web 2.0 weekly - may 11, 2010
DESCRIPTION
Slow start in May after record April: Total transaction value (excluding M&A) in the Web 2.0 universe for April was $813.5 million - the highest monthly total we have recorded. The number of financings was also a record, at 49, averaging $16.6 million each. Note that this includes the $300 million investment in DST by Tencent. Excluding this transaction, the average is $10.7 million. May 2010, in contrast, has started slowly, with only $37.4 million in financing announced thus far, averaging just $3.4 million across 11 deals. In comparison, total capital raised in May 2009 was $375.0 million, averaging $12.5 million over 30 deals. Deal round-up for May: The large deal highlights for the month include:Fluid Music (TSX:FMN, digital music distributor) will acquire Mood Media (provider of sensorial marketing solutions) for €160 mm. Lithium is purchasing analytics developer, Scout Labs, for $20 mm. Fatfoogoo (purveyor of virtual goods) is being acquired by Digital River for $10 mm. Groupalia, the Spanish answer to online group discount retailers, Groupon and LivingSocial, raised $2.5 mm in a Series A financing – the online group discounters have been raising money quickly (DST invested $135 mm in Groupon in April) with a total of $222 mm in funding coming to just these three players thus far.Bearish week again: Price performance was largely negative in our Web 2.0 universe, with prices dropping for over 70% of the companies.TRANSCRIPT
www.mackieresearch.com
Web 2.0 Weekly
“Fluid Music – Muzak’s Younger, Hipper Sibling”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
May 11, 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) – Group Deals and Muzak’s Younger, Hipper Sibling
� Fluid Music (TSX:FMN, digital music distributor) will acquire Mood Media (provider of sensorial marketing solutions) for €160 mm.
� Lithium is purchasing analytics developer, Scout Labs, for $20 mm.
� Fatfoogoo (purveyor of virtual goods) is being acquired by Digital River for $10 mm.
� Groupalia, the Spanish answer to online group discount retailers, Groupon and LivingSocial, raised $2.5 mm in a Series A financing – the online group discounters have been raising money quickly (DST invested $135 mm in Groupon in April) with a total of $222 mm in funding coming to just these three players thus far.
Financial Results/Guidance� RealNetworks (Internet veteran from the Web 1.0 era) reported Q1/F10 revenue of
$128.6 mm (-9% Y/Y) and EPS of $0.05 (vs. $0.10 in Q1/F09). In terms of outlook, management expects Q2 revenue to decline Y/Y and Q/Q and EBITDA to be negative –though Q2 is expected to be the low point in financial performance for F2010.
www.mackieresearch.com3
Public Company Data
www.mackieresearch.com4
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 99 - - -
Market Cap (US$ mm) 78,963.9 72.1 36,243.7 1.0
Revenue (US$ mm) 22,467.7 60.2 3,057.7 0.0
1 Year revenue growth 3.5% 857.0% -91.4%
EBITDA as % of revenue - 13.4% 67.7% -75.0%
Net cash (US$ mm) 8,591.6 1.8 1,754.4 -670.8
TEV/Revenue - 1.7x 46.4x 0.0x
TEV/EBITDA - 8.5x 42.6x 0.0x
P/E - 16.4x 93.4x 0.0x
Relative to 52 week high -36.7% -3.8% -97.2%
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
17%
Falling
73%
Flat
10%
Rising
30%
Falling
66%
Flat
4%
Rising
26%
Falling
70%
Flat
4%
Market Cap
Rising
32%
Falling
65%
Flat
3%
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
5.0x3
/23
/20
09
3/3
0/2
00
94
/6/2
00
94
/13
