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,869 4,486.5 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 6.8 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 37.1 3
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 12.4 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 1 35.8 707
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 107.9 NA
Frogster Interactive P ictures AG FRG XTRA EUR Germany 18 57.6 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 53 260.5 NA
GameOn Co Ltd. 3812 TSE JPY Japan 77,900 85.1 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 33.2 120
Giant Interactive Group, Inc. GA NYSE USD China 7 1,658.5 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 133.4 NA
Glu M obile, Inc. GLUU NasdaqGM USD United States 1 41.3 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 47.3 NA
Gree, Inc. TSE:3632 TSE JPY Japan 6,910 3,428.1 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 189,500 238.4 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,335 77.3 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 94.4 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 1,025.8 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 23 2,604.7 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 4.1 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 457.9 3,146
www.mackieresearch.com30
Public Company Listing cont.
Company Name Ticke r Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm ) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.13 9.1 NA
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.20 8.4 79
Kent International Ho ldings Inc. KNTH OTCPK USD United States 1.95 6.9 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 4.22 590.7 2,735
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 5.0 6
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.50 14.2 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.36 23.3 65
M ixi, Inc. 2121 TSE JPY Japan 388,500.00 658.6 NA
M obile Data Corp. M BYL OTCBB USD United States 0.07 1.7 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 452.00 3,843.8 2,936
M oggle, Inc DB:M 0C DB EUR United States 0.85 48.9 2
M OKO.mobi Limited M KB ASX AUD Australia 0.09 9.1 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.12 29.2 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.40 189.1 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 42,800.00 734.7 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.37 227.6 2,901
Netease.com Inc. NTES NasdaqGS USD China 31.00 4,015.2 NA
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.45 51.1 224
NeXplore Corporation NXPC OTCPK USD United States 0.30 16.7 NA
Ngi Group Inc. 2497 TSE JPY Japan 40,750.00 55.4 NA
Northgate Technologies Limited 590057 BSE INR India 16.05 12.0 160
OAO RBC Information Systems RBCI M ICEX RUB Russia 38.48 166.1 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 39.78 2,258.7 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.23 187.0 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.10 3.9 NA
Paid Inc. PAYD OTCBB USD United States 0.26 70.5 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 25.96 1,299.6 NA
Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.52 47.9 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.69 55.7 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.55 80.1 93
Quepasa Corp. QPSA OTCBB USD United States 3.50 45.4 71
RealNetworks Inc. RNWK NasdaqGS USD United States 3.43 463.9 1,754
Youblast Global, Inc. SHHD OTCBB USD United States 0.40 13.6 6
Score M edia Inc. TSX:SCR TSX CAD Canada 0.88 69.4 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 40.50 2,404.8 5,721
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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 19,900.00 683.9 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.18 5.9 15
Socialwise, Inc. SCLW OTCBB USD United States 0.48 24.0 NA
Sohu.com Inc. SOHU NasdaqGS USD China 43.98 1,663.2 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.57 73.5 155
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.07 4.5 8
Taleo Corp. TLEO NasdaqGM USD United States 25.59 1,017.5 916
Tencent Holdings Ltd. 700 SEHK HKD China 127.40 29,926.5 7,845
The New York Times Company NYT NYSE USD United States 9.76 1,421.1 7,665
The9 Limited NCTY NasdaqGS USD China 4.04 103.1 1,010
TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.95 93.1 274
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.60 34.7 28
Tree.Com, Inc. TREE NasdaqGM USD United States 6.77 75.9 700
Unilava Corporation UNLA OTCBB USD United States 0.09 9.1 40
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.14 3.8 NA
United Online, Inc. UNTD NasdaqGS USD United States 6.72 585.5 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 2.1 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 11.74 954.8 1,086
Velti P lc VEL AIM GBP United Kingdom 4.53 252.0 459
VOIS, Inc. VOIS OTCBB USD United States 0.01 20.6 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.02 38.2 83
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 11,900.00 114.8 NA
Wizzard Software Corporation WZE AM EX USD United States 0.22 14.6 80
Worlds.com Inc. WDDD OTCBB USD United States 0.09 5.2 1
XING AG O1BC XTRA EUR Germany 28.78 183.0 293
YD Online Corp. A052770 KOSE KRW South Korea 4,815.00 58.8 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,795.00 18.1 NA
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