Post on 11-Nov-2014
description
www.mackieresearch.com
Web 2.0 Weekly
“Consolidation by Google”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
August 10, 2010
David Shore, CFA, MBA 416.860.6784dshore@mackieresearch.com
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) – Consolidation by Google
� Google confirmed or announced two acquisitions during the week, including Jambool ($70 mm) involved in virtual goods monetization processes, and widget market, Slide($182 mm).
� In other acquisition-related news, Forbes sold investment media website Investopedia to ValueClick for $42 mm. Zynga acquired Japanese mobile app and game developer, Unoh, for an estimated $29 mm. Finally, dubbed “the Spanish Facebook,” social networking site, Tuenti, was acquired by Telefonica in a $99 mm deal.
� The largest financing (aside from the aforementioned M&A activity) involved “the Chinese Youtube,” Tudou, raising $50 mm in Series E funds.
Financial Results/Guidance/Partnerships/Product� Geo-location search app maker, Multiplied Media (TSXV:MMC), made two product and
distribution announcements – (1) the gasoline station search function on Poynt (the company’s GPS location-based search app) was extended to the iPhone and iPod Touch versions, and (2) the company (through subsidiary, UnoMobi) extended its email-to-SMS service for legacy phones to over 20 million Globe Telecom subscribers in the Philippines.
www.mackieresearch.com3
Public Company Data
www.mackieresearch.com4
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 102 - - -
Market Cap (US$ mm) 86,452.0 49.4 36,187.5 0.0
Revenue (US$ mm) 28,694.2 43.9 6,877.0 0.0
1 Year revenue growth 1.9% 8961.6% -100.0%
EBITDA as % of revenue - 8.8% 63.2% -99.5%
Net cash (US$ mm) 17,385.8 2.9 6,672.5 -670.2
TEV/Revenue - 1.7x 37.6x 0.1x
TEV/EBITDA - 8.5x 38.4x 0.4x
P/E - 16.5x 92.6x 0.0x
Relative to 52 week high -41.4% -1.0% -93.5%
Source: CapitalIQ
www.mackieresearch.com5
Public Company Distribution
By Sector By Country
Source: CapitalIQ
28
16
109
65
3 3 3 32 2 2 2
1 1 1 1 1 1 1 1
0
5
10
15
20
25
30
Gam
ing
Socia
l N
etw
ork
ing
Media
Div
ers
ifie
d
Mobile
Mark
eting
Infr
astr
uctu
re
SM
S/V
oic
e
Ente
rprise
Advert
isin
g
Inte
rnet
Reta
il
Virtu
al W
orld
Dating
Music
Vert
ical C
om
munitie
s
Searc
h
Podcasting
Learn
ing
Vid
eo
Colla
bora
tion
Paym
ent
Fin
ancia
l S
erv
ices
0
5
10
15
20
25
30
35
40
45
United S
tate
s
Canada
Chin
a
South
Kore
a
Japan
Taiw
an
Hong K
ong
Germ
any
Pola
nd
Austr
alia
United K
ingdom
Italy
Fin
land
Sw
eden
India
Russia
Mala
ysia
Sw
itzerland
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Valuation Dashboard – 1 Week
Rising
56%
Falling
33%
Flat
11%
Rising
39%
Falling
57%
Flat
4%
Rising
52%
Falling
48%
Flat
0%
Market Cap
Rising
48%Falling
52%
Flat
0%
EV/Revenue
EV/EBITDA P/E
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Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x6
/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
5/3
/20
10
5/1
0/2
01
05
/17
/20
10
5/2
4/2
01
05
/31
/20
10
6/7
/20
10
6/1
4/2
01
06
/21
/20
10
6/2
8/2
01
07
/5/2
01
07
/12
/20
10
7/1
9/2
01
07
/26
/20
10
8/2
/20
10
8/9
/20
10
383940394040404244454546464647495151515054565661616164666667646566707071707369706672727075747777787980797980798382828484
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples down slightly, still
well below LT average
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Median EV/EBITDA
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
7/26/2010
8/2/2010
8/9/2010
20 21 22 22 2121 2223 2224 22 23 2425 26 26 25 2424 2627 30 29 3234 3437 40 37 3838 3840 4238 38 40 4241 4042 41 41 4243 44 43 44 4749 4851 51 50 4948 4746 4849
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples up this week, still below LT average