/20
09
4/2
0/2
00
94
/27
/20
09
5/4
/20
09
5/1
1/2
00
95
/18
/20
09
5/2
5/2
00
96
/1/2
00
96
/8/2
00
96
/15
/20
09
6/2
2/2
00
96
/29
/20
09
7/6
/20
09
7/1
3/2
00
97
/20
/20
09
7/2
7/2
00
98
/3/2
00
98
/10
/20
09
8/1
7/2
00
98
/24
/20
09
8/3
1/2
00
99
/7/2
00
99
/14
/20
09
9/2
1/2
00
99
/28
/20
09
10
/5/2
00
91
0/1
2/2
00
91
0/1
9/2
00
91
0/2
6/2
00
91
1/2
/20
09
11
/9/2
00
91
1/1
6/2
00
91
1/2
3/2
00
91
1/3
0/2
00
91
2/7
/20
09
12
/14
/20
09
12
/21
/20
09
12
/28
/20
09
1/4
/20
10
1/1
1/2
01
01
/18
/20
10
1/2
5/2
01
02
/1/2
01
02
/8/2
01
02
/15
/20
10
2/2
2/2
01
03
/1/2
01
03
/8/2
01
03
/15
/20
10
3/2
2/2
01
03
/29
/20
10
4/5
/20
10
4/1
2/2
01
04
/19
/20
10
4/2
6/2
01
05
/3/2
01
05
/10
/20
10
373737383939393939414344444545454648494949485154545858586163636461636367676867706667657072687372767477777777777980818181
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples recovering, but
below LT Average
www.mackieresearch.com8
Median EV/EBITDA
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
5/3
/2010
5/1
0/2
010
2020 2122 23 2322 2223 2423 2523 2426 26 2727 2625 2526 2830 29 3232 3436 3937 3737 3939 41 3737 3941 4039 4041 42 4242 4343 4347 4848 5051 51 4951 4847
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples 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
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
5/3
/2010
5/1
0/2
010
1819 1918 18 1918 1919 2020 1818 1919 20 2124 2525 2425 2628 26 2929 3030 3231 3133 3537 36 3637 3738 3935 3737 38 3636 3331 3130 3333 3433 33 3232 3134
Multip
le (
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
SM
S/V
oic
e
Mark
eti
ng
Mobile
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 3 6 4 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
Gam
ing
Socia
l N
etw
ork
ing
Mark
eti
ng
Dati
ng
Advert
isin
g
1 2 5 2 6 1 14 5 3 1 1# Companies
EV/Revenue EV/EBITDA
www.mackieresearch.com11
EV/Revenue Ranking
0.10.10.20.30.40.40.4 0.50.50.50.60.60.60.60.6 0.70.70.80.80.80.80.80.9 1.0 1.0 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.5 1.5 1.6 1.7 1.7 1.9 2.0 2.12.22.22.22.32.4 2.52.82.82.93.0 3.13.13.3 3.53.64.6 4.74.94.9 5.05.2 5.4 5.6 5.6
7.98.3
11.111.811.8
13.8
15.5
19.2
21.8
27.8
46.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Ngi G
roup Inc.
Asknet A
GC
yberp
lex Inc.
Gig
aM
edia
Ltd
.Jum
buck E
nte
rtain
ment Lim
ited
RealN
etw
ork
s Inc.
Acto
z S
oft C
o., L
td.
Tre
e.C
om
, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.O
penw
ave S
yste
ms Inc.
Glu
Mobile
, In
c.
Gam
eO
n C
o L
td.
DA
DA
SpA
Nort
hgate
Technolo
gie
s L
imite
dT
heS
treet.com
, In
c.
IAC
/Inte
rActiv
eC
orp
.P
oin
ts Inte
rnatio
nal L
td.
AO
L, In
c.
Inte
rnet G
roup S
AC
DC
Corp
.U
nite
d O
nlin
e, In
c.
The N
ew
York
Tim
es C
om
pany
AQ
Inte
ractiv
e, In
c.
Corn
erW
orld C
orp
ora
tion
OA
O R
BC
Info
rmatio
n S
yste
ms
HanbitS
oft, In
c.
info
GR
OU
P, In
c.
NetD
ragon W
ebS
oft, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Hutc
his
on T
ele
com
munic
atio
ns H
ong
SN
AP
Inte
ractiv
e, In
c.
Spark
Netw
ork
s, In
c.
YD
Onlin
e C
orp
.V
alu
eC
lick, In
c.
Ynk K
ore
a Inc.
Oriente
d M
edia
Gro
up B
erh
ad
Shutterf
ly, In
c.
Score
Media
Inc.
NeuLio
n Incorp
ora
ted
Modern
Tim
es G
roup M
tg A
BX
ING
AG
Velti
Plc
PN
I D
igita
l Media
Inc.
Sohu.c
om
Inc.
Wiz
zard
Softw
are
Corp
ora
tion
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Webzen Inc.
Open T
ext C
orp
.M
yriad G
roup A
GF
rogste
r In
tera
ctiv
e P
ictu
res A
Gis
eem
edia
Inc.
