web 2.0 weekly - june 22, 2010: "aol sells bebo for massive loss"
DESCRIPTION
Deals (M&A, Finance)AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.Positive price performanceThe Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.TRANSCRIPT
www.mackieresearch.com
Web 2.0 Weekly
“AOL Sells Bebo For Massive Loss”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
June 22, 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
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Key Developments (past week)
Deals (M&A, Finance) – Bebo a Disastrous Investment for AOL
� AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.
Financial Results/Guidance/Partnerships/Product� Multiplied Media (TSXV:MMC) announced it would be adding Telus Live Agents to its
popular location-based search application, Poynt
� Mobile Data Corp. (OTCBB:MBYL) reported unaudited earnings results for the third quarter and nine months ended April 30, 2010. For the quarter, the company has reported net loss of $24,096 compared to $20,504 for the same period a year ago. For the nine months, the company has reported net loss of $137,531 compared to $129,675 for the same period a year ago. Net cash used in operations was $84,802 compared to $69,666 for the same period a year ago.
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Public Company Data
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Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 101 - - -
Market Cap (US$ mm) 77,334.7 73.1 30,367.3 1.2
Revenue (US$ mm) 23,508.7 56.9 3,057.7 0.0
1 Year revenue growth 5.7% 8961.6% -100.0%
EBITDA as % of revenue - 13.4% 63.1% -63.7%
Net cash (US$ mm) 9,036.9 2.3 1,835.9 -670.8
TEV/Revenue - 2.0x 37.2x 0.0x
TEV/EBITDA - 8.8x 45.0x 0.6x
P/E - 17.0x 91.3x 0.0x
Relative to 52 week high -38.4% -1.8% -95.6%
Source: CapitalIQ
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Public Company Distribution
By Sector By Country
Source: CapitalIQ
28
16
10
8
65
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
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
Hong K
ong
Ge
rma
ny
Po
land
Au
str
alia
Un
ited
Kin
gdom
Italy
Fin
lan
d
Sw
ed
en
India
Ru
ssia
Mala
ysia
Sw
itz
erla
nd
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Valuation Dashboard – 1 Week
Rising
60%
Falling
33%
Flat
7%
Rising
55%
Falling
44%
Flat
1%
Rising
63%
Falling
35%
Flat
2%
Market Cap
Rising
67%
Falling
33%
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
5.0x5
/4/2
00
95
/11
/20
09
5/1
8/2
00
95
/25
/20
09
6/1
/20
09
6/8
/20
09
6/1
5/2
00
96
/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
394040404141404343454647474747485051515050535656606161646666676564667071717274736871737372747679808280818081828286838584
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples increase slightly but remain well
below LT average
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Median EV/EBITDA
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
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
5/1
7/2
010
5/2
4/2
010
5/3
1/2
010
6/7
/2010
6/1
4/2
010
6/2
1/2
010
2022 2223 23 2222 2324 2322 2424 2626 26 2626 2526 2728 3129 33 3536 3842 3940 3840 4139 39 3942 4342 4143 4343 45 4347 4545 5151 5052 5253 51 5249 5251
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples increase slightly but remain depressed 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
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
5/1
7/2
010
5/2
4/2
010
5/3
1/2
010
6/7
/2010
6/1
4/2
010
6/2
1/2
010
1919 1818 19 1919 1920 1918 1919 1920 21 2424 2525 2627 2727 31 3233 3133 3335 3538 3939 39 3941 4142 4040 4038 37 3834 3332 3535 3535 3535 35 3531 3433
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples increase but also are below LT
average
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Average EV/Revenue – by Sector
26.5
10.1 9.7
5.74.8 4.7 4.2 4.0 3.7 3.6 3.5 3.1 2.8 2.6 2.5 2.3 2.0 1.8 1.8 1.3
0.4
-
5.0
10.0
15.0
20.0
25.0
30.0V
irtu
al W
orld
Infr
astr
uctu
re
Learn
ing
Socia
l N
etw
ork
ing
Music
Vert
ical C
om
munitie
s
Searc
h
Gam
ing
Div
ers
ifie
d
Mobile
SM
S/V
oic
e
Mark
eting
Podcasting
Media
Colla
bora
tion
Advert
isin
g
Inte
rnet
Reta
il
Ente
rprise
Vid
eo
Dating
Fin
ancia
l S
erv
ices
1 2 1 8 2 1 1 21 6 4 3 6 1 9 1 3 2 3 1 2 1# Companies
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Average EV/EBITDA – by Sector
45.0
17.615.8
11.7 11.6 11.5 11.29.8 9.5 9.0
7.4
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Searc
h
Ente
rprise
Mobile
Div
ers
ifie
d
Inte
rnet
Reta
il
Gam
ing
Socia
l N
etw
ork
ing
Advert
isin
g
Media
Colla
bora
tion
Dating
1 2 2 5 2 14 6 1 6 1 1# Companies
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Average P/E – by Sector
91.3
54.2
39.3
29.7
25.8
19.9
15.3 14.3 13.3
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Internet Retail Enterprise Collaboration Marketing Social
Networking
Diversified Advertising Media Gaming
2 3 1 6 16 8 3 10 28# Companies
www.mackieresearch.com13
37
27
19
16
13 13 13
11 1110 10
98 7 7
65 5 4 4 4 4 3 3 3 3 3 2 2 2 2 2 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 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
Socia
lGO
PLC
Worlds.c
om
Inc.