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Median P/E
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
7/26/2010
8/2/2010
8/9/2010
19 18 18 19 1819 1920 2018 18 19 1919 20 23 24 2423 2525 28 26 3030 3132 33 33 3335 3739 3838 39 39 4041 3739 39 40 3737 35 33 33 3235 3536 35 35 3536 3235 3434
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples tick up (for 3rd week) but still below
LT average
www.mackieresearch.com10
Average EV/Revenue – by Sector
32.4
9.4 8.97.9
5.0 4.7 4.2 3.8 3.7 3.63.0 2.8 2.5 2.5 2.3 2.1 1.9 1.7 1.5 1.4
0.5
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0V
irtu
al W
orld
Socia
l N
etw
ork
ing
Infr
astr
uctu
re
Learn
ing
Mobile
Music
Div
ers
ifie
d
Mark
eting
Gam
ing
Searc
h
Vert
ical C
om
munitie
s
Podcasting
Colla
bora
tion
SM
S/V
oic
e
Media
Advert
isin
g
Inte
rnet
Reta
il
Ente
rprise
Dating
Vid
eo
Fin
ancia
l S
erv
ices
2 9 2 1 4 2 6 5 21 1 1 1 1 3 9 3 2 3 2 1 1# Companies
www.mackieresearch.com11
Average EV/EBITDA – by Sector
38.4
16.8
14.813.2
12.3 11.8 11.29.9
9.1
7.0 6.8
4.3
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Searc
h
Ente
rprise
Mobile
Div
ers
ifie
d
Media
Gam
ing
Inte
rnet
Reta
il
Socia
l N
etw
ork
ing
Colla
bora
tion
Mark
eting
Dating
Advert
isin
g
1 2 3 5 6 13 2 6 1 2 1 1# Companies
www.mackieresearch.com12
Average P/E – by Sector
92.6
54.6
39.937.6
23.020.6
16.0 15.013.3
7.4
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Internet
Retail
Enterprise Collaboration Diversified Social
Networking
Marketing Media Advertising Gaming Virtual World
2 3 1 9 16 5 10 3 28 2# Companies
www.mackieresearch.com13
38
3232
19
17 17
1514
10 10 99 8 8
7
5 5 5 4 4 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Accredited Members Holding Corporation
Worlds.com Inc.
SocialGO PLC
Tencent Holdings Ltd.
MOKO.mobi Limited
SpectrumDNA, Inc.
GeoSentric Oyj
Paid Inc.
Beyond Commerce, Inc.
Gree, Inc.
Chinese Gamer International
DigitalPost Interactive, Inc.
TransGaming, Inc.
Lingo Media Corporation
Mood Media Corporation
Accelerize New Media, Inc.
Dena Co. Ltd.
HUGHES Telematics, Inc.
Frogster Interactive Pictures AG
Changyou.com Limited
Mixi, Inc.
Taleo Corp.
SK Communications Co., Ltd.
Kingsoft Corporation Limited
WebMediaBrands Inc
Wizzard Software Corporation
Motricity, Inc.
Sohu.com Inc.
Open Text Corp.
Modern Times Group Mtg AB
ePro Ltd.
Velti Plc
XING AG
NEOWIZ Games Corporation
Myriad Group AG
Score Media Inc.
PNI Digital Media Inc.
UOMO Media, Inc
Shutterfly, Inc.
Platforma Mediowa Point Group S.A.
HanbitSoft, Inc.
ValueClick, Inc.
Hutchison Telecommunications Hong Kong Holdings Ltd.
GungHo Online Entertainment, Inc.
SNAP Interactive, Inc.
NeuLion Incorporated
Spark Networks, Inc.
iseemedia Inc.
Unilava Corporation
Gamania Digital Entertainment Co., Ltd.
YD Online Corp.
NetDragon WebSoft, Inc.
Ynk Korea Inc.
Webzen Inc.
OAO RBC Information Systems
AQ Interactive, Inc.
Oriented Media Group Berhad
Internet Group SA
TheStreet.com, Inc.
Points International Ltd.
IAC/InterActiveCorp.
Northgate Technologies Limited
The New York Times Company
AOL, Inc.
DADA SpA
Uniserve Communications Corp.
United Online, Inc.
CDC Corp.
Glu Mobile, Inc.
Tree.Com, Inc.
GigaMedia Ltd.
Cyberplex Inc.
Actoz Soft Co., Ltd.
Openwave Systems Inc.
Jumbuck Entertainment Limited
RealNetworks Inc.
Asknet AG
GameOn Co Ltd.
LookSmart, Ltd.
Thwapr, Inc.
EV/Revenue Ranking
Source: CapitalIQ
Accredited Members Holding Co. has highest revenue multiple at 38x
www.mackieresearch.com14
38.437.536.4
32.0
28.226.7
20.018.4
16.716.616.114.614.5
12.6
10.0 9.8 9.6 9.6 9.1 9.0 8.6 8.5 8.3 7.8 7.8 7.6 7.5 7.3 7.3 6.8 6.7 6.7 6.5 6.2 6.1 5.54.4 4.3 3.7
2.41.6
0.6 0.4 0.00.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
SK Communications Co., Ltd.
HanbitSoft, Inc.
Tencent Holdings Ltd.
TheStreet.com, Inc.
Taleo Corp.
