Académique Documents
Professionnel Documents
Culture Documents
Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue
to trade places as the sectors with the largest number of deals (12 and 10, respectively). Gaming and Video are also
attracting a great deal of investor attention.
900 100
833 94
92
800 90 5 9
131 83
80 6 78
700 684
672 3
661
94 70 68
588 38
600
222 7 42
57
227 60
37
36
500 Late Stage (D/E) Late Stage (D/E)
(US$m)
50
532 Early Stage (Angel/A) Early Stage (Angel/A)
77 Total
400 Total 41
394 40
40 1 37
333
300 259 408 3 33 34
300 19 2 30 3 30
301 29 18
30 27 1 0
231 2 13
223 219 2 24 24 24 24
205 207 204 202 49 12
194 196 312 21 2 15 12 16 2 1
200 178 179 47 10 8 4 43 19
191 5 31 63 167 20 18 40
155 2 53 3 39
48 27 133 0 20 2 2 9
12 12 15
112 100
124 11 14 9
69 203 96 126 163 118 9 21 22 21
100 100 103 183 121 10
79 169 17 16 17 18
133 15 13
80 123 10
90 74 79 76 7 7 7 6 8 8
46 47 49 53 55 61 46 48
39 29 0
0 18
Mar-09
May-09
Nov-09
Mar-10
Jan-09
Feb-09
Q1/09
Apr-09
Jun-09
Q2/09
Jul-09
Aug-09
Sep-09
Q3/09
Oct-09
Dec-09
Q4/09
Jan-10
Feb-10
Q1/10
Jan-09
Feb-09
Mar-09
Q1/09
Apr-09
May-09
Jun-09
Q2/09
Jul-09
Aug-09
Sep-09
Q3/09
Oct-09
Nov-09
Dec-09
Q4/09
Jan-10
Feb-10
Mar-10
Q1/10
March lodges a slowdown in deal value: Total transaction value in the Web 2.0 universe for March was $145.1
million, down 21% vs. March 2009. The number of financings was 26, averaging $5.6 million each. In comparison, total
capital raised in February was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million,
averaging $9.1 million over 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November
saw $205.0 million, averaging $10.2 million (20 deals).
Bearish week for Web 2.0: Nineteen companies in our universe had positive stock price performances (averaging
+6.9%) over the past week (for stocks with prices greater than $1), while 26 companies showed negative 1-week
returns (averaging -3.5%).
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.
w w w . m a c k i e re s e a r c h . c o m
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
Page 2
March lodges a slowdown in deal value: Total transaction value in the Web 2.0 universe for March was $145.1 million,
down 21% vs. March 2009. The number of financings was 26, averaging $5.6 million each. In comparison, total capital
raised in February was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million, averaging $9.1
million over 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November saw $205.0
million, averaging $10.2 million (20 deals).
250.0 10.0
9.1
9.0
8.2
200.0 8.0
7.0
(US$m)
5.0
100.0 4.0
3.0
50.0 2.0
1.0
0.0 0.0
Jan-10 Feb-10 Mar-10
Total Average
Deal round-up for March: The large deal highlights for the month include:
Saf-T-Net – developer of a suite for communicating with large audiences – was acquired by Blackboard for $33 million.
Adenyo – mobile ad network – raised $26.9 million.
LivingSocial – a collection of apps for social network and mobile platforms – raised $25 million in Series B funds.
C&C Media – an online game portal – was acquired by Perfect World for $21 million.
Red 5 Studios – online game developer – received a $20 million injection from The9 for a majority stake.
Multicast Media – a live and on-demand video operation – was acquired for $18 million by KIT Digital.
C$ cMoney – a mobile payment solution developer – completed a $15 million financing round.
DataXu – an online ad optimization and bidding platform – raised $11 million in a Series B financing.
GyPSii – a location-based search application (and a GeoSentric venture) – raised $11 million.
Quora – a crowd-sourced question & answer site – raised $11 million in its first financing round.
Hunch – a recommendation engine – raised $10 million in a Series B financing.
Lucid Imagination – distributor of the Apache open source search engine – raised $10 million in Series B funds.
Wix – a web publishing platform – raised $10 million in a Series C financing.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).
90.0
80.0
70.0
60.0
50.0
Mar-10
(US$m)
Feb-10
Jan-10
40.0
30.0
20.0
10.0
0.0
DubMeNow
Mochi Media
Multicast Media
DataXu
Everyscape
Effective Measure
Cognitive Match
Moblyng
Stylehive
Vivox
PowerReviews
Flixster
StudioNow
ThisNext
Avvasi
AdMarvel
XIHA
Adenyo
C&C Media
Guvera
SMSGupShup
Videoplaza
Eyeka
Beezag
Panvidea
C$ cMoney
Rent the Runway
Fynanaz
Pursway
Avatar Reality
Sway
MOG
Ranker
Decision Maker
Stylefeeder
Moonshoot
Payvment
Qiyi
LivingSocial
Blue Kai
GyPSii
BrightRoll
Gaikai
Cozi
Jelli
TellAPal
Glam Media
Yelp
Paymo
Quora
Yodle
Hunch
Aggregate
NetBase
Currensee
Plastic Jungle
BrightEdge
PeerPong
Apisphere
Scrapblog
Trada
Second Porch
Jibe
Joonto
Burbn
AppVee
AppsFire
Aardvark
Visible Technologies
Spiceworks
Flurry
MetroGames
Posterous
NuConomy
The Trade Desk
Vook
Secret Builders
Smilebox
OneForty
Blippy
Bit.ly
Graphic.ly
Cardagin Networks
Backupify
Serious Business
Made.com
SocialGO
Saf-T-Net
Quantcast
TripIt
Placecast
Echo Nest
TidalTV
KODA
Ngmoco
Lucid Imagination
BuyWithMe
Smartdate
Chomp
Wix
Ustream
Prosper.com
Yammer
Reframe It
Drimmi
WebVisible
Weedle
Formspring.me
Wistia
6 Waves
SeaWell Networks
Ad Summos
TuneWiki
Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue to
trade places as the sectors with the largest number of deals (12 and 10, respectively). Gaming and Video are also
attracting a great deal of investor attention (Figure 4).
200.0
180.0
160.0
140.0
120.0
(US$m)
100.0
80.0
60.0
40.0
20.0
174.5 150.1 103.1 80.1 65.5 62.9 54.8 53.7 52.9 40.0 39.8 34.9 25.1 18.8 16.1 16.0 13.8 12.8 12.5 10.0 8.3 8.0 6.8 6.6 5.0 4.4 3.4 2.7 2.2
0.0
Mobile Payment
Social Commerce
Internet Retail
Gaming
Online Dating
Online Calendar
Vertical Communities
Travel
Location-based SNS
Mobile
Media
Enterprise
Microblog
Online Learning
Music
Financial Services
Crowdsourced Content
Widget
Search
Mobile Ad
SMS/Voice
Blog
Infrastructure
Social Networks
Video
Advertising
Virtual World
Aggregation
Analytics
# companies
8 8 12 6 6 5 6 3 10 2 5 2 5 2 3 1 3 3 3 1 4 2 1 1 1 1 2 2 1
Cumulative total over $10 billion: Overall, on a cumulative basis, Web 2.0 financings have totalled over $10 billion,
with the majority of the financing made in late 2007 and the first three quarters of 2008 (Figure 5). Financing for the
Q1/10 was down 16% owing to a slowdown in March.