Spectr
um
DN
A, In
c.
Tencent H
old
ings L
td.
Beyond C
om
merc
e, In
c.
MO
KO
.mobi L
imite
dP
aid
Inc.
Gre
e, In
c.
GeoS
entr
ic O
yj
Chin
ese G
am
er
Inte
rnatio
nal
Lin
go M
edia
Corp
ora
tion
Tra
nsG
am
ing, In
c.
Dena C
o. Ltd
.F
luid
Music
Canada, In
c.
Dig
italP
ost In
tera
ctiv
e, In
c.
HU
GH
ES
Tele
matic
s, In
c.
Accele
rize N
ew
Media
, In
c.
WebM
edia
Bra
nds Inc
Changyou.c
om
Lim
ited
SK
Com
munic
atio
ns C
o., L
td.
Tale
o C
orp
.M
ixi,
Inc.
Kin
gsoft C
orp
ora
tion L
imite
dF
rogste
r In
tera
ctiv
e P
ictu
res A
Gis
eem
edia
Inc.
Wiz
zard
Softw
are
Corp
ora
tion
eP
ro L
td.
Open T
ext C
orp
.N
EO
WIZ
Gam
es C
orp
ora
tion
Modern
Tim
es G
roup M
tg A
BS
ohu.c
om
Inc.
UO
MO
Media
, In
cX
ING
AG
Velti
Plc
Unila
va C
orp
ora
tion
PN
I D
igita
l Media
Inc.
Score
Media
Inc.
Shutterf
ly, In
c.
Valu
eC
lick, In
c.
Webzen Inc.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Myriad G
roup A
GN
euLio
n Incorp
ora
ted
Pla
tform
a M
edio
wa P
oin
t G
roup S
.A.
HanbitS
oft, In
c.
YD
Onlin
e C
orp
.S
park
Netw
ork
s, 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 K
ong H
old
ings L
td.
info
GR
OU
P, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
SN
AP
Inte
ractiv
e, In
c.
OA
O R
BC
Info
rmatio
n S
yste
ms
NetD
ragon W
ebS
oft, In
c.
Corn
erW
orld C
orp
ora
tion
Inte
rnet G
roup S
AT
he N
ew
York
Tim
es C
om
pany
IAC
/Inte
rActiv
eC
orp
.T
heS
treet.com
, In
c.
Ynk K
ore
a Inc.
AQ
Inte
ractiv
e, In
c.
Poin
ts Inte
rnatio
nal L
td.
Cyberp
lex Inc.
CD
C C
orp
.U
nite
d O
nlin
e, In
c.
AO
L, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.D
AD
A S
pA
Nort
hgate
Technolo
gie
s L
imite
dG
lu M
obile
, In
c.
Gig
aM
edia
Ltd
.A
cto
z S
oft C
o., L
td.
Tre
e.C
om
, In
c.
Openw
ave S
yste
ms Inc.
Gam
eO
n C
o L
td.
RealN
etw
ork
s Inc.
Jum
buck E
nte
rtain
ment Lim
ited
Asknet A
GLookS
mart
, Ltd
.D
olp
hin
Dig
ital M
edia
, In
c.
EV/Revenue Ranking
Source: CapitalIQ
SocialGo has highest revenue multiple at 37x
www.mackieresearch.com14
45.0
35.3
30.328.4
19.819.419.217.8
16.716.115.414.914.213.712.812.612.4
10.5 9.8 9.3 9.0 9.0 8.7 8.4 8.3 8.3 8.2 8.1 7.9 7.4 7.4 7.1 7.0 6.8 6.7 6.75.6 5.6 5.3
3.82.5 2.3
1.3 0.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
SK
Com
munic
atio
ns C
o., L
td.