Frogster Interactive Pictures AG
Myriad Group AG
Chinese Gamer International
Mixi, Inc.
Gree, Inc.
Modern Times Group Mtg AB
Shutterfly, Inc.
AQ Interactive, Inc.
Score Media Inc.
IAC/InterActiveCorp.
YD Online Corp.
Dena Co. Ltd.
Openwave Systems Inc.
Open Text Corp.
DADA SpA
Velti Plc
XING AG
Kingsoft Corporation Limited
PNI Digital Media Inc.
Gamania Digital Entertainment Co., Ltd.
NetDragon WebSoft, Inc.
NEOWIZ Games Corporation
GungHo Online Entertainment, Inc.
Uniserve Communications Corp.
Spark Networks, Inc.
Hutchison Telecommunications Hong Kong Holdings Ltd.
Changyou.com Limited
LookSmart, Ltd.
Sohu.com Inc.
ValueClick, Inc.
CDC Corp.
The New York Times Company
Cyberplex Inc.
United Online, Inc.
AOL, Inc.
Actoz Soft Co., Ltd.
Jumbuck Entertainment Limited
GameOn Co Ltd.
Thwapr, Inc.
EV/EBITDA Ranking
Excluding EV/EBITDA > 100xSource: CapitalIQ
SK Communications leads the group at 38.4x
www.mackieresearch.com15
97.2 96.3
62.8
56.3
47.4 47.0
40.2
33.5 33.530.3 30.2
25.9 24.620.7 20.6
17.0 17.0 16.5 15.1 14.9 14.3 13.810.8 9.9 9.1 8.2 7.7
5.1 3.5 2.7 2.0 1.9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
ePro Ltd.
Shutterfly, Inc.
Points International Ltd.
Mixi, Inc.
Tencent Holdings Ltd.
CDC Corp.
Open Text Corp.
Gree, Inc.
NetDragon WebSoft, Inc.
Gamania Digital Entertainment Co., Ltd.
Frogster Interactive Pictures AG
Chinese Gamer International
Velti Plc
Dena Co. Ltd.
Hutchison Telecommunications Hong Kong Holdings Ltd.
NEOWIZ Games Corporation
DADA SpA
The New York Times Company
ValueClick, Inc.
Sohu.com Inc.
Cyberplex Inc.
Kingsoft Corporation Limited
AOL, Inc.
Changyou.com Limited
United Online, Inc.
GameOn Co Ltd.
Ngi Group Inc.
Uniserve Communications Corp.
Jumbuck Entertainment Limited
Netease.com Inc.
Shanda Interactive Entertainment Ltd.
Giant Interactive Group, Inc.
P/E Ranking
Source: CapitalIQ
ePro has the highest P/E at 97.2x
www.mackieresearch.com16
Total Market Capitalization
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
7/26/2010
96 96 96 96 96 96 96 96 96 96 97 97 97 97 97 97 97 98 98 98 98 98 98 98 98 98 98 98 98 99100100100100100100100100100100100100101101101101102102102101102102
(US$m)
# companies
Source: CapitalIQ
Total market cap at $86.5 bn with 103 companies
now represented in our Web 2.0
index
www.mackieresearch.com17
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
45,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Mobile
Colla
bora
tion
Ente
rprise
Mark
eting
Inte
rnet
Reta
il
Searc
h
SM
S/V
oic
e
Fin
ancia
l S
erv
ices
Dating
Music
Advert
isin
g
Virtu
al W
orld
Vid
eo
Vert
ical C
om
munitie
s
Paym
ent
Podcasting
Infr
astr
uctu
re
Learn
ing
9 28 10 16 6 1 3 5 2 1 3 1 2 2 3 2 1 1 1 1 3 1# Companies
Nine Diversified companies totaling $40 bn in market cap
www.mackieresearch.com18
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent H
old
ings L
td.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GN
ete
ase.c
om
Inc.
Dena C
o. Ltd
.IA
C/Inte
rActiv
eC
orp
.S
handa Inte
ractiv
e E
nte
rtain
ment Ltd
.A
OL, In
c.
Open T
ext C
orp
.G
eoS
entr
ic O
yj
Sohu.c
om
Inc.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Changyou.c
om
Lim
ited
Perf
ect W
orld C
o., L
td.
The N
ew
York
Tim
es C
om
pany
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
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
Shutterf
ly, In
c.
SK
Com
munic
atio
ns C
o., L
td.
Unite
d O
nlin
e, In
c.
RealN
etw
ork
s Inc.
Hutc
his
on T
ele
com
munic
atio
ns H
ong
Motr
icity
, In
c.
Velti
Plc
NetD
ragon W
ebS
oft, In
c.
Gre
e, In
c.
Myriad G
roup A
GC
DC
Corp
.G
am
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
XIN
G A
GM
OK
O.m
obi L
imite
dO
AO
RB
C Info
rmatio
n S
yste
ms
Openw
ave S
yste
ms Inc.