1,600. 0 12,000.0
1, 448.7
1,400. 0
10,000.0
1,200. 0
1,094.5
1,010. 1 8, 000.0
1,000. 0
835.5
(U S $m)
(U S $m)
800. 0 734.7 6, 000.0
675.0 663. 0
640.4
600. 0 568. 3
515.4
4, 000.0
432. 4
400. 0 367. 2
271.6
242.3
2, 000.0
192.1
187. 3
200. 0 167. 3
112.8 95.9
41. 5 24.7 59.4 45. 1 64.7 48.3
- -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2006 2007 2008 2009 2010
U.S. remains dominant: U.S. companies continue to dominate capital market activity – with 78.7% of financings/M&A
involving U.S. companies (based on dollars) (Figure 6). Based on number of transactions, the U.S. leads with 77.5% of
deals, while the Canada and the UK took 4.3% and 3.4% share of the total number of financings, respectively (Figure 7).
USA
77.5% ROW
8.7%
USA
78.7%
200
150
100
50
0
3/30/2009
4/13/2009
4/27/2009
5/11/2009
5/25/2009
6/8/2009
6/22/2009
7/6/2009
7/20/2009
8/3/2009
8/17/2009
8/31/2009
9/14/2009
9/28/2009
10/12/2009
10/26/2009
11/9/2009
11/23/2009
12/7/2009
12/21/2009
1/4/2010
1/18/2010
2/1/2010
2/15/2010
3/1/2010
3/15/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Bearish week for Web 2.0: Nineteen companies in our universe had positive stock price performances (averaging +6.9%)
over the past week (for stocks with prices greater than $1) (Figure 9), while 26 companies showed negative 1-week
returns (averaging -3.5%).
R ed 5 S tudios , Inc .; The9 L imited R ed 5 S tudios , Inc. a nnounced tha t it has R ed 5 S tudios , Inc. announced that it ha s ra is ed $20 million in a round of funding on March 22, 2010. T he round s a w
(Nas daqG S : NC TY) received $20 million in funding from T he9 pa rticipa tion from new inves tor T he9 L imited which a cquired ma jority s ta ke in the company in this trans a ction.
L imited.
Open Text C orp. (Nas daqG S : OTE X) O pen T ext C orp. to L aunch O pen T ext Open T ext C orp. announced that it pla ns to launch O pen T ext E verywhere, a new technology, which will a llow us ers of the
E verywhere compa ny's 'E nterpris e C ontent Ma na gement' s oftwa re to a cces s their a rchives and files through a B la ck-B erry device.
E s s entia lly, O pen T ext E verywhere will provide clients its us ers with a mobile ga teway to their bus ines s documents ,
archives a nd reports . L ike other bus ines s s oftware applications , O pen T ext's s oftware will ena ble its us ers to open and edit
documents over the s ecure connections offered by R es ea rch In Motion Ltd. 's B lackB erry devices .
Niels en Media R es earc h, Inc.; O penwa ve a nd Niels en C ollabora te to Help Openwave S ys tems Inc. and mes s a ging s olutions announced a joint collabora tion with the Niels en C ompa ny. T he intended
Openwave S ys tems Inc . Mobile O pera tors a nd E cos ys tem P la yers purpos e for the ins ight engine is to help mobile opera tors more effectively a na lyze rich profiles a nd data s egments by us ing
(Nas daqG S : OP WV) Monetize the Mobile Internet ins ights s uch as time-s pent a nd click-through-rates for more a ccura te content recommenda tions . T he combined s olution,
which includes O penwa ve(R ) Analytics platform with Niels en P R IZM(R ) cons umer s egmenta tion s ys tem to create the
ins ight engine, is expected to optimize the us er experience to ultima tely provide a more compelling offering for mobile
opera tors and others within the ecos ys tem.
Openwave S ys tems Inc . O penwa ve Announces L a tes t V ers ion of Openwave S ys tems Inc. announced the lates t vers ion of O penwave(R ) P a s s port, a key pa rt of its T ra ffic Mediation s olution.
(Nas daqG S : OP WV) P as s port O ffering P a s s port 3. 0 is des igned to help operators more effectively ma na ge network res ources a nd tap into new revenue s treams
by offering s ubs cribers pers onalized, context-awa re internet s ervices . P as s port 3. 0 a llows the opera tor to offer a ra nge of
different da ta a cces s plans to their s ubs cribers , from a monthly recurring pla n with s pecified fa ir us age limits to a more
flexible pa y-a s -you-go, time-ba s ed pa s s tha t might be more s uitable to the ca s ua l da ta us er. P a s s port monitors the us er's
activity (by time or tra ffic volume) a nd ca n proactively inform them when appropria te of events s uch a s a llocated quota s
being rea ched, changes to their s ervice pla n, new da ta cha nges that ma y a pply or new s ervices tha t ma y be of interes t. T he
s ubs criber may a ls o ma na ge their s ervice pla ns directly with on-dema nd a cces s to time and/or volume "meters " a nd
options for extens ions or upgrades . Openwave P as s port 3. 0 is expected to be genera lly a vailable in April 2010.
Openwave S ys tems Inc . O penwa ve Announces S ma rt Us er R epos itory Openwave S ys tems Inc. announced the launch of its O penwa ve(R ) S ma rt Us er R epos itory for opera tors , a highly s ca la ble,
(Nas daqG S : OP WV) for Mobile O pera tors to Ma na ge R is ing highly reliable us er da ta s torage s olution built on the proven foundation of Openwave's directory technology. S ma rt Us er
Network T raffic R epos itory offers high s peed, low la tency us er profile a nd policy acces s tha t is s pecifica lly des igned to a s s is t operators in
ma naging their increas ing da ta traffic. B ecaus e of its highly s ca lable a nd relia ble architecture, O penwa ve's S mart Us er
R epos itory is a n excellent ca ndida te for opera tors ' 3G P P us er profile repos itory a nd us er da ta repos itory requirements ,
pa rticula rly a s opera tors move quickly to deploy policy infra s tructure a ddres s ing the increa s ing tra ffic loa ds brought a bout
by the data ts una mi. S mart Us er R epos itory's intelligent a nd flexible a rchitecture a llows for configurable deployments ba s ed
on the res pective operator's environment and traffic profile. O penwa ve's previous vers ion of the offering, O penwa ve(R )
Directory, provides a n eas y tra ns ition for operators evalua ting a repla cement path for s ys tems that a re not s calable. K ey
benefits of S ma rt Us er R epos itory include: Intelligent Architecture -- T he decoupling of read a nd write opera tions can provide a
lightweight Mas ter/R eplica a rchitecture which allows for s epara te s caling of thes e cha racteris tics a s needs a ris e.