HanbitS
oft, In
c.
Tencent H
old
ings L
td.
Tale
o C
orp
.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
G
Chin
ese G
am
er
Inte
rnatio
nal
Gre
e, In
c.
Myriad G
roup A
G
Modern
Tim
es G
roup M
tg A
B
Dena C
o. Ltd
.
Mix
i, In
c.
Shutterf
ly, In
c.
TheS
treet.com
, In
c.
Openw
ave S
yste
ms Inc.
Score
Media
Inc.
YD
Onlin
e C
orp
.
AQ
Inte
ractiv
e, In
c.
IAC
/Inte
rActiv
eC
orp
.
Cyberp
lex Inc.
Pla
tform
a M
edio
wa P
oin
t G
roup S
.A.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Open T
ext C
orp
.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
NE
OW
IZ G
am
es C
orp
ora
tion
Velti
Plc
XIN
G A
G
PN
I D
igita
l Media
Inc.
DA
DA
SpA
Kin
gsoft C
orp
ora
tion L
imite
d
Unis
erv
e C
om
munic
atio
ns C
orp
.
Spark
Netw
ork
s, In
c.
Valu
eC
lick, In
c.
Changyou.c
om
Lim
ited
CD
C C
orp
.
NetD
ragon W
ebS
oft, In
c.
info
GR
OU
P, In
c.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings L
td.
The N
ew
York
Tim
es C
om
pany
Sohu.c
om
Inc.
Unite
d O
nlin
e, In
c.
Acto
z S
oft C
o., L
td.
AO
L, In
c.
Gam
eO
n C
o L
td.
Jum
buck E
nte
rtain
ment Lim
ited
EV/EBITDA Ranking
Excluding EV/EBITDA > 100xSource: CapitalIQ
SK Communications leads the group at 45.0x
www.mackieresearch.com15
91.3
57.2
51.247.7 47.0
40.5 39.337.4
35.032.5 30.9
26.0 25.922.7
19.617.5 17.0 16.3 15.3 14.2 13.4 12.5 11.8 10.2 9.9 9.1
5.53.5 2.3 2.1 1.9 1.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Shu
tterf
ly, In
c.
Poin
ts Inte
rnatio
nal L
td.
CD
C C
orp
.
Mix
i, In
c.
info
GR
OU
P, In
c.
Tenc
ent H
old
ing
s L
td.
Open
Text
Corp
.
Gre
e, In
c.
De
na C
o. Ltd
.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Ne
tDra
gon W
ebS
oft, In
c.
Chin
ese G
am
er
Inte
rnatio
na
l
Ve
lti P
lc
Fro
gste
r In
tera
ctiv
e P
ictu
res A
G
NE
OW
IZ G
am
es
Corp
ora
tion
Hutc
his
on T
ele
com
mu
nic
atio
ns H
ong K
ong H
old
ings L
td.
Th
e N
ew
York
Tim
es C
om
pany
Valu
eC
lick, In
c.
Cy
berp
lex Inc
.
So
hu.c
om
Inc
.
Kin
gs
oft C
orp
ora
tion L
imite
d
DA
DA
SpA
AO
L, In
c.
Chan
gyou.c
om
Lim
ited
Gam
eO
n C
o L
td.
Unite
d O
nlin
e, In
c.
Unis
erv
e C
om
munic
atio
ns
Corp
.
Ju
mbuc
k E
nte
rtain
ment
Lim
ited
Nete
ase.c
om
Inc
.
Gia
nt
Inte
ractiv
e G
rou
p, In
c.
Sha
nda I
nte
rac
tive E
nte
rtain
me
nt Ltd
.
Perf
ec
t W
orld C
o., L
td.
P/E Ranking
Source: CapitalIQ
Shutterfly has the highest P/E at 91.3x
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
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
5/1
7/2
010
5/2
4/2
010
5/3
1/2
010
6/7
/2010
6/1
4/2
010
6/2
1/2
010
98 98 98 98 98 98 98 98 98 98 97 98 98 98 98 99 99 99 99 99 99 99100100100100100100100100100100100100101101101101101101101101101101101101101101101101101101
(US
$m
)
# companies
Source: CapitalIQ
Total market cap increases to $78 bn
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
40,000.0D
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
Music
SM
S/V
oic
e
Advert
isin
g
Dating
Fin
ancia
l S
erv
ices
Vid
eo
Virtu
al W
orld
Vert
ical C
om
munitie
s
Paym
ent
Learn
ing
Infr
astr
uctu
re
Podcasting
8 28 10 16 1 6 3 1 2 5 2 3 3 2 1 1 2 1 1 1 3 1# Companies
Eight Diversified companies totaling $35 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.