UO
MO
Media
, In
cN
EO
WIZ
Gam
es C
orp
ora
tion
Tale
o C
orp
.S
K C
om
munic
atio
ns C
o., L
td.
Changyou.c
om
Lim
ited
Dig
italP
ost In
tera
ctiv
e, In
c.
HU
GH
ES
Tele
matic
s, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dW
ebM
edia
Bra
nds Inc
Lin
go M
edia
Corp
ora
tion
Mix
i, In
c.
Accele
rize N
ew
Media
, In
c.
Unila
va C
orp
ora
tion
Gre
e, In
c.
Tra
nsG
am
ing, In
c.
Flu
id M
usic
Canada, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
GeoS
entr
ic O
yj
Beyond C
om
merc
e, In
c.
MO
KO
.mobi L
imite
dP
aid
Inc.
Tencent H
old
ings L
td.
Bright T
hin
gs p
lcS
pectr
um
DN
A, In
c.
Source: CapitalIQ
SpectrumDNA has highest revenue multiple at 46.4x
www.mackieresearch.com12
EV/EBITDA Ranking
0.8 1.9 2.3 2.4 2.54.2
5.3 5.4 5.5 5.6 6.0 6.7 6.9 6.9 7.0 7.1 7.4 7.9 8.0 8.5 9.0 9.110.2 10.310.7
11.7 12.312.4 12.913.8 13.815.0 15.0
17.718.5 18.9
22.3 23.1
26.3
42.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Jum
buck E
nte
rtain
ment Lim
ited
Cyberp
lex Inc.
Acto
z S
oft C
o., L
td.
AO
L, In
c.
Gam
eO
n C
o L
td.
Unite
d O
nlin
e, In
c.
The N
ew
York
Tim
es C
om
pany
Valu
eC
lick, In
c.
Sohu.c
om
Inc.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Ltd
.
DA
DA
SpA
info
GR
OU
P, In
c.
NetD
ragon W
ebS
oft, In
c.
Spark
Netw
ork
s, In
c.
YD
Onlin
e C
orp
.
CD
C C
orp
.
Changyou.c
om
Lim
ited
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
XIN
G A
G
IAC
/Inte
rActiv
eC
orp
.
PN
I D
igita
l Media
Inc.
Unis
erv
e C
om
munic
atio
ns C
orp
.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Open T
ext C
orp
.
Velti
Plc
Kin
gsoft C
orp
ora
tion L
imite
d
NE
OW
IZ G
am
es C
orp
ora
tion
Score
Media
Inc.
Shutterf
ly, In
c.
Gre
e, In
c.
HanbitS
oft, In
c.
Modern
Tim
es G
roup M
tg A
B
Ynk K
ore
a Inc.
Mix
i, In
c.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
G
Openw
ave S
yste
ms Inc.
TheS
treet.com
, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
Tale
o C
orp
.
Tencent H
old
ings L
td.
Excluding EV/EBITDA > 100xSource: CapitalIQ
Tencent leads the group at 42.6x
www.mackieresearch.com13
P/E Ranking
4.2 5.1 5.78.4 8.5 10.4 10.6 12.0 12.4 13.2 14.6 15.7 17.2 17.4 18.5
21.3 21.8 23.627.3
29.9 30.4
36.1
44.947.0 48.4
55.3
73.1
82.1
93.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Jum
buck E
nte
rtain
ment Lim
ited
Gig
aM
edia
Ltd
.
Cyberp
lex Inc.
DA
DA
SpA
YD
Onlin
e C
orp
.
Unite
d O
nlin
e, In
c.
Changyou.c
om
Lim
ited
AO
L, In
c.
Gam
eO
n C
o L
td.
Valu
eC
lick, In
c.
Sohu.c
om
Inc.
The N
ew
York
Tim
es C
om
pany
Kin
gsoft C
orp
ora
tion L
imite
d
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Ltd
.
CD
C C
orp
.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
G
Velti
Plc
NetD
ragon W
ebS
oft, In
c.
Gre
e, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Chin
ese G
am
er
Inte
rnatio
nal
NE
OW
IZ G
am
es C
orp
ora
tion
Open T
ext C
orp
.
info
GR
OU
P, In
c.
Mix
i, In
c.
Tencent H
old
ings L
td.
HanbitS
oft, In
c.
Shutterf
ly, In
c.
Acto
z S
oft C
o., L
td.