R eplicas ca n be dis kles s for better performa nce and lower cos t. S calability -- S ca la bility bas ed on the loos e coupling
between the Ma s ter(s ) and R eplica (s ). T he lightweight replica tion mecha nis m can ens ure low replica tion load on the
Mas ter(s ) to ma inta in a linear cos t of growing the s ys tem. Availa bility/R elia bility - S ma rt Us er R epos itory's
architecture allows the operator to define different levels of s pa re ca pacity depending on the critica lity of the
applica tion. T he repos itory's predeces s or, O penwa ve Directory, ha s demons tra ted grea ter tha n 99. 999% ava ila bility
over the la s t five yea rs a t la rges t deployment. L ow La tency - T he lightweight replication mechanis m of the S mart Us er
R epos itory enables implementa tion of geo-dis tribution working to ens ure low la tency a cros s wide a rea s . R eplicas
ca n s erve s ingle entry reques ts in les s tha n three millis econds depending on the hardware pla tform.
B right Things plc (AIM: B G T) B right T hings plc Appoints B rett Morris as B right T hings plc a nnounced the appointment of B rett Morris a s F ina nce Director, taking over from E dwa rd L evey. B rett
F ina nce Director to R epla ce E dward Levey P lunkett Morris , 41, is a qua lified C ha rtered Accounta nt with more than 15 yea rs of experience in F ina ncia l a nd O pera tiona l
Mana gement. Having s pent the firs t 10 yea rs of his ca reer in ba nking s pecia lis ing in mergers a nd a cquis itions a nd debt
financing for compa nies , B rett obta ined an MB A from the L ondon B us ines s S chool.
DigitalP os t Interactive, Inc. Digita lP os t Interactive, Inc. W ins C ontract with DigitalP os t Intera ctive, Inc. a nnounced it has won a profes s iona l s ervices contract to develop a content ma nagement
(OTC B B : DG L P ) L ea ding Integra ted S ervices C ompa ny in s ys tem for a lea ding technology company in the hotel and leis ure indus try. T he new pla tform, s cheduled for delivery around
Hotel/L eis ure Indus try mid-yea r 2010, will s upport the cus tomer's s tra tegy to increas e a warenes s a nd expand its market pres ence online and
within hotels a nd res orts , where a growing percentage of travel focus ed cons umers a re looking for s pecia lized content.
K ey Developments
C ompany Headline Notes
UOMO Media, Inc (OTC B B : UOMO.E ) UO MO Media, Inc will C ha nge its T icker to E ffective Ma rch 25, 2010, UO MO Media , Inc will cha nge its O T C B B s tock ticker s ymbol to UO MO E from UO MO .
UO MO E from UO MO
W izzard S oftware C orporation W izza rd S oftwa re Announces the Ava ila bility W izzard S oftwa re C orpora tion a nnounced the a va ilability of the Motion T raxx iP hone App in the App S tore. F ollowing the
(AME X: WZE ) of the Motion T raxx iP hone App in the App s ucces s of the Motion T ra xx podca s t, downloa ded over 2 million times in its firs t year a nd currently ranked 7th in the iT unes
S tore podca s t Hea lth category a nd 138th of a ll podca s ts in iT unes , the Motion T ra xx iP hone App is a powerful motiva tor for
exercis e a nd ma kes meeting fitnes s goa ls ea s ier. Available for $2. 99, the Motion T ra xx App fea tures 'bonus ' epis odes not
ava ila ble as part of the regular podcas t. B onus epis odes will include a n indoor boot-camp s tyle workout hos ted by celebrity
tra iner K im L yons , who ha s s ta rred on the NB C hit reality T V s how 'T he B igges t L os er'. Another bonus epis ode will be a
R un/W a lk interva l mix hos ted by renown running coa ch J eff G a llowa y, a former US O lympic runner, bes t-s elling author a nd
columnis t for R unner's W orld ma gazine.
L ingo Media C orporation (TS XV: L M) L ingo Media C orporation Appoints Micha el Lingo Media C orpora tion a nnounced the appointment of Michael O 'C onnor to its B oa rd of Directors . Michael O 'C onnor
O 'C onnor to its B oa rd of Directors pos s es s es over twenty years of experience in economics , fina nce a nd mergers and a cquis itions in telecommunica tions a nd
tra ns porta tion. He began his ca reer at the E conomic C ouncil of C a nada /S chool of P olicy S tudies Q ueens Univers ity
conducting s tudies of G overnment's Impa ct on C ompetitivenes s in thes e two s ectors .
S ohu.c om Inc. (Nas daqG S : S OHU); S ohu. C om T eams Up with E as ou. C om in S ohu. com Inc. ha s a greed to join forces with E as ou. com a s the compa ny looks to make an inroa d in the fa s t-growing
YE TI G roup L td. Mobile S ea rch mobile s ea rch ma rket. S ohu. com will work with E a s ou. com in technology and content for bus ines s expa ns ion, a ccording to
a coopera tion agreement the two pa rtners inked earlier. As part of the collabora tion, the cooperators ha ve la unched a W AP -
ba s ed s ea rch s ervice. T echnologically s upported by E a s ou. com, the new s ervice ena bles mobile phone us ers to get an
acces s to the information a vaila ble on the Internet anytime and a nywhere.
C yberplex Inc . (TS X: C X) C yberplex Inc. R eports Unaudited C yberplex Inc. reported unaudited cons olidated fina ncia l res ults for the fourth quarter a nd fis ca l yea r ended December 31,
C ons olida ted F ina ncial R es ults for the F ourth 2009. F or the qua rter, the compa ny reported net income of $1. 25 million or $0. 02 per ba s ic a nd diluted s ha re compared to
Q ua rter a nd F is ca l Y ear E nded December 31, net income of $4. 88 million or $0. 09 per bas ic and diluted s ha re for the s a me period previous yea r. Income from opera tions
2009 for the period was $870, 259 a nd income before income ta xes was $948, 500 compared to income from operations of $4. 90
million and income before income ta xes of $4. 88 million for the s a me period previous yea r. Income before amortiza tion of
as s ets for the period was $991, 320 compared to $4. 99 million for the s ame period previous year. T otal revenue for the
fourth qua rter wa s $24. 3 million compa red to $28. 89 million for the s ame period previous year.
NeuL ion Inc orporated (TS X: NL N) NeuL ion Incorpora ted Announces A New NeuLion Incorporated a nd Ma jor Lea gue S occer, L LC a nnounced a new partners hip for a dedica ted online video s ervice
P artners hip with Major L ea gue S occer, L LC built and mana ged by NeuL ion. B uilt by NeuLion a nd powered by Micros oft S ilverlight, the bra nd new a nd totally rebuilt
2010 digita l s ervice ha s a dvanced features including DV R -like functiona lity and HD-quality video, enabling fa ns to wa tch
and enga ge with the ga me through a number of exciting, intera ctive real time s ervices . NeuLion provides ML S with a n end-
to-end s ervice a nd will deliver up to 300 ML S , S uperL iga and InterL iga ga mes a s well a s other S occer United Ma rketing
events during the s eas on, including condens ed a rchive ga mes and rea l time highlights a ll delivered in HD to a viewer's
brows er.