Dena C
o. Ltd
.N
ete
ase.c
om
Inc.
Modern
Tim
es G
roup M
tg A
BG
ree, In
c.
IAC
/Inte
rActiv
eC
orp
.A
OL, In
c.
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.O
pen T
ext C
orp
.S
ohu.c
om
Inc.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Changyou.c
om
Lim
ited
The N
ew
York
Tim
es C
om
pany
Perf
ect W
orld C
o., L
td.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Tale
o C
orp
.V
alu
eC
lick, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
NE
OW
IZ G
am
es C
orp
ora
tion
SK
Com
munic
atio
ns C
o., L
td.
Mix
i, In
c.
Shutterf
ly, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dU
nite
d O
nlin
e, In
c.
RealN
etw
ork
s Inc.
info
GR
OU
P, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
CD
C C
orp
.V
elti
Plc
NetD
ragon W
ebS
oft, In
c.
Myriad G
roup A
GX
ING
AG
Openw
ave S
yste
ms Inc.
Flu
id M
usic
Canada, In
c.
OA
O R
BC
Info
rmatio
n S
yste
ms
Gig
aM
edia
Ltd
.W
ebzen Inc.
The9 L
imite
dH
UG
HE
S T
ele
matic
s, In
c.
Acto
z S
oft C
o., L
td.
TheS
treet.com
, In
c.
Poin
ts Inte
rnatio
nal L
td.
AQ
Inte
ractiv
e, In
c.
HanbitS
oft, In
c.
Cyberp
lex Inc.
Gam
eO
n C
o L
td.
Tre
e.C
om
, In
c.
DA
DA
SpA
Spark
Netw
ork
s, In
c.
Paid
Inc.
Score
Media
Inc.
YD
Onlin
e C
orp
.F
rogste
r In
tera
ctiv
e P
ictu
res A
GN
euLio
n Incorp
ora
ted
Ngi G
roup Inc.
PN
I D
igita
l Media
Inc.
Moggle
, In
cQ
uepasa C
orp
.P
latform
a M
edio
wa P
oin
t G
roup S
.A.
Gra
vity
Co., L
tdT
ransG
am
ing, In
c.
Glu
Mobile
, In
c.
WebM
edia
Bra
nds Inc
Dig
italT
ow
n, In
c.
eP
ro L
td.
Multi
plie
d M
edia
Corp
ora
tion
Socia
lwis
e, In
c.
LookS
mart
, Ltd
.G
eoS
entr
ic O
yj
Asknet A
GN
eX
plo
re C
orp
ora
tion
Ynk K
ore
a Inc.
VO
IS, In
c.
Accele
rize N
ew
Media
, In
c.
Lin
go M
edia
Corp
ora
tion
YouB
last G
lobal,
Inc.
Wiz
zard
Softw
are
Corp
ora
tion
Dolp
hin
Dig
ital M
edia
, In
c.
Nort
hgate
Technolo
gie
s L
imite
dU
nila
va C
orp
ora
tion
Jum
buck E
nte
rtain
ment Lim
ited
iseem
edia
Inc.
Inte
rnet G
roup S
AB
eyond C
om
merc
e, In
c.
Socia
lGO
PLC
MO
KO
.mobi L
imite
dK
ent In
tern
atio
nal H
old
ings Inc.
Dig
italP
ost In
tera
ctiv
e, In
c.
IAS
Energ
y, In
c.
Kiw
ibox.C
om
, In
c.
SN
AP
Inte
ractiv
e, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Worlds.c
om
Inc.
Spectr
um
DN
A, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
Unis
erv
e C
om
munic
atio
ns C
orp
.C
orn
erW
orld C
orp
ora
tion
Bro
adW
ebA
sia
Inc.
UO
MO
Media
, In
cM
obile
Data
Corp
.
Source: CapitalIQ
Tencent’s $31 bn market cap dominates group
www.mackieresearch.com19
Price Performance – 1 Week
Price Momentum• Positive price momentum, with 52% of
stocks rising over the past week.