Source: CapitalIQ
Actoz Soft has the highest P/E at 93.4x
www.mackieresearch.com14
Total Market Capitalization - $80 BN
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
4/2
6/2
010
5/3
/2010
5/1
0/2
010
95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 96 96 96 96 96 97 97 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99 99
(US
$m
)
# companies
Source: CapitalIQ
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
40,000.0
45,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Colla
bora
tion
Mark
eting
Ente
rprise
Searc
h
Inte
rnet
Reta
il
Mobile
SM
S/V
oic
e
Music
Fin
ancia
l S
erv
ices
Dating
Vid
eo
Virtu
al W
orld
Advert
isin
g
Vert
ical C
om
munitie
s
Paym
ent
Infr
astr
uctu
re
Podcasting
Learn
ing
7 27 10 16 1 6 3 1 2 5 3 2 1 2 1 2 3 1 1 3 1 1# Companies
27 Gaming companies totaling over $17 bn in market cap
www.mackieresearch.com16
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Mobile
Data
Corp
.B
roadW
ebA
sia
Inc.
Corn
erW
orld C
orp
ora
tion
UO
MO
Media
, In
cU
nis
erv
e C
om
munic
atio
ns C
orp
.B
eyond C
om
merc
e, In
c.
Dig
italP
ost In
tera
ctiv
e, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Oriente
d M
edia
Gro
up B
erh
ad
Worlds.c
om
Inc.
Kiw
ibox.C
om
, In
c.
Bright T
hin
gs p
lcS
NA
P Inte
ractiv
e, In
c.
Kent In
tern
atio
nal H
old
ings Inc.
Real V
alu
e E
sta
tes, In
c.
Sahara
Media
Hold
ings, In
c.
Spectr
um
DN
A, In
c.
Lin
go M
edia
Corp
ora
tion
iseem
edia
Inc.
MO
KO
.mobi L
imite
dV
OIS
, In
c.
Jum
buck E
nte
rtain
ment Lim
ited
Inte
rnet G
roup S
AW
izzard
Softw
are
Corp
ora
tion
IAS
Energ
y, In
c.
Nort
hgate
Technolo
gie
s L
imite
dA
ccele
rize N
ew
Media
, In
c.
Dolp
hin
Dig
ital M
edia
, In
c.
Ynk K
ore
a Inc.
Asknet A
GLookS
mart
, Ltd
.S
ocia
lwis
e, In
c.
NeX
plo
re C
orp
ora
tion
GeoS
entr
ic O
yj
Tra
nsG
am
ing, In
c.
Glu
Mobile
, In
c.
WebM
edia
Bra
nds Inc
Unila
va C
orp
ora
tion
Cyberp
lex Inc.
Multi
plie
d M
edia
Corp
ora
tion
Dig
italT
ow
n, In
c.
Gra
vity
Co., L
tdF
rogste
r In
tera
ctiv
e P
ictu
res A
GP
NI D
igita
l Media
Inc.
Ngi G
roup Inc.
Quepasa C
orp
.S
core
Media
Inc.
NeuLio
n Incorp
ora
ted
Moggle
, In
cS
park
Netw
ork
s, In
c.
DA
DA
SpA
HanbitS
oft, In
c.
Poin
ts Inte
rnatio
nal L
td.
Tre
e.C
om
, In
c.
AQ
Inte
ractiv
e, In
c.
YD
Onlin
e C
orp
.H
UG
HE
S T
ele
matic
s, In
c.
Paid
Inc.
TheS
treet.com
, In
c.
Acto
z S
oft C
o., L
td.
Gam
eO
n C
o L
td.
Flu
id M
usic
Canada, In
c.
Gig
aM
edia
Ltd
.W
ebzen Inc.
The9 L
imite
dO
AO
RB
C Info
rmatio
n S
yste
ms
Myriad G
roup A
GX
ING
AG
Velti
Plc
Openw
ave S
yste
ms Inc.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
NetD
ragon W
ebS
oft, In
c.
CD
C C
orp
.G
ungH
o O
nlin
e E
nte
rtain
ment, Inc.
info
GR
OU
P, In
c.
RealN
etw
ork
s Inc.
Shutterf
ly, In
c.
Unite
d O
nlin
e, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
SK
Com
munic
atio
ns C
o., L
td.
Valu
eC
lick, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dM
ixi,
Inc.