Mobile Data C orp. (OTC B B : MB YL ) Mobile Data C orp. C ompletes B eta T es ting of Mobile Da ta C orp. a nnounced tha t it has s ucces s fully completed B E T A s tage tes ting of its MDC -T ra cker s oftware for the
Its MDC -T racker S oftwa re B la ckB erry S torm 2 (9550). Mobile Data C orp. is developing a s pecific s oftwa re la yer that makes it ea s ier to build a nd
propa ga te a pplica tions for R es earch in Motion L imited's B lackB erry P la tform. T he MDC -T ra cker a pplica tion provides us ers
with a his torica l a rchive of globa l pos itioning coordina tes over a ny given period of time. T his mea ns tha t, for the firs t time, a
us er will be able to know the his tory of where a B lackberry S martphone ha s been at va rious times during the da y, week,
month, or a ny other pres cribed time frame. T his is a chieved through MDC 's a pplica tion development s tra tegy tha t gives
bus ines s es the ca pability to track employee as s ets for a va riety of reporting a nd a ccounta bility protocols . MDC 's s oftwa re
layer provides a nother tool in providing compa nies with in-depth knowledge concerning cos t control a nd corporate
productivity. T he MDC -T racker s oftwa re can a ls o be us ed in other a pplica tions s uch a s loca tion monitoring of motor
vehicles , children, and members of s ocia l networking groups .
W ebzen Inc . (K OS E : A069080) W ebzen Inc. , Annual G enera l Meeting, Ma r 26, W ebzen Inc. , Annua l G eneral Meeting, Mar 26, 2010 L ocation: 1F , G uro-gumin meeting ha ll, 12 E uis ada ng-G il, G uro-gu,
2010 S eoul 152-842, S outh K orea . Agenda: T o a pprove the non-cons olidated balance s heet, income s tatement and s tatement of
appropria tion of reta ined ea rnings for the 9th fis cal yea r; to approve amendments to the Articles of Incorporation; to approve
the gra nt of s tock purchas e option by B oa rd of Directors ; to a pprove the limita tion on remunera tion for directors .
K ings oft C orporation L imited K ings oft C orporation L imited R eports E a rnings K ings oft C orpora tion L imited reported ea rnings res ults for the yea r ended December 31, 2009. F or the year, the company's
(S E HK : 3888) R es ults for the Y ea r E nded December 31, revenue increas ed by 25% yea r-over-yea r to R MB 1, 022, 412, 000 a ga ins t R MB 820, 944, 000 a year a go. P rofit a ttributable
2009; R ecommends F ina l Dividend for the to owners of the parent increa s ed by 26% yea r-over-yea r to R MB 387, 224, 000 compared to R MB 307, 501, 000 a year a go.
Y ea r E nded December 31, 2009 R evenue from enterta inment a nd a pplica tions s oftwa re bus ines s s egments repres ented approximately 67% a nd 32% of
total revenue in 2009, res pectively. B a s ic earnings per s ha re were 36. 38 cents a ga ins t 28. 95 cents a yea r a go. T he B oa rd
of directors has recommended a fina l dividend of 15 cents per s hare for year 2009 compa red to 15 cents a yea r a go.
K ey Developments
C ompany Headline Notes
F rogs ter Interactive Pic tures AG F rogs ter Interactive P ictures AG E nters the F rogs ter Intera ctive P ictures AG is entering the brows er ga mes bus ines s . F or five years ea ch, F rogs ter has purcha s ed the
(XTR A: F R G ) B rows er G ames B us ines s E uropea n licens e rights on two next-genera tion brows er MMO ga mes from the s ucces s ful C hines e developer S na ilga me.
F rogs ter has a lrea dy been working together s ucces s fully with S na ilga me for yea rs concerning the title 'B ounty B a y O nline'.
'L ord of the Dra gons - K nights of Honor' is a novel s trategic role pla y ga me with a world of knights a nd dra gons and
pa s s iona te a ttention to deta il. O ne of the ma ny s pecials is the cooperative tea m-bas ed building of ca s tles together with co-
pla yers - a ll in la tes t fla s h technology. 'Lord of the Dragons - K nights of Honor' s ha ll be relea s ed alrea dy in 2010. 'B ounty
B a y W eb' is a world of s a ilors s et in the 15th to 17th century, thus a s etting s imila r to the s ucces s ful, client-ba s ed F rogs ter
MMO game title 'B ounty B a y O nline' of which the bra nding will be adopted for the brows er-vers ion. Als o in the highes t
graphic qua lity, the pla yer ca n make a ca reer a s a mercha nt, bla cks mith or ca pta in, explore foreign countries and fight
arma da ba ttles . F or s uch a brows er ga me, the hous ing-
s ys tem with which the pla yer can purcha s e a nd expand their own hous e and la nd, is completely unique. 'B ounty B a y
W eb' s ha ll als o be releas ed a lrea dy at the beginning of 2011. B oth brows er MMO games , will be operated by F rogs ter
in the free-to-pla y bus ines s model with micropa yments jus t like 'R unes of Ma gic' a nd 'B ounty B a y O nline' where the
pla yers purchas e and hire dura ble a nd cons uma ble virtua l goods a s well a s s ervices .
G ravity C o., L td (Nas daqGM: G R VY) G ra vity C o. , L td R eports E a rnings R es ults for G ra vity C o. Ltd. reported ea rnings res ults for the yea r ended December 31, 2009. F or the period, the compa ny reported
the Y ea r E nded December 31, 2009 revenues of K R W 43, 945, 590, 171, opera ting income of K R W 11, 770, 320, 038, income before income ta x of K R W
7, 069, 619, 206, net income of K R W 3, 082, 496, 755 or K R W 444 ba s ic a nd diluted per s ha re a s compa red to revenues of
K R W 41, 982, 911, 692, operating income of K R W 7, 391, 182, 939, income before income ta x of K R W 4, 394, 260, 231, net
income of K R W 920, 940, 495 or K R W 133 bas ic and diluted per s hare for the s a me period las t yea r.
K ings oft C orporation L imited K ings oft C orporation L imited R eports E a rnings K ings oft C orpora tion L imited reported ea rnings res ults for the fourth ended December 31, 2009. T he company rea ped tota l
(S E HK : 3888) R es ults for the F ourth E nded December 31, revenues of C NY 300. 104 million for the three months ended December 31, 2009, up 21. 9% from C NY 246. 099 million a
2009 qua rter ago. G ros s profit climbed 26. 3% to C NY 266. 136 million from C NY 210. 730 million. P rofit for the fourth qua rter
s urged 73. 3% to C NY 120. 843 million from C NY 69. 716 million. P rofit a ttributa ble to the pa rent company's owners s oared
74. 8% to C NY 120. 700 million from C NY 69. 064 million. B a s ic earnings per s ha re a ttributa ble to the pa rent compa ny's
ordina ry equity holders expa nded 74. 1% % qua rter on qua rter to C NY 0. 1128 from C NY 0. 0648 in the third qua rter of 2009.
