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“Market Declines Impact Web 2.0 Universe Valuations”
May 26, 2010
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
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
Key Developments (past week)
Deals (M&A, Finance)
Cyberplex (TSX:CX) announced plans to acquire Tsavo Media for US$75.6 mm,
partially funded through a C$30 mm bought deal financing at $0.55.
Online gaming company Gaikai, raised $10.0 mm in Series B financing.
Blip.TV, online TV provider, raised $10.1 mm in Series C financing.
Financial Results/Guidance
Netease.com (NasdaqGS:NTES, online gaming) reported Q1/F10 revenue of RMB 1.2
bn (vs. RMB 781.7 mm in the same period last year).
Snap Interactive (OTCBB:STVI, online dating) reported Q1/F10 revenue growth of 20%
to $0.927 mm from $0.768 mm.
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Public Company Data
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Aggregate Public Data
Source: CapitalIQ
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5
0
5
10
15
20
25
30
Gaming
27
Social Networking
16
Media
10
7
Diversified
6
Marketing
5
Mobile
Source: CapitalIQ
3
Infrastructure
3
SMS/Voice
3
Enterprise
3
Advertising
2
Internet Retail
2
Virtual World
By Sector
2
Dating
2
Music
1
Vertical Communities
1
Collaboration
1
Podcasting
1
Learning
1
Video
1
Search
1
Payment
1
Financial Services
Public Company Distribution
0
5
10
15
20
25
30
35
40
45
United States
Canada
China
South Korea
Japan
Taiwan
Germany
Australia
United Kingdom
Hong Kong
Poland
Russia
By Country
Finland
Sweden
Malaysia
India
Italy
Switzerland
Israel
www.mackieresearch.com
Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat Flat
5% 3%
Rising
20%
Falling
62% Rising
33% Falling
77%
EV/EBITDA P/E
Flat Flat
2% 0%
Rising
Rising
17%
20%
Falling
Falling 80%
81%
6 www.mackieresearch.com
7
Source: CapitalIQ
Multiple (x)
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
# companies
4/7/2009
4/14/2009
4/21/2009
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
Median EV/Revenue
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
Long-term average
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
down fourth
3/9/2010
3/16/2010
consecutive week
Revenue multiples
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
393940404041414043434546474746474850515150525354565859596164646463646468696870716965707170707375787780787879788081848281
www.mackieresearch.com
8
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
4/7/2009
4/14/2009
4/21/2009
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
Median EV/EBITDA
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
Long-term average
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
below LT average
3/9/2010
remain depressed
3/16/2010
EV/EBITDA multiples
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
20 20 22 22 23 23 22 22 24 24 23 23 24 24 26 26 26 26 25 25 26 27 29 30 32 33 35 36 38 41 39 40 39 40 41 39 39 39 42 43 41 41 43 43 42 43 44 47 46 45 51 51 50 53 53 52 53 53 50 50
www.mackieresearch.com
9
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
4/7/2009
4/14/2009
4/21/2009
Median P/E
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
Long-term average
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
below LT average
P/E multiples also
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
19 19 19 18 18 19 19 19 20 20 19 18 19 19 20 20 21 25 24 25 25 26 27 26 28 30 31 32 31 32 32 34 35 37 38 38 38 38 39 40 41 39 39 39 37 36 37 33 32 31 34 34 34 34 34 34 34 33 31 35
www.mackieresearch.com
10
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
2
Music
7
Social Networking
1
Learning
5
Diversified
1
Vertical Communities
4
Mobile
3
SMS/Voice
6
Marketing
Gaming
21
1
Search
1
Collaboration
EV/Revenue
9
Media
3
Advertising
1
Podcasting
1
Video
2
Internet Retail
3
Enterprise
2
Dating
1
Financial Services
1
Virtual World
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Average Valuation – by Sector
# Companies
1
Mobile
2
Enterprise
5
Diversified
2
Internet Retail
6
Media
1
Collaboration
5
Social Networking
EV/EBITDA
Gaming
14
3
Marketing
1
Dating
1
Advertising
www.mackieresearch.com
11
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
L ook S mart, L td.
As k net AG
C y berplex Inc.