Rising
52%
Flat
9%
Falling
39%
www.mackieresearch.com20
Average Price Performance – 1 Week, by Sector
13.3%11.7%
7.7%5.9%
4.2% 3.3%1.8% 1.7% 0.9% 0.3% 0.1% 0.0%
-1.9% -2.7% -3.2% -3.6%-4.8% -5.6%
-7.6%-9.9%
-15.3%-16.2%-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Vid
eo
Me
dia
En
terp
rise
SM
S/V
oic
e
Pa
ym
en
t
Sea
rch
Ma
rketin
g
Ga
min
g
Div
ers
ifie
d
Inte
rnet R
eta
il
Fin
an
cia
l
Se
rvic
es
Ve
rtic
al
Co
mm
un
itie
s
Mo
bile
Ad
vert
isin
g
Co
llab
ora
tion
So
cia
l
Ne
two
rkin
g
Po
dca
stin
g
Le
arn
ing
Datin
g
Vir
tua
l W
orl
d
Mu
sic
Infr
astru
ctu
re
Source: CapitalIQ
Video sector shows highest weekly returns
www.mackieresearch.com21
Price Performance – 1 Week
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
BW
BA
GE
O1
VM
BY
LU
OM
OW
DD
DS
TV
IS
PX
AG
LU
UD
PD
MV
OIS
OM
ED
IAIE
ET
SX
V:U
SS
TS
X:F
MN
AC
LZ
TS
XV
:LM
GIG
MW
SE
:PG
MW
ZE
WS
E:IG
RU
NT
DD
GT
WO
TE
XN
XP
CT
SX
V:P
NT
SE
:24
32
O1
BC
D
GL
PT
SC
M7
00
QP
SA
KO
SE
:A0
69
A0
52
77
0G
RV
YS
ND
A5
90
05
7P
WR
DA
09
56
60
CY
OU
AS
X:J
MB
MK
BN
CT
YD
B:M
0C
PA
YD
ET
GI
WE
BM
TS
XV
:TN
GC
WR
L3
83
8V
EL
TR
EE
IUS
AG
TS
M:3
08
3IA
CI
XT
RA
:A5
AY
BL
TL
OV
A0
23
77
0M
TG
BG
A2
12
1S
OH
U2
49
7R
BC
IS
EH
K:2
15
SF
LY
MY
RN
A0
66
27
06
18
03
88
8S
EH
K:8
08
6O
PW
V3
81
2T
LE
OS
CL
WC
HIN
.AT
SX
:SC
RV
CL
K7
77
HU
TC
LO
OK
A0
47
08
03
76
5N
TE
SC
M:D
AK
NT
HT
SX
:CX
AIM
:SG
OF
RG
AO
LN
YT
KIW
BR
NW
KT
SX
:NL
NT
SE
:36
32
TS
X:P
TS
TS
XV
:MM
CA
05
27
90
UN
LA
BY
OC
IAS
C.A
Source: CapitalIQ
www.mackieresearch.com22
Price Performance (Top 10)
1 Month
0%
20%
40%
60%
80%
100%
120%
140%
160%
Yo
uB
last
Glo
ba
l,
Inc.
Be
yon
d
Co
mm
erc
e,
Inc.
Gre
e,
Inc.
Acto
z S
oft
Co
.,
Ltd
.
Ha
nb
itSo
ft,
Inc.
SK
Co
mm
un
ica
tio
ns
Co
., L
td.
AQ
In
tera
ctiv
e,
Inc.
Cyb
erp
lex I
nc.
Po
ints
Inte
rna
tion
al L
td.
DA
DA
Sp
A
3 Month
0%
50%
100%
150%
200%
250%
Beyond C
om
merc
e,
Inc. eP
ro L
td.
YouB
last
Glo
bal,
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Velti P
lc
Poin
ts I
nte
rnational
Ltd
.
Hutc
his
on
Tele
com
munic
ations
Hong K
ong H
old
ings
Ltd
. Gre
e,
Inc.
LookS
mart
, Ltd
.
Glu
Mobile
, In
c.
6 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rmation
Syste
ms
eP
ro L
td.
Beyond
Com
merc
e,
Inc.
AQ
Inte
ractive,
Inc.
Unis
erv
e
Com
munic
ations
Corp
.
Velti P
lc
SN
AP
Inte
ractive,
Inc.
Score
Media
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Quepasa C
orp
.1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%
OA
O R
BC
Info
rma
tion
Sys
tem
s
Qu
ep
asa
Co
rp.
eP
ro L
td.