Atlus C o. L td. (J AS DAQ: 7866); C &C P erfect W orld C o. , L td. (Nas daqG S : P W R D) P erfect W orld C o. , L td. (Na s da qG S : P W R D) s igned an a greement to a cquire C & C Media C o. , Ltd. from Atlus C o. , Ltd a nd
Media C o., L td.; P erfec t World C o., L td. s igned an a greement to a cquire C &C Media other s hareholders for $21 million on Ma rch 26, 2010. C & C media will become a wholly owned s ubs idiary of P erfect W orld
(Nas daqG S : P WR D) C o. , L td. from Atlus C o. , L td a nd other after the acquis ition.
s ha reholders for $21 million.
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td S eeks Approval for a n T encent Holdings Ltd a nnounced tha t it would s eek a pprova l in the C ompa ny’s Annual G enera l Meeting on May 12, 2010,
E quity B uyba ck to commence a s hare buyback progra m. Under the progra m, the C ompa ny will repurcha s e up to 10% of the a ggrega te
nomina l amount of the s ha re ca pital of the C ompany in is s ue as a t the date of pa s s ing of this R es olution. Any repurchas e
will be made out of funds which a re lega lly a va ila ble for the purpos e in a ccorda nce with the memora ndum of a s s ocia tion
and bye-laws of the C ompa ny a nd the C ompa nies Act. T he repurcha s es will be in a ccordance with la ws and requirements
and regulations of the S tock E xcha nge of Hong K ong L imited or on any other s tock excha nge on which the s hares of the
C ompa ny ma y be lis ted a nd recognized by the S ecurities a nd F utures C ommis s ion a nd the S tock E xcha nge of Hong K ong
Limited for this purpos e, s ubject to a nd in a ccordance with a ll a pplica ble laws a nd requirements of the S ecurities a nd
F utures C ommis s ion, T he S tock E xcha nge of Hong K ong L imited or a ny other s tock exchange as a mended from time to
time. T he s ha re buyba ck program s ha ll be va lid until the earlies t of the conclus ion of the next Annua l G enera l Meeting, or the expira
next Annua l G eneral Meeting of the C ompa ny is required by the B ye-la ws of C ompany to be held or the pas s ing of a n
ordina ry res olution by the s ha reholders of the C ompany in genera l meeting revoking or va rying the authority given to
the directors of the C ompany by this R es olution.
L ookS mart, L td. (Nas daqG M: L OOK ) L ookS mart Announces Appointment of S cott LookS ma rt, L td. a nnounced the a ppointment of S cott Haus wirth as V ice P res ident, Dis tribution Network, effective Ma rch 23,
Haus wirth as New V ice P res ident, Dis tribution 2010. In this newly created role, Mr. Haus wirth will overs ee traffic acquis ition, tra ffic qua lity, and partner mana gement. Mr.
Network Ha us wirth will report directly to Dr. J ean-Y ves Dexmier, E xecutive C ha irma n and C hief E xecutive O fficer. He mos t recently
s erved a s V ice P res ident, B us ines s Development for travel s ta rt-up Zonder. P rior to tha t, he wa s S enior Director, B us ines s
Development at Y a hoo! , where he was res pons ible for multiple dis tribution partners hips , including a large pa rtners hip with a
cons ortium of news papers that now involves over 800 news papers a cting a s local ma rketing and s a les channels for Y ahoo!
products .
Quepas a C orp. (OTC B B : QP S A); Virtual Q uepa s a P artners with V irtua l G oods Ma rket Quepa s a C orp. announced its partners hip with V irtual G oods Market, Inc. to bring s ocia l ga mes and applications including
G oods Market, Inc . to B ring P ortfolio of S ocia l G a mes to V iximo's newes t relea s e 'S napMeUp' to the network's 12 million us ers . Levera ging Q uepa s a 's O penS ocia l fra mework, the
Q uepa s a . C om Us ers two compa nies pla n to provide a dditiona l s ocia l ga mes and applications a s they are added to the V iximo portfolio in a n
effort to keep us ers enga ged a nd help Q uepas a ma ximize revenue. 'S napMeUp' is the ultima te ma rria ge of online flirting
and s ocial ga ming. Q uepas a players ca n find fa me a nd fortune by buying, s elling a nd tra ding photos of their friends with
other people on the s ite. S ome will become tycoons by ma s tering the a rt of buy low/s ell high a nd others will find va lidation
as the hottes t pers on on the ma rket.
Valuation
Gaming companies lead market-cap charts: Twelve companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 11). Sixty of the 96 companies have market caps under US$100 million, with 40 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$37.5 billion.
0.0
B etawave C orporation
P erfect World C o., Ltd.
# Companies
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
N gi G roup Inc.
As k net AG
Source. Capital IQ
Source. Capital IQ
AIM
18.0 16.8
T he P arent C ompany
2 1
HLSE C y berplex Inc.
14.8
Northgate T echnologies Limited
SEHK
10.0
G ameO n C o Ltd.
OTCBB J umbuck E ntertainment Limited
9.3
T ree.C om, Inc.
3 21 2
GTSM
3
TSX Unis erve C ommunications C orp.
6.6 6.3
Is e B lu E quity C orp.
ASX
5.5
Actoz S oft C o., L td.
2 2
XTRA We-R -Y ou C orp.
G igaMedia L td.
TSE AQ Interactive, Inc.
OTCPK DXN Holdings B hd
IAC /InterActiveC orp.
5 10 6
TSXV DADA S pA
SWX T heS treet.com, Inc.
United O nline, Inc.
1 2
6
KOSE C DC C orp.
1 1
OSE InternetArray , Inc.
HanbitS oft, Inc.
KLSE G amania Digital E ntertainment C o., Ltd.
2 14 1
MICEX S park N etwork s , Inc.
1
CM V alueC lick , Inc.
0.9 0.8
are Canadian (average 2.6x revenue vs. 2.9x last week).
Y nk K orea Inc.
NasdaqGM NetDragon WebS oft, Inc.
1.0 1.1 1.2 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.7
4 1
BSE S pry logics International C orp
0.6 0.3
S hutterfly , Inc.
P N I Digital Media Inc.
S NAP Interac tive, Inc.
G ungHo O nline E ntertainment, Inc.
N euLion Incorpora ted
Modern T imes G roup Mtg AB
T E V/L T M R evenue (x)
(x) V elti P lc
S K C ommunic ations C o., Ltd.
Webz en Inc.
1.7 1.9 1.9 2.0 2.12.22.2 2.4 2.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
# Companies
XING AG
United My riad G roup AG
2
O riented Media G roup B erhad
18.0 16.8
Kingdom
S ohu.com Inc.