Actoz S oft C o. , Ltd.
Source: CapitalIQ
J umbuc k E ntertainment L imited
0.10.10.20.20.20.3
R ealNetwork s Inc.
T ree. C om, Inc.
O penwav e S y s tems Inc .
S NAP Interac tive, Inc .
G lu Mobile, Inc .
Northgate T echnologies Limited
P oints International L td.
G igaMedia L td.
AO L, Inc .
DADA S pA
C DC C orp.
Unis erv e C ommunications C orp.
AQ Interactive, Inc.
Internet G roup S A
IAC /InterActiv eC orp.
United O nline, Inc .
T heS treet.c om, Inc .
T he New Y ork T imes C ompany
NetDragon WebS oft, Inc.
O AO R B C Information S ys tems
C ornerWorld C orporation
EV/Revenue Ranking
U O MO Media, Inc
Wiz z ard S oftware C orporation
O pen T ex t C orp.
S K C ommunic ations C o. , Ltd.
is eemedia Inc.
F rogs ter Interac tiv e P ic tures AG
eP ro Ltd.
My riad G roup AG
2.6 2.72.92.93.0 3.13.1
U nilav a C orporation
WebMediaB rands Inc
4.14.24.3 4.4
Dena C o. L td.
8.8
MO K O . mobi Limited
12.8
P aid Inc.
T enc ent H oldings L td.
17.417.5
S pectrumDNA, Inc .
37.3
www.mackieresearch.com
12
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
C y berplex Inc.
AO L , Inc .
1. 5 2.1
Source: CapitalIQ
United O nline, Inc .
3. 9 4.6 5. 0
L td.
S ohu.c om Inc.
5.0 5. 1 6. 1 6. 2 6. 2
C hangy ou.c om L imited
7.
U nis erve C ommunic ations C orp.
5
XING AG
DADA S pA
O pen T ex t C orp.
9.6 9. 7
S hutterfly , Inc.
45.0x
G ree, Inc.
12.6 13.1 13. 8
G igaMedia L td.
Mix i, Inc.
14. 2 14.4 14. 9 15.2
T aleo C orp.
26. 1
V elti P lc
30.4
www.mackieresearch.com
Excluding EV/EBITDA > 100x
13
0. 0
10. 0
20. 0
30. 0
40. 0
50. 0
60. 0
70. 0
80. 0
90. 0
C y berplex Inc .
Source: CapitalIQ
5.1
U nis erve C ommunic ations C orp.
5. 8
G ameO n C o L td.
8.3
U nited O nline, Inc.
9.4
P/E Ranking
9.6
AO L , Inc.
DADA S pA
10. 6 10. 9
S ohu.c om Inc .
G ree, Inc .
V elti P lc
30.7 31.8
O pen T ex t C orp.
42. 5
highest P/E at 82.6x
Dena C o. L td.
infoG R O UP , Inc .
C DC C orp.
Mix i, Inc .
46. 8 46. 8 47. 1 47. 2
S hutterfly, Inc .
82. 6
www.mackieresearch.com
14
Source: CapitalIQ
(U S $m)
# companies
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
Total Market Capitalization
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
Total market cap down over $6 bn
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 100101101101101101101101101101101101101101102102102102102102102102102102102102102102
www.mackieresearch.com
15
-
# Companies
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
8
Diversified
Gaming
28
Media
10
Social Networking
17
1
Collaboration
6
Marketing
3
Enterprise
2
Internet Retail
1
Search
5
Mobile
Total Market Cap – by Sector
3
SMS/Voice
2
Music
1
Financial Services
2
Dating
3
Advertising
2
Virtual World
1
Video
1
Vertical Communities
over $37.5 bn in market cap
Payment
8 Diversified companies totaling
Infrastructure
1
Podcasting
1
Learning
www.mackieresearch.com
16
0
1,000
2,000
3,000
4,000
5,000
6,000
BroadWebAsia Inc.
UOMO Media, Inc
CornerWorld Corporation
Mobile Data Corp.
Source: CapitalIQ
SNAP Interactive, Inc.
Uniserve Communications Corp.