Chin
ese G
am
er
Inte
rnatio
nal
Tale
o C
orp
.H
utc
his
on T
ele
com
munic
atio
ns H
ong
The N
ew
York
Tim
es C
om
pany
Changyou.c
om
Lim
ited
Perf
ect W
orld C
o., L
td.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Sohu.c
om
Inc.
IAC
/Inte
rActiv
eC
orp
.O
pen T
ext C
orp
.A
OL, In
c.
Gre
e, In
c.
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.M
odern
Tim
es G
roup M
tg A
BN
ete
ase.c
om
Inc.
Tencent H
old
ings L
td.
Source: CapitalIQ
Tencent’s $36 bn market cap dominates group
www.mackieresearch.com17
Price Performance – 1 Week
Rising
21%
Flat
10%
Falling
69%
Price Momentum• Negative momentum with 69% of
stocks falling over the past week (following on last week’s 62% decliner figure).
www.mackieresearch.com18
Average Price Performance – 1 Week, By Sector
56.3%
7.8%4.0% 3.0%
-2.4% -2.9% -3.3% -3.6% -3.8% -3.9% -4.5% -4.8% -6.1% -7.8% -8.8% -9.5%-11.8%-12.7%-14.2%-15.0%-18.1%
-21.8%-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Mu
sic
Sea
rch
Co
llab
ora
tion
Mo
bile
Inte
rnet R
eta
il
Ad
vert
isin
g
Me
dia
Pa
ym
en
t
Ma
rketin
g
Div
ers
ifie
d
En
terp
rise
Ga
min
g
SM
S/V
oic
e
So
cia
l
Ne
two
rkin
g
Le
arn
ing
Ve
rtic
al
Co
mm
un
itie
s
Vid
eo
Fin
an
cia
l
Se
rvic
es
Datin
g
Po
dca
stin
g
Vir
tua
l W
orl
d
Infr
astru
ctu
re
# companies
Source: CapitalIQ
Music-related securities get biggest boost
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%
100.0%
MB
YL
BW
BA
OM
ED
IAS
TV
IK
IWB
GIG
MS
HH
D2
49
7R
BC
IN
CT
YW
DD
D3
83
8W
ZE
TS
CM
21
21
GT
SM
:30
8T
RE
EG
LU
UH
UT
CT
SX
:NL
NM
KB
CM
:DA
UN
TD
TS
XV
:TN
GW
EB
MB
YO
CV
OIS
TL
EO
TS
XV
:LM
NY
T3
76
5R
NW
KQ
PS
AV
CL
KC
YO
UW
SE
:IG
RM
TG
B7
00
38
88
77
7S
EH
K:2
15
IAC
I5
90
05
7S
OH
UG
RV
YA
02
37
70
DB
:M0
CS
FL
YL
OO
KG
AIE
EA
04
70
80
VE
LP
WR
DA
05
27
90
SC
LW
TS
X:S
CR
TS
X:P
TS
UN
LA
NT
ES
A0
95
66
0A
SX
:JM
BS
ND
A6
18
0L
OV
IUS
AC
HIN
.AO
1B
C
DP
DM
DG
LP
ET
GI
TS
XV
:PN
PA
YD
CW
RL
RV
LU
DG
TW
AIM
:BG
TG
EO
1V
KN
TH
TS
XV
:MM
OP
WV
KO
SE
:A0
6A
CL
ZO
TE
XX
TR
A:A
5A
A0
52
77
0T
SX
V:U
SS
SP
XA
TS
E:3
63
2F
RG
38
12
A0
66
27
0A
OL
MY
RN
NX
PC
TS
X:C
XT
SX
:FM
NIA
SC
.AU
OM
O
Source: CapitalIQ
www.mackieresearch.com20
Price Performance (Top 10)
1 Month
0%
20%
40%
60%
80%
100%
120%
140%
Dig
italT
ow
n,
Inc.
Be
yon
d
Co
mm
erc
e,
Inc.
IAS
En
erg
y,
Inc.
SK
Co
mm
un
ica
tio
ns
Co
., L
td.
Lo
okS
ma
rt,
Ltd
.
Qu
ep
asa
Co
rp.
Glu
Mo
bile
, In
c.
Po
ints
Inte
rna
tion
al L
td.
Flu
id M
usi
c
Ca
na
da
, In
c.
Gu
ng
Ho
On
line
En
tert
ain
me
nt,
Inc.
3 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rmation
Syste
ms
IAS
Energ
y,
Inc.
Beyond
Com
merc
e,
Inc.