1
multiples greater than 50x. Twenty-five companies have multiples under 1.5x.
14.8
NE O WIZ G ames C orpora tion
China
10
2.82.92.93.03.0 3.13.2
O pen T ex t C orp.
6.3
Wiz z ard S oftware C orporation
2
Australia
3.73.8
40
5.5 5.5
States is eemedia Inc.
C hangy ou.com Limited
3
Taiwan DigitalP os t Interactive, Inc.
4.6 4.74.9 5.0 5.0
2
Germany
4.6 3.8
K ings oft C orporation Limited
5.7 5.9
6
Japan
3.4
Unilava C orporation
6.76.9
Mix i, Inc.
1
2.9
Switzerland
7.4
10
MO K O .mobi Limited
10.110.7
7
G eoS entric O y j
14.8
Korea
eWorldC ompa nies , Inc.
1
Sweden F luid Mus ic C a nada, Inc.
15.816.5
2
Malaysia
1
Hong Kong S pec trumDNA, Inc.
38.2
1
Russia
1.0 0.9
1
Italy
Page 14
States has the most companies (40), trading at an average of 5.5x revenue (vs. 6.3x last week) (Figure 14). Ten companies
number of companies (21), trading at an average multiple of 9.3x (vs. 10.1x last week). On a geographic basis, the United
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
Things plc (AIM:BGT) at 31.4x, and Bigstring Corp. (OTCBB:BSGC) at 30.9x. The median is 1.8x. Note that we exclude
TEV/Revenue (LTM) averages 4.7x: The overall average TEV/Revenue (LTM) multiple for our group is 4.7x (vs. 5.1x
last week) (Figure 12). Four companies trade above 25x revenue – SpectrumDNA, Inc. (OTCBB:SPXA) at 38.2x, Bright
or domiciled. Figure 13 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
1
India
0.8 0.3
Page 15
TEV/EBITDA (LTM) averages 10.9x: The average multiple for the 37 companies with positive EBITDA (and multiples
under 100x) is 10.9x LTM EBITDA (vs. 10.8x last week), led by Tencent Holdings Ltd. (SEHK:700) at 45.1x (Figure 15).
Twelve companies have EBITDA multiples under 7x. The median multiple is 8.8x (vs. 8.8x last week).
T E V/LT M E B IT DA (x)
50. 0
45. 1
45. 0
40. 0 36.5
35. 0
30. 0
C DC C orp.
O pen T ex t C orp.
Y D O nline C orp.
G ree, Inc.
Mix i, Inc.
Y nk K orea Inc.
V elti P lc
S hutterfly , Inc.
DADA S pA
Ac toz S oft C o. , L td.
TEV/EBITDA (LTM) by country/exchange: Figure 16 shows the average TEV/EBITDA multiples by stock exchange.
The OTCBB has the largest number of companies (21), trading at an average multiple of 12.3x (vs. 13.6x last week). On a
geographic basis, the United States has the most companies (40), trading at an average of 9.4x EBITDA (vs. 9.9x last
week) (Figure 17). Ten companies are Canadian (average 7.8x EBITDA vs. 8.0x last week).
13.8 11.0
(x)
NasdaqGM
SEHK
KOSE
TSE
OSE
NasdaqGS
OM
CM
AMEX
KLSE
TSX
AIM
TSXV
ASX
0.0 0.9
Kingdom
China
Japan
United
Hong
Canada
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
United
# Companies 3 1 2 6 5 21 2 4 1 6 14 2 1 2 3 2
# Companies 1 3 7 10 6 2 40 1 10 1 2 2
P/E (LTM) averages 21.7x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 21.7x LTM EPS (vs. 21.1x last week), led by HanbitSoft, Inc. (KOSE:A047080) with an 81.5x multiple (Figure 18).
Eleven companies have P/E multiples under 10x. The median is 14.5x (vs. 14.9x last week).
P /E L T M (x)
90.0
81.4
80.0
70.0
60.1
60.0 57. 1
51.6
50.0 45.0
40. 8
40.0
33.4 34.0
31.1
28. 8
30.0
21.7 22.3 23.4
19.1
20.0 14.0 14. 3 14.6 15.2
12.1
9.9 10. 6 10.8
6.8 6. 9 8.0
10.0 4. 4 5.3
1. 9 1.9 2.1 2.6
0.0
0.0
G ameO n C o Ltd.
C DC C orp.
S handa Intera ctiv e E ntertainment Ltd.
O pen T ex t C orp.
C y berplex Inc .
G igaMedia Ltd.
Y D O nline C orp.
S ohu.com Inc .
G ree, Inc .
Mix i, Inc .
K ings oft C orpora tion L imited
XING AG
P erfect World C o., L td.
P/E (LTM) by country/exchange: Figure 19 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (21), trading at an average multiple of 45.0x (vs. 48.6x last week). On a geographic basis,
the United States has the most companies (40), trading at an average of 23.0x earnings (vs. 24.3x last week) (Figure 20).
Ten companies are Canadian (average 23.8x EPS vs. 22.8x last week).