Oriented Media Group Berhad
En2Go International, Inc.
Beyond Commerce, Inc.
Kiwibox.Com, Inc.
Bright Things plc
SpectrumDNA, Inc.
Worlds.com Inc.
IAS Energy, Inc.
Kent International Holdings Inc.
Real Value Estates, Inc.
MOKO.mobi Limited
DigitalPost Interactive, Inc.
iseemedia Inc.
Lingo Media Corporation
Jumbuck Entertainment Limited
Internet Group SA
Northgate Technologies Limited
Wizzard Software Corporation
Sahara Media Holdings, Inc.
Dolphin Digital Media, Inc.
Accelerize New Media, Inc.
VOIS, Inc.
Asknet AG
NeXplore Corporation
Socialwise, Inc.
LookSmart, Ltd.
Market Cap Ranking
CDC Corp.
Gamania Digital Entertainment Co., Ltd.
infoGROUP, Inc.
RealNetworks Inc.
Velti Plc
SK Communications Co., Ltd.
Tencent’s $33 bn market cap
Rising
14%
Flat
12%
Falling
74%
17 www.mackieresearch.com
Average Price Performance – 1 Week, by Sector
20.0%
14.9%
15.0% Only 3 sectors show
8.7% positive returns
10.0%
5.0% 1.4%
0.0%
0.0%
-0.4% -0.4% -1.1%
-5.0% -2.3% -2.6% -2.9% -3.2%
-4.1% -4.3%
-5.8% -6.5% -6.9%
-10.0% -7.3% -8.0%
-10.5%
-15.0%
-13.9%
-20.0%
-25.0% -21.4%
-24.9%
-30.0%
Internet Retail
Infrastructure
Virtual World
Networking
Collaboration
Financial
Payment
Communities
Learning
Advertising
Music
Mobile
Diversified
Gaming
Enterprise
Marketing
Podcasting
Search
Dating
Services
SMS/Voice
Media
Video
Social
Vertical
Source: CapitalIQ
18 www.mackieresearch.com
19
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
BWBA
STVI
IASC.A
A052770
Source: CapitalIQ
ASX:JMB
A066270
VOIS
GLUU
PAYD
QPSA
RBCI
WZE
A047080
CHIN.A
3812
DGTW
A052790
3888
WSE:IGR
3765
MKB
NCTY
AOL
SEHK:215
SPXA
MTG B
TSX:FMN
590057
TSCM
RNWK
777
LOOK
DGLP
GTSM:3083
SNDA
NXPC
700
HUTC
NTES
2497
2121
TSX:SCR
VCLK
OTEX
UNTD
KOSE:A069
XTRA:A5A
VEL
Price Performance – 1 Week
PWRD
A023770
TREE
FRG
CYOU
SOHU
TSE:2432
OMEDIA
TLEO
WEBM
SFLY
OPWV
TSXV:USS
TSX:PTS
GIGM
TSXV:TNG
SCLW
NYT
LOV
AIM:BGT
CM:DA
UNLA
TSX:NLN
IUSA
GA
TSXV:PN
KNTH
GRVY
6180
KIWB
TSXV:LM
TSXV:MMC
ETGI
DPDM
DB:M0C
GEO1V
CWRL
RVLU
WSE:PGM
IEE
IACI
3838
TSE:3632
O1BC
SEHK:8086
TSX:CX
ACLZ
MYRN
UOMO
A095660
BYOC
WDDD
MBYL
SHHD
www.mackieresearch.com
20
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0%
500%
1000%
1500%
2000%
2500%
OAO RBC Sahara Media
Information Holdings, Inc.
Systems
ePro Ltd.
ePro Ltd.
Source: CapitalIQ
Uniserve
Communications
Quepasa Corp.
Corp.
Mobile Data
AQ Interactive,
Inc.
Corp.
Uniserve
Communications
Velti Plc
Corp.
6 Month
1 Month
SK Gamania Digital
Communications Entertainment
Co., Ltd. Co., Ltd.
Beyond
Dena Co. Ltd. Commerce, Inc.
0%
20%
40%
60%
80%
100%
120%
140%
160%
0%
500%
1000%
1500%
2000%
2500%
3000%
Sahara
Media
Quepasa Corp.