The9 L
imite
dG
igaM
edia
Ltd
.A
Q Inte
ractiv
e, In
c.
Poin
ts Inte
rnatio
nal L
td.
Webzen Inc.
TheS
treet.com
, In
c.
DA
DA
SpA
Thw
apr,
Inc.
Paid
Inc.
Acto
z S
oft C
o., L
td.
Tre
e.C
om
, In
c.
Score
Media
Inc.
HU
GH
ES
Tele
matic
s, In
c.
Spark
Netw
ork
s, In
c.
Mood M
edia
Corp
ora
tion
Pla
tform
a M
edio
wa P
oin
t G
roup S
.A.
PN
I D
igita
l Media
Inc.
NeuLio
n Incorp
ora
ted
YD
Onlin
e C
orp
.C
yberp
lex Inc.
Ngi G
roup Inc.
Quepasa C
orp
.G
ravity
Co., L
tdT
ransG
am
ing, In
c.
Glu
Mobile
, In
c.
Dig
italT
ow
n, In
c.
eP
ro L
td.
WebM
edia
Bra
nds Inc
LookS
mart
, Ltd
.M
ulti
plie
d M
edia
Corp
ora
tion
Socia
lwis
e, In
c.
Asknet A
GA
ccre
dite
d M
em
bers
Hold
ing
Ynk K
ore
a Inc.
Yip
py, In
c.
NeX
plo
re C
orp
ora
tion
Accele
rize N
ew
Media
, In
c.
Nort
hgate
Technolo
gie
s L
imite
dM
oggle
, In
cW
izzard
Softw
are
Corp
ora
tion
iseem
edia
Inc.
Dolp
hin
Dig
ital M
edia
, In
c.
En2G
o Inte
rnatio
nal,
Inc.
VO
IS, In
c.
Dig
italP
ost In
tera
ctiv
e, In
c.
Socia
lGO
PLC
Kent In
tern
atio
nal H
old
ings Inc.
SN
AP
Inte
ractiv
e, In
c.
Unila
va C
orp
ora
tion
Jum
buck E
nte
rtain
ment Lim
ited
Modern
Tim
es G
roup M
tg A
BW
orlds.c
om
Inc.
Beyond C
om
merc
e, In
c.
IAS
Energ
y, In
c.
Spectr
um
DN
A, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.K
iwib
ox.C
om
, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
Mobile
Data
Corp
.In
tern
et G
roup S
AU
OM
O M
edia
, In
cLiv
eW
orld Inc.
Lin
go M
edia
Corp
ora
tion
Kin
gsoft C
orp
ora
tion L
imite
dG
am
eO
n C
o L
td.
HanbitS
oft, In
c.
Source: CapitalIQ
Tencent’s $36.2 bn market cap dominates group
www.mackieresearch.com19
Price Performance – 1 Week
Price Momentum• Distinctly negative price momentum,
with 49% of stocks falling over the past week (after 48% of stocks declines last week, and 51% declined the week prior).
• The market has generally seen more decliners than risers over the past two months with an average of two to three down weeks per up week.
Rising
35%
Flat
16%
Falling
49%
www.mackieresearch.com20
Average Price Performance – 1 Week, by Sector
22.9%
19.7%
15.3%13.2%
9.2%
4.4%
0.8% 0.4% 0.0% 0.0%
-0.4% -0.9% -0.9% -1.1% -1.1% -1.6%-2.7% -3.1%
-4.4%
-7.3% -7.8%-9.9%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Vir
tua
l W
orl
d
Div
ers
ifie
d
Ma
rke
tin
g
Infr
astr
uctu
re
Po
dca
stin
g
Pa
ym
en
t
So
cia
l
Ne
two
rkin
g
Me
dia
Se
arc
h
Da
tin
g
Ga
min
g
Co
lla
bo
ratio
n
Mo
bile
Mu
sic
En
terp
rise
Fin
an
cia
l
Se
rvic
es
Ve
rtic
al
Co
mm
un
itie
s
Inte
rne
t R
eta
il
Vid
eo
Ad
ve
rtis
ing
Le
arn
ing
SM
S/V
oic
e
Source: CapitalIQ
Virtual World sector shows highest weekly returns
www.mackieresearch.com21
Price Performance – 1 Week
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
YIP
IK
IWB
WS
E:IG
RU
NL
AU
NT
DA
CL
ZIE
EO
ME
DIA
OP
WV
QP
SA
RN
WK