30.0
(x)
26.1 22.3
22.3 20.0 21.7
20.0 19.7
12.6 12.1 15.0 13.9
6.8 5.3 4.4 12.1
10.0 2.1 10.0
0.0 5.3
0.0 5.0 4.4
OTCBB
GTSM
NasdaqGM
OSE
KOSE
TSE
SEHK
NasdaqGS
CM
TSX
KLSE
NYSE
AIM
ASX
0.0
Japan
Canada
United
Kingdom
Hong
China
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
United
# Companies 1 21 6 5 3 2 2 14 1 3 2 2 1 4
# Companies 6 7 10 40 2 1 3 10 1 2 2
Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Wizzard Software Corporation (AMEX:WZE) 1-Apr-10 1:00 p.m. EST Q4/09 877-407-0782
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.55 0. 0% -1.8% -15.4% -15.4% 175. 0% -31.3%
A ctoz S oft C o. , L td. KR W A052790 K OS E 106.0 13650.00 -6.5% -5.2% -21.6% -24.6% 6.6% -62.1%
A Q Interactive, Inc. JPY 3838 TS E 66.0 112500.00 -20.2% -9.2% 77.7% 116.3% 187. 0% -32.4%
A s knet AG E UR XT R A :A5A XT R A 27.8 4.10 3. 8% 19.2% 32.3% 31.8% 60.2% -2.1%
B eta wave C orpora tion US D B W AV OT C B B 2.8 0.10 -5.0% -20.8% -26.9% -5.0% -40. 6% -50.0%
B eyond C ommerce, Inc. US D B Y OC OT C B B 1.8 0.03 -13.9% -8.8% 82.4% -48.3% -97. 8% -98.4%
B igs tring C orp. US D BSGC OT C B B 0.9 0.01 -3.3% -35.3% -37.0% -62.8% -9.4% -74.6%
B right T hings plc GB P AIM:B G T A IM 6.6 0.01 1. 9% -19.1% 14.6% 0. 0% -6.5% -45.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 3.4 0.04 0. 0% 0.0% -55.6% -82.6% -92. 2% -91.1%
C DC C orp. US D C H IN.A Nas da qG S 322.6 3.05 14.7% 24.0% 33.8% 16.4% 163. 0% -22.2%
C ha ngyou.com Limited US D C Y OU Nas da qG S 1, 541.4 29.89 -5.2% -10.0% -9.6% -15.9% 54.1% -38.2%
C hines e G a mer International TWD G T S M:3083 GTS M 900.2 341.00 -1.4% 11.8% -17.5% -27.8% 94.3% -34.3%
C ody V entures C orpora tion US D CVCP OT C P K 0.1 0.00 -16.7% -16.7% 127.3% 150.0% 733. 3% -77.3%
C ornerW orld C orpora tion US D CW R L OT C B B 1.9 0.02 -50.0% -33.3% -33.3% -66.7% -85. 7% -86.7%
C yberplex Inc. C AD T S X: C X TS X 50.1 0.74 -20.4% -18.7% -35.7% -43.9% -22. 9% -62.8%
DADA S pA E UR C M:DA CM 112.5 5.16 -0.7% 6.3% -12.6% -26.4% 9.7% -37.1%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 3.8 0.04 -13.0% -37.9% 6.1% -26.3% 117. 5% -56.1%
DigitalT own, Inc. US D DG T W OT C B B 31.5 1.15 -8.0% -8.0% 13.9% -56.4% -54. 0% -67.1%
Dolphin Digital Media, Inc. US D DP DM OT C B B 17.1 0.30 20.0% -6.3% 50.0% -31.8% -50. 0% -60.5%
DXN Holdings B hd MY R DXN K LS E 45.9 0.66 3. 1% -0.8% 20.0% 10.0% 120. 0% -12.0%
E n2G o International, Inc. US D E TGI OT C B B 4.8 0.20 -33.3% -66.7% -60.8% -67.2% -92. 0% -95.2%
Neurotech P ha rmaceutica ls C o., Ltd. KR W A041060 K OS E 23.5 345.00 19.0% -24.2% -43.4% -52.4% -34. 3% -70.3%
eW orldC ompa nies , Inc. US D EWRC OT C P K 0.5 0.00 -50.0% -50.0% -66.7% -83.3% 0.0% -97.4%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 102.2 1.65 -3.5% 15.4% -4.6% 13.8% 175. 0% -23.3%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 66.9 19.40 -0.5% -4.7% 11.9% 8. 4% 184. 8% -9.7%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 235.8 48.95 -0.3% 2.9% -4.0% -0.1% 39.9% -28.9%
G ameO n C o L td. JPY 3812 TS E 96.7 92700.00 27.0% 37.1% 35.3% 2. 5% 3.7% -30.2%
G eoS entric Oyj E UR G E O1V H LS E 60.5 0.05 0. 0% 0.0% 25.0% 0. 0% 25.0% -16.7%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 739.7 7.67 2. 5% -1.2% 7.9% 1. 3% 5.5% -19.8%
G igaMedia L td. US D G IG M Nas da qG S 173.9 3.19 0. 9% 10.4% -0.6% -39.1% -44. 2% -55.1%
G ra vity C o., Ltd US D GR VY Nas da qG M 48.1 1.73 -1.1% -11.3% 11.6% -9.9% 106. 0% -34.2%
G ree, Inc. JPY T S E :3632 TS E 2, 772.5 5680.00 -1.4% 3.8% -1.4% 16.2% 113. 5% -6.0%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 265.6 214500.00 -2.7% 2.1% 16.6% -9.9% 68.9% -23.4%
H anbitS oft, Inc. KR W A047080 K OS E 85.9 4450.00 18.8% 18.4% 17.1% 4. 1% 32.8% -33.0%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 665.7 22.87 -4.0% 2.1% 12.7% 13.3% 43.7% -6.5%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 0. 0% -20.0% -20.0% -81.8% -92. 2% -99.2%
Is e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0. 0% 0.0% 0.0% 0. 0% 0.0% -90.0%
is eemedia Inc. C AD IE E T S XV 11.6 0.17 0. 0% -10.5% -2.9% 54.5% 70.0% -37.0%
J umbuck E ntertainment Limited AU D AS X: J MB AS X 11.2 0.25 -3.8% -16.7% -16.7% -35.9% -50. 0% -50.0%
K ent International Holdings Inc. US D K NT H OT C P K 6.0 1.70 -2.9% -2.9% -6.1% -12.8% 4.3% -30.6%
K ings oft C orpora tion L imited HK D 3888 S E HK 871.2 6.16 -0.8% -7.1% -4.8% -15.3% 71.1% -35.0%
K iwibox.C om, Inc. US D K IW B OT C B B 4.4 0.01 0. 0% -9.1% -47.4% -9.1% -33. 3% -74.4%
L ingo Media C orpora tion C AD T S XV :LM T S XV 8.6 0.70 -22.2% -29.3% -12.5% -33.3% -15. 7% -55.7%
L ookS mart, L td. US D LO OK Nas da qG M 17.5 1.02 -1.9% 10.9% 2.1% -12.1% -18. 4% -34.6%
Mixi, Inc. JPY 2121 TS E 1, 077.9 646000.00 11.0% 12.9% -13.3% 8. 9% 66.9% -25.3%
Mobile Data C orp. US D MB Y L OT C B B 3.8 0.16 60.0% 16.4% 88.2% 23.1% -38. 5% -60.0%
Modern T imes G roup Mtg AB SEK MT G B OM 3, 898.8 429.40 5. 4% 9.7% 21.0% 42.4% 169. 2% -0.8%
MO K O .mobi L imited AU D MK B AS X 8.8 0.08 -10.0% -14.7% -46.0% 24.6% -17. 3% -59.5%
Multiplied Media C orpora tion C AD T S XV :MMC T S XV 29.2 0.23 -10.0% -21.1% NM NM NM -10.0%
Myriad G roup AG C HF MY R N S WX 180.1 4.33 -3.8% -6.3% -9.8% -1.8% 4.3% -30.0%
NE O W IZ G ames C orporation KR W A095660 K OS E 676.3 36400.00 -1.8% 6.7% -9.3% -17.3% 47.7% -18.9%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 300.9 4.42 0. 5% -1.1% 11.6% -14.0% 2.8% -38.2%