Holdings,
Inc.
LookSmart,
Velti Plc
Ltd.
Uniserve
Communications Velti Plc
Corp.
DigitalPost Worlds.com
Interactive, Inc. Inc.
Frogster
Glu Mobile,
Interactive
Inc.
Pictures AG
NEOWIZ
VOIS, Inc. Games
Corporation
Quepasa
Dena Co. Ltd. Corp.
www.mackieresearch.com
21
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Northgate
Quepasa Corp.
Technologies
Limited
Source: CapitalIQ
Paid Inc.
iseemedia Inc.
SK
Actoz Soft Communications
Co., Ltd. Co., Ltd.
1 Week
6 Month
Wizzard Jumbuck
Software Entertainment
Corporation Limited
CornerWorld
YD Online Corp.
Corporation
En2Go
International, IAS Energy, Inc.
Inc.
BroadWebAsia BroadWebAsia
Inc. Inc.
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Wizzard
Mixi, Inc.
Software
Corporation
Actoz Soft
IAS Energy,
Co., Ltd.
Inc.
Northgate
The9 Limited
Technologies
Limited
GungHo Online
CornerWorld Entertainment,
Corporation Inc.
Beyond
CornerWorld
Commerce,
Corporation
Inc.
BroadWebAsia SNAP
Inc. Interactive, Inc.
www.mackieresearch.com
Capital Market Activity (Financing, M&A)
22 www.mackieresearch.com
Financing Activity – Current Month
C om pany Nam e C ountr y S e ctor Acquis ition A nge l/S e e d S e r ie s A S e r ie s B S e r ie s C Grand T otal
T s avo Me dia US A Media 75.0 75. 0
C ube T r e e US A Collaboration 50.0 50. 0
Gilt Gr oupe US A Internet R etail 35.0 35. 0
S cout L abs US A A naly tic s 20.0 20. 0
Booyah US A V irtual World 20.0 20. 0
Huddle UK Enterpris e 10. 2 10. 2
Blip.tv US A V ideo 10.1 10. 1
Fatfoogoo A us tria V irtual Goods 10.0 10. 0
Gaik ai Netherlands G aming 10. 0 10. 0
Wor ldw ide w ork e r UA E V ertic al Communities 9. 0 9.0
V antr ix Canada Mobile 8. 7 8.7
S im ple Ge o US A Inf ras truc ture 8. 1 8.1
BuzzFe e d US A A ggregation 8.0 8.0
S w ipe ly US A S oc ial Commerc e 7. 5 7.5
Grock it US A V irtual World 7. 0 7.0
C rite o US A A dvertis ing 7. 0 7.0
J e lli US A Mus ic 7. 0 7.0
Wor dS tr e am US A S earc h 6.0 6.0
S tack Ove r flow US A V ertic al Communities 6. 0 6.0
Enquis ite US A A naly tic s 5. 2 5.2
A d.ly US A A dvertis ing 5.0 5.0
He lloWalle t US A Financ ial S ervic es 3. 6 3.6
S w aptre e US A S oc ial Commerc e 3. 3 3.3
T w e e tDe ck UK Microblog 3.0 3.0
Woozw or ld Canada V irtual World 3. 0 3.0
Babble US A V ertic al Communities 3.0 3.0
T ick e tfly US A V ertic al Communities 3. 0 3.0
Groupalia S pain S oc ial Commerc e 2. 5 2.5
Ne w s y US A Media 2.0 2.0
Pok e n S w itz erland S oc ial Netw orks 1. 8 1.8
T he Extr aor dinar ie s US A Mobile 1.1 1.1
T itan Gam ing US A G aming 1.0 1.0
L ocalytics US A A naly tic s 0. 7 0.7
Etacts US A Inf ras truc ture 0.7 0.7
MightyMe e ting US A Collaboration 0.3 0.3
appr upt G ermany Mobile A d
164.0 5.1 43.2 45.2 96.3 353.9
23 www.mackieresearch.com
Financing Activity – Current Month, by Sector
$ Raised # Deals
Search
3%
Music
3%
Aggregation
Media
3%
Gaming 5%
Collaboration
7% Infrastructure
Virtual World 8%
5%
8%
Mobile Internet Retail
5% 5%
Virtual Goods
Other 3%
Internet Retail
40% Video
13% 3% Virtual World
10%
Enterprise
5%
Social
Commerce Gaming
Collaboration 8% 10%
13%
Vertical Analytics
Communities 8%
Advertising
10%
Media 8%
19%
24 www.mackieresearch.com
Financing Activity
900.0 18.0
May total nears trailing monthly 16.6
average (excluding outlier months)
800.0 16.0
700.0 14.0
12.1 12.2
600.0 12.0
9.6
500.0 9.1 10.0
(US$m)
(US$m)
8.9
8.2
400.0 8.0
6.6 6.3
6.2
300.0 5.4 5.3 6.0
4.6
200.0 4.0
100.0 2.0
0.0 0.0
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
25 www.mackieresearch.com
26
(US$m)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
# companies
1
Diversified
8
Mobile
5
Collaboration
Gaming
11
7
Media
Crowdsourced
6
Content
Social
7
Commerce
Video
10
Advertising
16