TS
XV
:MM
CT
SX
V:L
MT
SE
:36
32
21
21
61
80
KO
SE
:A0
69
08
0N
YT
VC
LK
SE
HK
:80
86
GL
UU
SF
LY
TS
CM
GIG
M3
88
8T
SX
:NL
NG
TS
M:3
08
3M
OT
R3
76
5A
02
37
70
77
73
81
2W
EB
MT
SX
:MM
CH
IN.A
CM
:DA
TR
EE
TS
XV
:TN
GT
SX
:PT
ST
SX
V:P
NA
04
70
80
CY
OU
TS
E:2
43
2M
TG
BO
TE
X2
49
7O
1B
C
LO
OK
GA
LO
VD
PD
MD
B:M
0C
SP
XA
ST
VI
KN
TH
TS
X:S
CR
A0
66
27
0A
SX
:JM
BT
SX
V:U
SS
GE
O1
VU
OM
OW
SE
:PG
MD
GT
WA
CC
MN
XP
CH
UT
CT
LE
ON
CT
YIA
SC
.AIA
CI
A0
52
77
0A
05
27
90
70
0A
09
56
60
NT
ES
38
38
DG
LP
FR
GT
SX
:CX
XT
RA
:A5
AS
ND
AS
CL
WG
RV
YR
BC
IP
WR
DS
OH
UA
OL
VO
ISM
YR
NW
ZE
BY
OC
AIM
:SG
OV
EL
TH
WI
MK
BS
EH
K:2
15
59
00
57
WD
DD
PA
YD
LV
WD
MB
YL
ET
GI
Source: CapitalIQ
www.mackieresearch.com22
Price Performance (Top 10)
1 Month
0%
50%
100%
150%
200%
250%
300%
En
2G
o
Inte
rna
tion
al,
Inc.
Mo
bile
Da
ta C
orp
.
Ge
oS
en
tric
Oyj
MO
KO
.mo
bi
Lim
ited
Th
e9
Lim
ite
d
So
hu
.co
m I
nc.
Hu
tch
iso
n
Te
leco
mm
un
ica
tio
n
s H
on
g K
on
g
Ho
ldin
gs
Ltd
.
Ne
tea
se
.co
m I
nc.
SN
AP
In
tera
ctiv
e,
Inc.
Tra
nsG
am
ing
, In
c.
3 Month
0%20%40%60%80%
100%120%140%160%
Mobile
Data
Corp
.
En2G
o I
nte
rnational,
Inc. V
elti P
lc
Fro
gste
r In
tera
ctive
Pic
ture
s A
G
Hutc
his
on
Tele
com
munic
ations
Hong K
ong H
old
ings
Ltd
.
Myriad G
roup A
G
Nete
ase.c
om
Inc.
Gre
e,
Inc.
HanbitS
oft
, In
c.
IAC
/Inte
rActiveC
orp
.
6 Month
0%
20%
40%
60%
80%
100%
120%
eP
ro L
td.
Beyond C
om
merc
e,
Inc.
Hutc
his
on
Tele
com
munic
ations
Hong K
ong H
old
ings
Ltd
.
AQ
Inte
ractive,
Inc.
LookS
mart
, Ltd
.
Velti P
lc
Gre
e,
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Fro
gste
r In
tera
ctive
Pic
ture
s A
G
Poin
ts I
nte
rnational
Ltd
.1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OA
O R
BC
Info
rma
tion
Syst
em
s
eP
ro L
td.
Yip
py,
In
c.
AQ
In
tera
ctiv
e,
Inc. Ve
lti P
lc
Qu
ep
asa
Co
rp.
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
De
na
Co
. L
td.
Tra
nsG
am
ing
,
Inc.
Sco
re M
ed
ia I
nc.
Source: CapitalIQ
www.mackieresearch.com23
Price Performance (Bottom 10)
1 Week
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
Quep
asa
Corp
.
Openw
ave
Sy
ste
ms Inc
.
ise
em
edia
Inc
.
Oriente
d
Media
Gro
up
Berh
ad
Ac
cele
riz
e
New
Me
dia
,
Inc.
Unite
d O
nlin
e,
Inc
.
Unila
va
Corp
ora
tion
Inte
rnet
Gro
up
SA
Kiw
ibox.C
om
,
Inc
.
Yip
py,
Inc
.
1 Month
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Kiw
ibox.C
om
,
Inc.
UO
MO
Media
,
Inc
HU
GH
ES
Tele
ma
tics
,
Inc
.
Liv
eW
orld
Inc
.
Unila
va
Corp
ora
tion
Beyo
nd
Co
mm
erc
e,
Inc
.
Sp
ectr
um
DN
A,
Inc.
ise
em
edia
Inc
.
VO
IS,
Inc
.
Yip
py,
Inc
.
6 Month
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
UO
MO
Media
,
Inc
Dolp
hin
Dig
ital
Med
ia, In
c.
En2
Go
Inte
rnatio
nal,
Inc.
isee
media
Inc
.
Lin
go M
edia
Corp
ora
tion
Kiw
ibox
.Com
,
Inc.
VO
IS, In
c.