Unila
va
Corp
ora
tion
Gam
eO
n C
o L
td.
Quepasa C
orp
.
LookS
mart
, Ltd
.
SK
Com
munic
ations
Co.,
Ltd
.
AQ
Inte
ractive,
Inc.
Ngi G
roup I
nc.
6 Month
0%
500%
1000%
1500%
2000%
2500%
OA
O R
BC
Info
rmation
Syste
ms
Quepasa C
orp
.
AQ
Inte
ractive,
Inc.
Unis
erv
e
Com
munic
ations
Corp
.
SK
Com
munic
ations
Co.,
Ltd
.
Ngi G
roup I
nc.
Velti P
lc
Score
Media
Inc.
Poin
ts
Inte
rnational Ltd
.
WebM
edia
Bra
nds
Inc
1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OA
O R
BC
Info
rma
tion
Sys
tem
s
Qu
ep
asa
Co
rp.
Tra
nsG
am
ing
, In
c.
Dig
italP
ost
Inte
ractiv
e,
Inc.
Flu
id M
usic
Ca
na
da
, In
c.
Un
ise
rve
Co
mm
un
ica
tio
ns
Co
rp.
AQ
In
tera
ctiv
e,
Inc.
Fro
gst
er
Inte
ractiv
e
Pic
ture
s A
G
Ve
lti P
lc
Hu
tch
iso
n
Te
leco
mm
un
ica
tion
s H
on
g K
on
g
Ho
ldin
gs
Ltd
.
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%
The
9 L
imite
d
OA
O R
BC
Info
rma
tion
Syste
ms
Ngi G
rou
p Inc.
Saha
ra M
edia
Hold
ings,
Inc.
Gig
aM
edia
Ltd
.
Kiw
ibox.C
om
,
Inc.
SN
AP
Inte
ractiv
e,
Inc
.
Oriente
d M
edia
Gro
up B
erh
ad
Bro
adW
ebA
sia
Inc.
Mo
bile
Data
Corp
.
1 Month
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
The
9 L
imite
d
Ge
oS
entr
ic O
yj
iseem
edia
Inc
.
Gig
aM
edia
Ltd
.
DA
DA
SpA
SN
AP
Inte
rac
tive
, In
c.
Bro
adW
eb
Asia
Inc.
Corn
erW
orl
d
Corp
ora
tion
Ori
ente
d M
ed
ia
Gro
up
Be
rhad
Mo
bile
Data
Corp
.
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Gig
aM
edia
Ltd
.
DA
DA
SpA
Ge
oS
entr
ic O
yj
Mo
bile
Data
Corp
.
Cyb
erp
lex I
nc.
Wiz
zard
Soft
ware
Co
rpora
tion
UO
MO
Me
dia
,
Inc
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
na
l,
Inc.
Bro
adW
eb
Asia
Inc
.1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Cyberp
lex Inc.
Nort
hgate
Technolo
gie
s
Lim
ited
Wiz
zard
Softw
are
Corp
ora
tion
Mobile
Data
Corp
.
Corn
erW
orld
Corp
ora
tion
UO
MO
Media
,
Inc
En2G
o
Inte
rnatio
nal,
Inc.
Sahara
Media
Hold
ings, In
c.