Ve
lti P
lc
De
na
Co
. L
td.
Flu
id M
usic
Ca
na
da
, In
c.
Tra
nsG
am
ing
,
Inc.
Fro
gst
er
Inte
ractiv
e
Pic
ture
s A
G
Mo
de
rn T
ime
s
Gro
up
Mtg
AB
Gre
e,
Inc.
Source: CapitalIQ
www.mackieresearch.com23
Price Performance (Bottom 10)
1 Week
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
VO
IS,
Inc
.
Dolp
hin
Dig
ital
Media
, In
c.
Glu
Mobile
, In
c.
Spectr
um
DN
A,
Inc.
SN
AP
Inte
ractiv
e,
Inc
.
Worlds.c
om
Inc.
UO
MO
Media
,
Inc
Mo
bile
Data
Corp
.
GeoS
en
tric
Oyj
Bro
adW
ebA
sia
Inc.
1 Month
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Paid
Inc
.
SN
AP
Inte
rac
tive
, In
c.
Lin
go M
edia
Co
rpora
tion
VO
IS, In
c.
Ge
oS
entr
ic O
yj
Mo
bile
Data
Corp
.
Sp
ectr
um
DN
A,
Inc.
Bro
adW
eb
Asia
Inc.
Corn
erW
orl
d
Corp
ora
tion
Unila
va
Co
rpora
tion
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Kiw
ibox.C
om
,
Inc.
Mo
bile
Data
Corp
.
MO
KO
.mo
bi
Lim
ited
Ge
oS
entr
ic O
yj
Sp
ectr
um
DN
A,
Inc.
En2G
o
Inte
rnatio
na
l,
Inc.
UO
MO
Me
dia
,
Inc
Un
ilava
Co
rpora
tion
Corn
erW
orld
Corp
ora
tion
Bro
adW
eb
Asia
Inc
.1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Cyberp
lex Inc.
Dolp
hin
Dig
ital
Media
, In
c.
Moggle
, In
c
Spectr
um
DN
A,
Inc.
Beyond
Com
merc
e,
Inc.
Corn
erW
orld
Corp
ora
tion
YouB
last
Glo
bal,
Inc.
UO
MO
Media
,
Inc
En2G
o
Inte
rnatio
nal,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com24
Capital Market Activity (Financing, M&A)
www.mackieresearch.com25
Financing Activity – Current MonthCompany Name Country Sector Acquisition Angel/Seed Debt financing Series A Series B Series C Series D Series E NA Grand Total
Zynga USA Gaming 147.0 147.0
Invite Media USA Analytics 70.0 70.0
FetchBack USA Advertising 40.0 40.0
HauteLook USA Internet Retail 31.0 31.0
Challenge Games USA Gaming 20.5 20.5
Mytopia Israel Gaming 18.0 18.0
Marin Software USA Advertising 11.2 11.2
Apptera USA Mobile Ad 10.0 10.0
BookRenter USA Social Commerce 10.0 10.0
RockYou USA Widget 10.0 10.0
Machinima.com USA Virtual World 9.0 9.0
SafetyWeb USA Social Networks 8.0 8.0
Transpera USA Mobile Ad 7.0 7.0
Kudzu Interactive USA Financial Services 7.0 7.0
Curse USA Social Networks 6.0 6.0
Adisn USA Advertising 5.5 5.5
Connotate USA Analytics 5.3 5.3
Bebo UK Social Networks 5.0 5.0
BigDoor Media USA Media 5.0 5.0
BeachMint USA Social Commerce 5.0 5.0
Metacafe USA Video 5.0 5.0
SponsorPay Germany Virtual Goods 4.6 4.6
LucidMedia USA Advertising 4.5 4.5
Magnetic USA Advertising 4.0 4.0
Gogobot USA Travel 4.0 4.0
Giiv USA Social Commerce 3.4 3.4
Attributor USA Analytics 3.2 3.2
Trefis USA Analytics 3.2 3.2
Metamarkets USA Advertising 2.5 2.5
Snaptic USA Mobile 2.3 2.3
WOWIO USA Internet Retail 1.7 1.7
uCirrus USA Infrastructure 1.7 1.7
Cellixis USA Comment/Reputation 1.5 1.5
Dilithium Networks USA Video 1.5 1.5
Schoology USA Online Learning 1.3 1.3
Thumbtack USA Crowdsourced Content 1.2 1.2
SoGeo Netherlands Location-based SNS 0.8 0.8
Rummble UK Location-based SNS 0.8 0.8
TeamSnap USA Vertical Communities 0.7 0.7
159.0 6.0 1.5 50.1 17.0 47.0 175.9 10.0 11.8 478.3
www.mackieresearch.com26
Estimated Value per Unique Visitor
$568
$370
$200
$125$113
$88$67
$48 $42 $40 $40 $38 $32 $29 $29 $25 $20 $16 $15 $7 $7 $6 $5 $5 $2 $2 $1 $0.79$-
$100
$200
$300
$400
$500
$600
Gow
alla
Blip
py
Pla
xo
Fours
quare
(ru
moure
d Y
HO
O o
ffer)
Min
t.com
Lin
kedin
Fours
quare
FriendF
eed
Tw
itter
Fours
quare
Booya
Bebo
Clu
b P
enguin
Tw
itter
Yelp
People
Media
PageO
nce
MM
C (
Poynt)
Urb
anspoon
Pla
yfis
h
Zynga
Ustr
eam
Stu
mble
Upon
Rockyou
FriendsR
eunite
d
Friendste
r
Bebo
Dec-
09
Apr-
10
May-
08
Apr-
10
Sep-
09
Oct-
08
Mar-
10
Aug-
09
Sep-
09
Sep-
09
May-
10
Mar-
08
May-
09
Aug-
07
Feb-
09
Feb-
08
Jul-
09
Dec-
09
May-
10
Feb-
09
Nov-
09
Dec-
09
Feb-
10
May-
09
Nov-
09
Aug-
09
Dec-
09
Jun-
10
($)
Source: Company reports, Compete.com
AOL Takes Huge Loss on Bebo Sale
AOL paid $850 mm for Bebo in Mar-08 or $38/unique visitor (UV) – at the “under $10 mm” price it sold Bebo for last week that
equates to less than $1/UV
www.mackieresearch.com27