Unila
va
Corp
ora
tion
Sp
ectr
um
DN
A,
Inc
.
Yip
py,
Inc.
1 Year
-100.0%-90.0%-80.0%-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%
0.0%
Wiz
zard
Softw
are
Corp
ora
tion
Inte
rnet G
roup
SA
NeuLio
n
Incorp
ora
ted
Cyberp
lex Inc.
Moggle
, In
c
Dolp
hin
Dig
ital
Media
, In
c.
IAS
Energ
y,
Inc.
Spectr
um
DN
A,
Inc.
Beyond
Com
merc
e,
Inc.
UO
MO
Media
,
Inc
Source: CapitalIQ
www.mackieresearch.com24
Capital Market Activity (Financing, M&A)
www.mackieresearch.com25
Capital Market Activity – Current Month
Transactions - Current Month (US$ m)Fin. Amount (Million) Type of financing
Month Company Name Country S ector Acquis ition Angel/S eed Series A S eries B S eries C Series D S eries E NA Grand Total
Aug-10 S lide US A W idget 182.0 182.0
Tuenti S pain S ocia l Networks 99.0 99.0
J ambool US A V irtua l G oods 70.0 70.0
Tudou China V ideo 50. 0 50.0
Investopedia US A Media 42.0 42.0
Unoh J apan Gaming 29.0 29.0
AdMeld Inc . US A Advertis ing 15.0 15.0
eXelate US A Advertis ing 15.0 15.0
YouSendIt US A Collaboration 15.0 15.0
Payfone US A Mobile P ayment 11.0 11.0
UltiZen China G aming 8.0 8. 0
Redbeacon US A C las s ified 7. 4 7. 4
zulily US A S ocia l C ommerce 6. 0 6. 0
My Damn Channel US A Media 4. 4 4. 4
WeShop US A S ocia l C ommerce 4. 3 4. 3
PlayON! S ports US A V ideo 2. 8 2. 8
SupersonicAds UK Advertis ing 2. 0 2. 0
S tatusNet C anada Microblog 1. 3 1. 3
Rapportive US A S ocia l Networks 1.0 1. 0
BringMeTheNews US A Aggregation 1.0 1. 0
Embed.ly US A W idget 0. 3 0. 3
Aug-10 Total 422.0 1.0 15.2 39.2 23.0 15.0 50.0 1.0 566.4
www.mackieresearch.com26
Capital Market Activity – Current Month, by Sector
Other
56%
Widget
23%
Social
Networks
12%
Virtual Goods
9%
$ Raised # Deals
Other
50%
Widget
20%
Social
Networks
20%
Virtual Goods
10%
www.mackieresearch.com27
8.3
6.5
9.6
12.1
7.2
10.1
5.6
13.4
5.5
8.1
16.7
9.0
6.3
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
(US
$m
)
Total Average per Deal LTM Total Average*Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
Jun-10 includes $147m Zynga investment
Financing Activity
A return to trend level financing activity after a
record July
www.mackieresearch.com28
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
Gam
ing
Advert
isin
g
Searc
h
Div
ers
ified
Media
Wid
get
Socia
l Com
merc
e
Socia
l Netw
ork
s
Analy
tics
Ente
rprise
Virtu
al G
oods
Inte
rnet R
eta
il
Vid
eo
Colla
bora
tion
Blo
g
Mobile
Music
Locatio
n-b
ased S
NS
Infr
astr
uctu
re
SM
S/V
oic
e
Com
ment/R
eputa
tion
Mobile
Ad
Vis
ual C
om
merc
e
Mobile
Paym
ent
Fin
ancia
l Serv
ices
Virtu
al W
orld
Aggre
gatio
n
Vert
ical C
om
muniti
es
Cla
ssifi
ed
Onlin
e A
uctio
n
Tra
vel
Publis
hin
g
Mic
roblo
g
17 27 4 1 9 4 12 12 11 5 2 5 5 3 1 7 1 4 4 2 4 2 1 1 2 1 4 3 1 1 2 1 1
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Gaming overtakes Advertising as the
biggest area of interest in the past three months
(17 deals, $1,142 mm)
www.mackieresearch.com29
Top 5 Sectors (2008-present)
$ Raised # Deals
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
Jan-0
8
Feb-0
8
Mar-
08
Apr-
08
May-0
8
Jun-0
8
Jul-08
Aug-0
8
Sep-0
8
Oct-
08
Nov-0
8
Dec-0
8
Jan-0
9
Feb-0
9
Mar-
09
Apr-
09
May-0
9
Jun-0
9
Jul-09
Aug-0
9
Sep-0
9
Oct-
09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
Jul-10
Aug-1
0
(US
$ m
m)
Social Networks Gaming Advertising Video Diversified
0
5
10
15
20
25
30
Jan-0
8
Feb-0
8
Mar-
08
Apr-
08
May-0
8
Jun-0
8
Jul-08
Aug-0
8
Sep-0
8
Oct-
08
Nov-0
8
Dec-0
8
Jan-0
9
Feb-0
9
Mar-
09
Apr-
09
May-0
9
Jun-0
9
Jul-09
Aug-0
9
Sep-0
9
Oct-
09
Nov-0
9
Dec-0
9
Jan-1
0
Feb-1
0
Mar-
10
Apr-
10
May-1
0
Jun-1
0
Jul-10
Aug-1
0
(# D
eals
)
Advertising Social Networks Gaming Virtual World Video
75% of financing comes from Top 5 sectorsTop 5 sectors average $175 mm & 16 deals per month (aggregate)
www.mackieresearch.com30
Top 10 (2010 YTD)
Financing Acquisitions
688.0
250.0
135.0
60.0 50.0 50.0 50.0 44.0 40.0 38.5
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Zyn
ga
Gro
up
on
Atla
ssia
n
Tu
do
u
Qiy
i
Gla
m M
ed
ia
Liv
ing
So
cia
l
Tre
mo
r M
ed
ia
Sq
ua
resp
ace
763.0
700.0
644.9
225.0