Social
11
Networks
4
Internet Retail
Analytics
10
Financial
7
Services
Vertical
10
Communities
6
Virtual World
3
Mobile Ad
2
Widget
4
Enterprise
6
Search
Mobile
2
3 Payment
Infrastructure
Location-
4
based SNS
Online
1
Learning
Advertising has most
deals in last 3 months
Music
1
Virtual Goods
4
Travel
1
Aggregation
2
Blog
1
Classified
2
Capital Market Activity Ranking – by Sector, last three months
Microblog
1
Micromedia
1
Online Dating
www.mackieresearch.com
27
(US$ mm)
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Social Networks
Dec-08
Jan-09
Gaming
Feb-09
Mar-09
$ Raised
Apr-09
Advertising
May-09
Jun-09
Jul-09
Virtual World
Aug-09
Sep-09
Video
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Top 5 Sectors (2008-present)
(# Deals)
0
5
10
15
20
25
30
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Social Networks
Dec-08
Jan-09
Feb-09
Advertising
Mar-09
Apr-09
Gaming
May-09
# Deals
Jun-09
Jul-09
Virtual World
Aug-09
Sep-09
Video
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Top 5 sectors average $155 mm & 14 deals per month (aggregate)
Apr-10
May-10
www.mackieresearch.com
Upcoming Events/Earnings
Company Date Time Quarter Conf Call Details
GigaMedia Ltd. (NasdaqGS:GIGM) 27-May-10 7:30 AM (EST) Q1/10 NA
Shanda Interactive Entertainment Ltd. (NasdaqGS:SNDA) 1-Jun-10 10:00 AM (CCT) Q1/10 1-866-730-5763
Source: CapitalIQ
28 www.mackieresearch.com
Public Company Listing T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 1 17.2 10
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 9,250 65.6 NA
A OL, Inc. AOL NYSE USD United States 21 2,207.0 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 120,800 73.2 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 3 21.0 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0 4.9 16
B right Things plc AIM :B GT A IM GB P United Kingdo m 0 5.4 9
B roadWebA sia Inc. BWB A OTCPK USD United States 0 1.7 46
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2 233.7 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 27 1,405.7 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 320 851.2 NA
Co rnerWorld Co rpo ratio n CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CA D Canada 1 35.5 NA
DA DA SpA CM :DA CM EUR Italy 3 65.4 NA
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 745,000 3,940.0 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 6.9 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 35.6 3
Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0 16.1 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 1 34.9 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 94.1 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 18 56.5 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 52 249.5 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 71,000 78.8 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0 33.0 120
Giant Interactive Gro up, Inc. GA NYSE USD China 7 1,609.9 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 134.1 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 34.9 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 50.9 469
Gree, Inc. TSE:3632 TSE JP Y Japan 5,510 2,776.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 171,500 219.2 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 3,410 59.7 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 92.4 276
Hutchison Teleco mmunicatio ns Ho ng KongSEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 1 888.7 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23 2,507.1 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 6.3 NA
infoGROUP , Inc. IUSA NasdaqGS USD United States 8 457.9 3,146
29 www.mackieresearch.com
Public Company Listing cont.