Financing Activity – Current Month, by Sector
Other
19%
Gaming
39%
Analytics
17%
Advertising
14%
Social
Networks
4%Internet Retail
7%
$ Raised # Deals
Other
52%
Gaming
8%
Analytics
13%
Advertising
14%
Internet Retail
5%
Social
Networks
8%
www.mackieresearch.com28
5.4
6.4
8.9
6.4
9.6
12.2
7.8
10.3
5.8
14.1
5.6
9.4
4.6
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total Average per Deal LTM Total Average***Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
Jun-10 includes $147m Zynga investment**Excludes Dec-09, Apr-
10
Financing Activity
June financing above ~US$265 mm monthly total deal value average
www.mackieresearch.com29
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Gam
ing
Div
ers
ified
Colla
bora
tion
Mobile
Media
Socia
l Com
merc
e
Cro
wdsourc
ed
Conte
nt
Advert
isin
g
Analy
tics
Vid
eo
Inte
rnet R
eta
il
Socia
l Netw
ork
s
Fin
ancia
l Serv
ices
Virtu
al W
orld
Wid
get
Ente
rprise
Vert
ical C
om
muniti
es
Mobile
Ad
Infr
astr
uctu
re
Mobile
Paym
ent
Virtu
al G
oods
Onlin
e L
earn
ing
Music
Aggre
gatio
n
Searc
h
Tra
vel
Cla
ssifi
ed
Publis
hin
g
Locatio
n-b
ased S
NS
Mic
roblo
g
Mic
rom
edia
Blo
g
Com
ment/R
eputa
tion
13 1 5 9 8 9 3 16 14 8 5 10 5 5 2 4 9 3 5 1 2 2 2 1 3 4 1 1 4 1 1 1 1
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Gaming the biggest area of interest in the past quarter
www.mackieresearch.com30
Top 5 Sectors (2008-present)
$ Raised # Deals
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(US
$ m
m)
Social Networks Gaming Advertising Video Virtual World
0
5
10
15
20
25
30
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(# D
eals
)
Social Networks Advertising Gaming Virtual World Video
Top 5 sectors average $170 mm & 15 deals per month (aggregate)
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Upcoming Events/Earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
Tree.Com, Inc. (NasdaqGM:TREE) 29-Jul-10 11:00 AM (EST) Q2/10 877-874-1588
www.mackieresearch.com32
Public Company ListingCompany Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0 15.0 10
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 12,350 93.4 NA
AOL, Inc. AOL NYSE USD United States 23 2,452.4 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 145,100 86.6 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3 20.2 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 7.9 16
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2 255.9 NA
Changyou.com Limited CYOU NasdaqGS USD China 29 1,493.9 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 285 770.8 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 85.0 NA
DADA SpA CM :DA CM EUR Italy 4 76.1 597
Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,794 4,368.7 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 6.6 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 35.7 3
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 12.4 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 1 35.1 707
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 179.9 NA
Frogster Interactive P ictures AG FRG XTRA EUR Germany 19 60.8 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 55 275.7 NA
GameOn Co Ltd. 3812 TSE JPY Japan 80,100 84.9 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 22.3 120
Giant Interactive Group, Inc. GA NYSE USD China 7 1,653.9 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 122.9 NA
Glu M obile, Inc. GLUU NasdaqGM USD United States 1 38.3 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 46.0 NA
Gree, Inc. TSE:3632 TSE JPY Japan 7,550 3,745.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 203,400 255.9 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,570 85.3 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 100.1 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 1,053.6 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 24 2,606.9 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 5.6 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 459.7 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 8.4 NA