187.5 182.0161.5 160.0
142.0126.5
0
100
200
300
400
500
600
700
800
900
Pla
yd
om
ITA
So
ftw
are
info
GR
OU
P
Sir
i
ICQ
Slid
e
Exa
lea
d
Tu
rbin
e
Jig
sa
w
Allo
y
DST soars to top with almost $700 million in financing this year
www.mackieresearch.com31
Upcoming Events/Earnings
Source: CapitalIQ
Earnings CalendarCompany Date / Time Quarter Conf Call Details
Giant Interactive Group, Inc. (NYSE:GA) Aug-10, 2010 9:00 PM Q2/10 866-356-3093
CDC Corp. (NasdaqGS:CHIN.A) Aug-10, 2010 8:30 PM Q2/10 888-603-6873, passcode: 91985167
Points International Ltd. (TSX:PTS) Aug-10, 2010 5:00 PM Q2/10 877-941-8418
XING AG (XTRA:O1BC) Aug-11, 2010 4:00 AM Q2/10 49-0-6103-485-3002
Tencent Holdings Ltd. (SEHK:700) Aug-11, 2010 8:00 AM Q2/10 866-369-4113
PNI Digital Media Inc. (TSXV:PN) Aug-11, 2010 4:30 PM Q3/10 888-300-8196, passcode: 88463806
WebMediaBrands Inc (NasdaqGS:WEBM) Aug-11, 2010 5:00 PM Q2/10 866-288-9872, passcode: 713481
Spark Netw orks, Inc. (AMEX:LOV) Aug-12, 2010 4:30 PM Q2/10 888-215-6895, passcode: 4394412
Cyberplex Inc. (TSX:CX) Aug-12, 2010 4:30 PM Q2/10 888-892-3255
Perfect World Co., Ltd. (NasdaqGS:PWRD) Aug-17, 2010 7:00 AM Q2/10 866-519-4004, passcode: PWRD
Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414
NetDragon WebSoft, Inc. (SEHK:777) Aug-19-2010 8:00 AM Q2/10 866-831-5605, passcode: 34088977
Netease.com Inc. (NasdaqGS:NTES) Aug-19-2010 9:00 PM Q2/10 877-941-2068
The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 866-788-0538, passcode: 37936166
GigaMedia Ltd. (NasdaqGS:GIGM) Aug-26-2010 7:30 AM Q2/10 http://w w w .gigamedia.com
www.mackieresearch.com32
Public Company Listing
Company Name Ticker Exchange
Trading
Currency HQ
Current
Pr ice
US$ Market
Cap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0.48 15.0 10
Accredited M embers Holding Corporation ACCM OTCBB USD United States 0.65 19.0 8
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 9,990 76.5 NA
AOL, Inc. AOL NYSE USD United States 22.61 2,413.5 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 163,400 103.8 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3.17 21.2 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0.06 4.0 16
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 1.98 209.1 2,810
Changyou.com Limited CYOU NasdaqGS USD China 29.36 1,514.0 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 272.50 739.3 NA
Cyberplex Inc. TSX:CX TSX CAD Canada 0.64 45.3 NA
DADA SpA CM :DA CM EUR Italy 4.17 89.4 NA
Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,389 3,965.6 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0.05 8.2 6
DigitalTown, Inc. DGTW OTCBB USD United States 1.15 32.1 4
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0.15 9.3 NA
En2Go International, Inc. ETGI OTCBB USD United States 0.38 9.1 NA
ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 0.68 29.4 707
Frogster Interactive P ictures AG FRG XTRA EUR Germany 25.50 10,138.4 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 48.25 201.4 NA
GameOn Co Ltd. 3812 TSE JPY Japan 66,000 0.3 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0.03 2,033.2 130
Giant Interactive Group, Inc. GA NYSE USD China 6.76 1,535.8 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.04 112.9 NA
Glu M obile, Inc. GLUU NasdaqGM USD United States 1.19 36.7 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 1.57 43.6 455
Gree, Inc. TSE:3632 TSE JPY Japan 6,580 237.4 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 177,500 1,231.3 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,820 0.1 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 2.00 68.3 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2.20 338.4 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 25.11 2,626.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0.05 3.5 NA
Internet Group SA WSE:IGR WSE PLN Poland 0.72 1.7 NA
iseemedia Inc. IEE TSXV CAD Canada 0.07 9.5 NA
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.20 6.2 79
Kent International Ho ldings Inc. KNTH OTCPK USD United States 1.90 6.8 NA
www.mackieresearch.com33
Public Company Listing cont.