Netea s e. com Inc. US D NT E S Nas da qG S 4, 758.6 36.74 -8.6% -5.5% -2.1% -19.6% 34.8% -24.2%
NeuLion Incorpora ted C AD T S X: NL N TS X 71.0 0.62 -1.6% 17.0% -11.4% -34.0% 6.9% -52.3%
NeXplore C orpora tion US D NXP C OT C P K 27.9 0.50 0. 0% -9.1% -20.6% -9.1% -16. 7% -44.4%
Ngi G roup Inc. JPY 2497 TS E 72.1 53900.00 -0.9% 28.3% 117.5% 103.4% 140. 6% -6.1%
Northgate T echnologies Limited INR 590057 BSE 13.5 17.35 -5.4% -11.5% -38.3% -59.7% -57. 8% -71.0%
O AO R B C Information S ys tems R UB R BCI MIC E X 162.4 35.48 -3.7% -3.4% 2438. 8% 2958.6% 8882.3% -7.4%
O riented Media G roup B erha d MY R OME DIA K LS E 8.2 0.20 2. 6% -2.4% 66.7% 185.7% 5.3% -13.0%
O pen T ext C orp. US D OT E X Nas da qG S 2, 684.8 47.55 1. 1% -2.2% 17.3% 27.4% 41.6% -4.0%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 191.8 2.29 -4.6% -11.6% -0.9% -11.9% 100. 9% -26.8%
T he P a rent C ompany US D K IDS . Q OT C P K 0.1 0.00 166.7% -60.0% 33.3% -69.2% -80. 0% -87.9%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 839.6 36.92 -12.2% -6.3% -8.7% -23.2% 144. 8% -26.9%
P NI Digital Media Inc. C AD T S XV :P N T S XV 52.9 1.60 -3.6% -11.6% 0.0% -19.2% 3.9% -23.8%
Q uepa s a C orp. US D QP S A OT C B B 46.0 3.61 0. 3% -2.4% 85.1% 145.6% 264. 6% -14.0%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 6.6 1.03 -6.4% -14.2% -6.4% NM NM -31.3%
S ahara Media H oldings , Inc. US D S HH D OT C B B 7.8 0.25 -16.7% -37.5% -55.4% -91.7% -91. 7% -92.3%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 2, 998.9 44.59 7. 9% -1.6% -13.7% -12.9% 4.0% -31.4%
S hutterfly, Inc. US D S F LY Nas da qG S 607.8 23.46 -0.1% 22.3% 30.2% 41.1% 135. 8% -4.9%
S K C ommunications C o. , L td. KR W A066270 K OS E 481.7 13050.00 -1.9% -12.1% -15.8% 47.8% 41.1% -29.1%
S NA P Intera ctive, Inc. US D S TVI OT C B B 8.1 0.25 -7.4% 38.9% 150.0% 114.3% -6.3% -21.1%
S ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.00 -20.0% 37.9% -20.0% -96.0% -99. 2% -99.5%
S ocialwis e, Inc. US D S CLW OT C B B 29.1 0.60 9. 1% 27.7% 33.3% -1.6% 57.9% -41.2%
S ohu.com Inc. US D S O HU Nas da qG S 2, 050.0 54.28 -0.9% 6.0% -5.3% -21.1% 20.6% -24.9%
S pa rk Networks , Inc. US D LO V A ME X 74.1 3.60 3. 7% 21.6% 19.6% 60.0% 56.5% -0.6%
S pectrumDNA, Inc. US D S P XA OT C B B 5.4 0.11 -8.5% -24.1% -31.3% -15.4% -26. 7% -75.6%
S prylogics Internationa l C orp C AD T S XV :S P Y T S XV 0.8 0.03 -25.0% 100.0% 200.0% 200.0% 50.0% -33.3%
T encent H oldings Ltd. HK D 700 S E HK 37,483. 5 159.50 2. 4% 4.8% -0.8% 26.5% 168. 3% -9.6%
T he9 L imited US D NC T Y Nas da qG S 175.8 7.00 -0.7% -0.3% -1.0% -9.7% -49. 7% -57.6%
T heS treet.com, Inc. US D TS CM Nas da qG M 110.4 3.50 0. 0% -0.3% 49.6% 20.7% 74.1% -7.9%
T ree.C om, Inc. US D TR E E Nas da qG M 101.3 9.20 0. 3% 8.4% -1.6% 21.9% 74.6% -29.6%
U nilava C orporation US D UNLA OT C B B 35.0 0.35 -30.0% 0.0% 16.7% NM NM -46.2%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 2.4 0.10 0. 0% 5.3% 122.2% 150.0% 150. 0% -28.6%
U nited O nline, Inc. US D UNT D Nas da qG S 649.1 7.64 0. 0% 22.0% 6.6% -5.0% 54.3% -19.2%
U OMO Media, Inc US D UO MO OT C B B 2.4 0.03 -22.2% -20.0% -32.0% -76.9% -72. 0% -97.4%
V alueC lick, Inc. US D V CLK Nas da qG S 823.6 9.86 -2.0% 3.9% -1.4% -25.2% 3.4% -29.3%
V elti P lc GB P VEL A IM 186.6 3.32 -0.8% 0.0% 68.7% 102.4% 199. 1% -2.9%
V OIS , Inc. US D V O IS OT C B B 10.0 0.01 11.1% 11.1% 11.1% 100.0% 334. 8% -56.5%
W ebzen Inc. KR W K O S E : A069080 K OS E 125.3 12000.00 4. 8% -6.3% 6.2% 10.1% 31.1% -42.0%
W e-R -Y ou C orp. US D WE RU OT C P K 0.3 0.01 0. 0% 0.0% 225.0% -78.3% -78. 3% -89.2%
W izzard S oftwa re C orporation US D W ZE A ME X 17.9 0.33 8. 1% -3.0% 4.6% -25.6% -25. 6% -56.2%
W orlds .com Inc. US D W DDD OT C B B 6.4 0.12 -14.3% 33.3% 33.3% 33.3% -29. 4% -55.6%
W ynds torm C orpora tion US D W Y ND OT C P K 0.9 0.05 0. 0% -50.0% 25.0% -50.0% -58. 3% -90.2%
XING A G E UR O1B C XT R A 213.2 30.50 6. 3% 9.7% 0.3% -15.3% 4.1% -19.7%
Y D Online C orp. KR W A052770 K OS E 79.1 5980.00 -2.8% -9.3% -15.2% -31.7% -30. 5% -51.8%
Y nk K orea Inc. KR W A023770 K OS E 21.4 3040.00 0. 7% 8.8% -8.2% -19.4% -31. 8% -65.1%
H igh 166.7% 100.0% 2438. 8% 2958.6% 8882.3% -0.6%
L ow -50.0% -66.7% -66.7% -96.0% -99. 2% -99.5%
Average 856.0 -1.4% -2.4% 38.1% 37.1% 146.1% -40.9%
Media n -1.1% -2.2% -0.9% -9.4% 15.2% -33.0%
United S tates 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 16.6 3.5 103.2 167.8 220.3 32.0 25.0 568.3
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.
I n f o r ma t i o n a b o u t M a cki e Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y st e m , t h e d i s t r i b u t i o n o f o u r r e s e a r c h t o c l i e n t s a n d t h e p e r ce n t a g e o f r e c o mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t d o e s
M a c k i e R e se a r c h C a p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i li t y. M a c ki e R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e c t o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m
t i me t o t i me , h a v e p o si t i o n s i n t h e s e c u r i t i e s me n t i o n e d h e r e i n . C o n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se a r ch C a p i t a l U. S . A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c e p t s r e s p o n si b i l i t y f o r t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
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