Beyond
Com
merc
e,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com22
Capital Market Activity (Financing, M&A)
www.mackieresearch.com23
Financing Activity – Current MonthCompany Name Country Sector Acquisition Angel/Seed Series A Series B Series C Grand Total
CubeTree USA Collaboration 50.0 50.0
Scout Labs USA Analytics 20.0 20.0
Fatfoogoo Austria Virtual Goods 10.0 10.0
Worldwideworker UAE Vertical Communities 9.0 9.0
Criteo USA Advertising 7.0 7.0
WordStream USA Search 6.0 6.0
Stack Overflow USA Vertical Communities 6.0 6.0
Enquisite USA Analytics 5.2 5.2
HelloWallet USA Financial Services 3.6 3.6
Woozworld Canada Virtual World 3.0 3.0
Groupalia Spain Social Commerce 2.5 2.5
Newsy USA Media 2.0 2.0
The Extraordinaries USA Mobile 1.1 1.1
Localytics USA Analytics 0.7 0.7
MightyMeeting USA Collaboration 0.3 0.3
apprupt Germany Mobile Ad
89.0 3.4 15.8 6.0 12.2 126.4
www.mackieresearch.com24
Financing Activity – Current Month, by Sector
Collaboration
11%
Analytics
17%
Vertical
Communities
12%
Virtual Goods
6%Advertising
6%Search
6%
Financial
Services
6%
Virtual World
12%
Social
Commerce
6%
Media
6%
Mobile
6%
Enterprise
6%
$ Raised # Deals
Collaboration
38%
Analytics
20%
Vertical
Communities
12%
Virtual Goods
8%
Media
2%
Social
Commerce
2%Financial
Services
3%
Mobile
1%Enterprise
1%
Advertising
5%
Virtual World
3%
Search
5%
www.mackieresearch.com25
Financing Activity
4.6
5.5 5.5
8.9
6.4
10.5
12.5
9.1
8.2
5.3
16.6
3.4
12.5
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-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*May-09 includes $200m FB investment
Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
$513M (ex-DST) with $10.7M average deal size
www.mackieresearch.com26
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Div
ers
ified
Mobile
Colla
bora
tion
Gam
ing
Cro
wdsourc
ed
Socia
l
Media
Vid
eo
Advert
isin
g
Socia
l
Analy
tics
Fin
ancia
l
Mobile
Ad
Wid
get
Searc
h
Vert
ical
Mobile
Ente
rprise
Inte
rnet R
eta
il
Locatio
n-
Onlin
e
Virtu
al W
orld
Virtu
al G
oods
Tra
vel
Infr
astr
uctu
re
Blo
g
Cla
ssifi
ed
Music
Mic
rom
edia
Onlin
e D
atin
g
Mic
roblo
g
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Advertising has most deals in last 3 months
www.mackieresearch.com27
Top 10 Deals (2010 YTD)
300.0
135.0
44.0 40.027.5 25.0 25.0
0.0
25.0 24.5
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Gro
up
on
Liv
ing
So
cia
l
Tre
mo
r M
ed
ia
Qu
an
tca
st
Vid
yo
Ng
mo
co
Ye
lp
Pa
ym
o
Le
nd
ing
Clu
b
225.0
187.5
160.0
142.0
100.0
80.0
50.0 50.0
36.533.0
0
50
100
150
200
250
Siri ICQ Turbine Jigsaw Ankeena
Networks
Mochi
Media
CubeTree Aardvark StudioNow Saf-T-Net
Financings Acquisitions
DST involved in 2 largest financing deals YTD and 2nd
largest acquisition
www.mackieresearch.com28
Upcoming Events/Earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
CDC Corp. (NasdaqGS:CHIN.A) 11-May-10 9:00 AM (EST) Q1/10 888-603-6873, #68538655
Tencent Holdings Ltd. (SEHK:700) 12-May-10 8:00 AM (EST) Q1/10 1-212-444-0118, #613567
PNI Digital Media Inc. (TSXV:PN) 12-May-10 4:30 PM (EST) Q2/10 888-300-8196
Points International Ltd. (TSX:PTS) 13-May-10 8:00 AM (EST) Q1/10 877-941-2069
WebMediaBrands Inc (NasdaqGS:WEBM) 13-May-10 11:00 AM (EST) Q1/10 877-675-4749, #5683457
Spark Netw orks, Inc. (AMEX:LOV) 13-May-10 1:30 PM (PST) Q1/10 1-888-233-7978, #9854349
Perfect World Co., Ltd. (NasdaqGS:PWRD) 17-May-10 8:00 AM (EDT) Q1/10 1-866-519-4004
Giant Interactive Group, Inc. (NYSE:GA) 17-May-10 9:00 PM (EST) Q1/10 1-866-804-6921
Netease.com Inc. (NasdaqGS:NTES) 19-May-10 9:00 PM (EST) Q1/10 877-941-2069
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Public Company Listing
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 1 16.4 10
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 13,300 103.6 NA
AOL, Inc. AOL NYSE USD United States 24 2,512.2 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 145,100 84.4 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3 21.9 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 4.3 NA
Bright Things plc A IM :BGT AIM GBP United Kingdom 0 6.0 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 275.0 NA
Changyou.com Limited CYOU NasdaqGS USD China 30 1,557.9 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 334 907.7 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 41.4 NA
DADA SpA CM :DA CM EUR Italy 4 74.1 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 4.8 6
DigitalTown, Inc. DGTW OTCBB USD United States 2 48.0 3
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 17.6 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 122.4 NA
Frogster Interactive Pictures AG FRG XTRA EUR Germany 18 59.2 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51 248.6 NA
GameOn Co Ltd. 3812 TSE JPY Japan 105,700 112.7 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 34.6 120