Company Name Ticke r Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm ) Employees
Kingsoft Corporation Limited 3888 SEHK HKD China 4.38 0.4 2,735
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 3.0 6
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.42 0.9 NA
LiveWorld Inc. LVWD OTCPK USD United States 0.03 0.9 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.53 26.3 65
M ixi, Inc. 2121 TSE JPY Japan 447,500 0.0 NA
M obile Data Corp. M BYL OTCBB USD United States 0.10 2.3 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 459.50 5.6 2,936
M oggle, Inc DB:M 0C DB EUR United States 0.85 13.5 2
M OKO.mobi Limited M KB ASX AUD Australia 0.09 170.0 NA
M ood M edia Corporation TSX:M M TSX CAD Canada 1.76 63.6 NA
M otricity, Inc. M OTR NasdaqGM USD United States 7.87 315.2 353
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.10 25.9 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.97 230.6 778
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 37,600 683.8 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.66 248.1 2,901
Netease.com Inc. NTES NasdaqGS USD China 39.60 5,142.2 4,624
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.43 48.9 224
NeXplore Corporation NXPC OTCPK USD United States 0.30 16.7 NA
Ngi Group Inc. 2497 TSE JPY Japan 31,050 45.1 NA
Northgate Techno logies Limited 590057 BSE INR India 18.60 14.0 NA
OAO RBC Information Systems RBCI M ICEX RUB Russia 36.00 162.8 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 39.36 2,234.9 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 1.82 152.6 NA
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.07 3.0 NA
Paid Inc. PAYD OTCBB USD United States 0.29 79.0 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 26.01 1,314.8 2,896
Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.44 49.8 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.48 49.4 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.68 99.2 93
Quepasa Corp. QPSA OTCBB USD United States 3.45 44.7 71
RealNetworks Inc. RNWK NasdaqGS USD United States 2.88 389.5 1,754
Score M edia Inc. TSX:SCR TSX CAD Canada 0.91 72.1 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 42.66 2,533.1 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.97 653.7 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 17,900 636.0 NA
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Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
SNAP Interactive, Inc. STVI OTCBB USD United States 0.20 6.6 15
SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 7.2 9
Socialwise, Inc. SCLW OTCBB USD United States 0.47 23.5 NA
Sohu.com Inc. SOHU NasdaqGS USD China 50.56 1,912.8 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.25 66.9 155
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.05 3.5 8
Taleo Corp. TLEO NasdaqGM USD United States 25.62 1,018.7 916
Tencent Holdings Ltd. 700 SEHK HKD China 153.70 36,187.5 7,845
The New York Times Company NYT NYSE USD United States 8.71 1,270.7 7,665
The9 Limited NCTY NasdaqGS USD China 5.42 138.3 1,010
TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.94 93.0 274
Thwapr, Inc. THWI OTCBB USD United States 5.00 82.9 NA
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.64 37.1 28
Tree.Com, Inc. TREE NasdaqGM USD United States 6.81 73.8 700
Unilava Corporation UNLA OTCBB USD United States 0.06 6.2 40
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 3.1 NA
United Online, Inc. UNTD NasdaqGS USD United States 5.50 480.0 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.3 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.60 862.0 1,086
Velti P lc VEL AIM GBP United Kingdom 4.70 281.2 459
VOIS, Inc. VOIS OTCBB USD United States 0.00 8.2 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 0.71 26.6 83
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 9,400.00 96.1 326
Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80
Worlds.com Inc. WDDD OTCBB USD United States 0.09 5.0 1
XING AG O1BC XTRA EUR Germany 28.80 196.7 293
YD Online Corp. A052770 KOSE KRW South Korea 3,590.00 46.5 NA
Yippy, Inc. YIPI OTCBB USD United States 0.80 18.2 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,700.00 18.6 NA
YouBlast Global, Inc. YBLT OTCBB USD United States 0.39 13.4 6
www.mackieresearch.com35
Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
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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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