www.mackieresearch.com33
Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.20 8.6 79
Kent International Ho ldings Inc. KNTH OTCPK USD United States 1.95 6.9 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 4.34 609.3 2,735
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 5.0 6
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.51 14.6 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.37 23.5 65
M ixi, Inc. 2121 TSE JPY Japan 402,000.00 681.6 NA
M obile Data Corp. M BYL OTCBB USD United States 0.05 1.2 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 452.80 3,887.4 2,936
M oggle, Inc DB:M 0C DB EUR United States 0.85 49.2 2
M OKO.mobi Limited M KB ASX AUD Australia 0.07 7.3 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.14 34.4 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.49 196.9 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 42,100.00 756.8 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.49 236.4 2,901
Netease.com Inc. NTES NasdaqGS USD China 33.33 4,316.9 NA
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.51 58.4 224
NeXplore Corporation NXPC OTCPK USD United States 0.36 20.1 NA
Ngi Group Inc. 2497 TSE JPY Japan 38,500.00 52.4 NA
Northgate Technologies Limited 590057 BSE INR India 16.00 12.2 160
OAO RBC Information Systems RBCI M ICEX RUB Russia 38.69 169.9 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 38.75 2,200.2 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.15 180.3 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.09 3.6 NA
Paid Inc. PAYD OTCBB USD United States 0.26 70.5 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 25.16 1,259.5 NA
Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.45 46.2 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.56 51.9 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.62 91.1 93
Quepasa Corp. QPSA OTCBB USD United States 3.68 47.7 71
RealNetworks Inc. RNWK NasdaqGS USD United States 3.61 488.3 1,754
Score M edia Inc. TSX:SCR TSX CAD Canada 0.87 69.3 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 40.37 2,397.1 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 24.78 665.5 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 20,500.00 737.8 NA
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Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 7.6 9
Socialwise, Inc. SCLW OTCBB USD United States 0.50 25.0 NA
Sohu.com Inc. SOHU NasdaqGS USD China 44.54 1,684.4 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.55 73.1 155
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.06 3.8 8
Taleo Corp. TLEO NasdaqGM USD United States 25.60 1,017.9 916
Tencent Holdings Ltd. 700 SEHK HKD China 128.90 30,367.3 7,845
The New York Times Company NYT NYSE USD United States 10.13 1,474.9 7,665
The9 Limited NCTY NasdaqGS USD China 4.07 103.8 1,010
TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.91 91.8 274
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.67 39.1 28
Tree.Com, Inc. TREE NasdaqGM USD United States 6.88 77.1 700
Unilava Corporation UNLA OTCBB USD United States 0.11 10.9 40
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.12 3.4 NA
United Online, Inc. UNTD NasdaqGS USD United States 6.36 554.2 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.6 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 12.05 980.0 1,086
Velti P lc VEL AIM GBP United Kingdom 4.51 250.6 459
VOIS, Inc. VOIS OTCBB USD United States 0.01 18.0 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.00 37.4 83
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 11,700.00 118.2 326
Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80
Worlds.com Inc. WDDD OTCBB USD United States 0.07 4.0 1
XING AG O1BC XTRA EUR Germany 28.35 181.2 293
YD Online Corp. A052770 KOSE KRW South Korea 4,790.00 61.3 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,930.00 19.9 NA
YouBlast Global, Inc. YBLT OTCBB USD United States 0.40 13.8 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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