Giant Interactive Group, Inc. GA NYSE USD China 7 1,662.6 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 128.1 751
Glu M obile, Inc. GLUU NasdaqGM USD United States 1 38.8 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 52.5 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,510 2,667.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 260,600 320.0 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,060 78.6 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 85.5 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 1,045.9 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 21 2,380.7 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 459.2 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 10.9 NA
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Public Company Listing cont.Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.12 7.8 79
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.24 10.5 NA
Kent International Holdings Inc. KNTH OTCPK USD United States 1.81 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 5.78 809.3 6
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 5.4 NA
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.62 7.5 65
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.52 26.1 NA
M ixi, Inc. 2121 TSE JPY Japan 520,000.00 860.3 NA
M obile Data Corp. M BYL OTCBB USD United States 0.04 1.0 2,936
M odern Times Group M tg AB M TG B OM SEK Sweden 402.70 3,525.4 2
M oggle, Inc DB:M 0C DB EUR United States 1.14 68.4 NA
M OKO.mobi Limited M KB ASX AUD Australia 0.08 8.5 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.18 42.6 405
M yriad Group AG M YRN SWX CHF Switzerland 4.01 175.8 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 39,300.00 732.4 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.91 265.7 NA
Netease.com Inc. NTES NasdaqGS USD China 33.64 4,357.1 224
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.60 68.2 NA
NeXplore Corporation NXPC OTCPK USD United States 0.50 27.9 NA
Ngi Group Inc. 2497 TSE JPY Japan 46,500.00 61.7 160
Northgate Technologies Limited 590057 BSE INR India 16.90 13.1 2,523
OAO RBC Information Systems RBCI M ICEX RUB Russia 38.32 170.4 3,411
Open Text Corp. OTEX NasdaqGS USD Canada 44.22 2,510.8 590
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.39 200.4 NA
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.12 5.0 20
Paid Inc. PAYD OTCBB USD United States 0.34 91.4 NA
Perfect World Co., Ltd. PWRD NasdaqGS USD China 32.80 1,634.3 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.80 60.1 91
Points International Ltd. TSX:PTS TSX CAD Canada 0.56 81.7 71
Quepasa Corp. QPSA OTCBB USD United States 5.00 64.8 NA
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 1,754
RealNetworks Inc. RNWK NasdaqGS USD United States 4.09 552.7 NA
Sahara M edia Holdings, Inc. SHHD OTCBB USD United States 0.20 6.7 220
Score M edia Inc. TSX:SCR TSX CAD Canada 0.84 66.5 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.44 2,988.8 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 22.28 598.3 NA
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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 20,000.00 740.4 15
SNAP Interactive, Inc. STVI OTCBB USD United States 0.19 6.3 NA
Socialwise, Inc. SCLW OTCBB USD United States 0.54 26.2 3,997
Sohu.com Inc. SOHU NasdaqGS USD China 45.77 1,730.9 155
Spark Networks, Inc. LOV AM EX USD United States 3.50 72.1 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.9 916
Taleo Corp. TLEO NasdaqGM USD United States 24.12 959.0 7,515
Tencent Ho ldings Ltd. 700 SEHK HKD China 154.20 36,243.7 7,665
The New York Times Company NYT NYSE USD United States 9.36 1,362.8 1,010
The9 Limited NCTY NasdaqGS USD China 5.35 136.5 274
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.24 102.2 28
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.64 37.1 700
Tree.Com, Inc. TREE NasdaqGM USD United States 7.53 83.9 39
Unilava Corporation UNLA OTCBB USD United States 0.41 41.0 NA
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 2.6 1,699
United Online, Inc. UNTD NasdaqGS USD United States 7.24 630.9 NA
UOM O M edia, Inc UOM O OTCBB USD Canada 0.03 2.6 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 9.75 792.9 450
Velti P lc VEL AIM GBP United Kingdom 3.25 183.0 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 9.1 83
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.05 39.3 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 12,600.00 132.0 80
Wizzard Software Corporation WZE AM EX USD United States 0.20 11.6 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 NA
XING AG O1BC XTRA EUR Germany 26.70 176.9 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,400.00 84.9 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,950.00 20.8 -
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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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