T rading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s
iseemedia Inc. IEE TSXV CA D Canada 0.11 7.1 79
Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.19 7.6 NA
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.80 6.4 2,735
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.78 667.4 6
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 5.0 NA
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.65 7.5 65
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.57 26.9 NA
M ixi, Inc. 2121 TSE JP Y Japan 398,000.00 685.2 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.10 2.4 2,936
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 380.00 3,121.4 2
M o ggle, Inc DB :M 0C DB EUR United States 1.00 57.3 NA
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.07 6.8 NA
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.13 29.0 405
M yriad Gro up A G M YRN SWX CHF Switzerland 4.27 178.6 NA
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 40,250.00 678.5 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.40 230.4 NA
Netease.co m Inc. NTES NasdaqGS USD China 28.92 3,745.7 224
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.45 48.7 NA
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.45 25.1 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 33,700.00 46.5 160
No rthgate Techno lo gies Limited 590057 B SE INR India 15.25 11.2 2,523
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 34.10 145.8 3,700
Open Text Co rp. OTEX NasdaqGS USD Canada 41.89 2,378.5 590
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.19 183.7 NA
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.10 4.0 20
P aid Inc. P A YD OTCB B USD United States 0.31 82.8 NA
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 25.56 1,279.6 NA
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.66 50.7 91
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.67 52.5 91
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.51 70.8 71
Quepasa Co rp. QP SA OTCB B USD United States 4.20 54.4 NA
Real Value Estates, Inc. RVLU OTCB B USD United States 1.03 6.6 1,754
RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.51 474.7 6
Sahara M edia Ho ldings, Inc. SHHD OTCB B USD United States 0.45 15.6 230
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.77 57.9 NA
30 www.mackieresearch.com
Public Company Listing cont.
T rading C ur re nt US $ Mark e t
C om pany Nam e T ic k e r Exchange C urre ncy HQ Pr ice C ap (m m ) Em ploye e s
SK Co mmunicatio ns Co ., Ltd. A066270 KOSE KRW So uth Ko rea 15,750.00 528.8 15
SNA P Interactive, Inc. STVI OTCBB USD United States 0.10 3.3 NA
So cialwise, Inc. SCLW OTCBB USD United States 0.51 25.5 3,997
So hu.co m Inc. SOHU NasdaqGS USD China 43.09 1,629.6 155
Spark Netwo rks, Inc. LOV A M EX USD United States 3.31 68.1 8
SpectrumDNA , Inc. SPXA OTCBB USD United States 0.08 5.5 916
Taleo Co rp. TLEO NasdaqGM USD United States 24.00 954.2 7,845
Tencent Ho ldings Ltd. 700 SEHK HKD China 142.40 33,384.2 7,665
The New Yo rk Times Co mpany NYT NYSE USD United States 8.95 1,303.1 1,010
The9 Limited NCTY NasdaqGS USD China 4.20 107.2 274
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 2.88 90.9 28
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.67 36.9 700
Tree.Co m, Inc. TREE NasdaqGM USD United States 6.69 75.0 39
Unilava Co rpo ratio n UNLA OTCBB USD United States 0.31 31.0 NA
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.13 3.3 1,699
United Online, Inc. UNTD NasdaqGS USD United States 6.58 573.3 NA
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.7 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.72 871.8 450
Velti P lc VEL A IM GB P United Kingdo m 4.72 512.6 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 20.6 83
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.94 35.2 NA
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 11,700.00 110.8 80
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.19 12.5 1
Wo rlds.co m Inc. WDDD OTCBB USD United States 0.10 5.7 NA
XING AG O1B C XTRA EUR Germany 27.89 176.4 NA
YD Online Co rp. A052770 KOSE KRW So uth Ko rea 4,340.00 52.1 NA
Ynk Ko rea Inc. A023770 KOSE KRW So uth Ko rea 2,620.00 16.7 -
31 www.mackieresearch.com
Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
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conclusions or recommendations expressed in this research report.
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