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A much better August than 2008: Total capital raised in August (so far) is $148.1 million on 17 transactions. The
average for August, month-to-date so far, is $8.7 million. This is well ahead of the mere $82.3 million (eight deals,
$10.3 million average) raised in August 2008. However, this is down sequentially from June and July, with one week
to go in the month. Total capital raised in July on 34 transactions was $190.2 million, averaging $5.6 million, and
June was $204.1 million (averaging $5.0 million).
400.0 18.0
16.2
16.0
350.0
14.6
14.0
300.0
12.0
250.0
10.3
9.7
10.0
(US$m)
(US$m)
8.7
200.0
8.0
7.0 7.0 7.1
6.5 6.6
150.0 6.2
5.6 6.0
5.0
100.0
4.0
50.0
2.0
0.0 0.0
Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09
A strong price performance week: Most companies in our universe had strong stock price performances over the
past week (for stocks with prices greater than $1) (Figure 6), with 37 companies showing positive returns on the
week – reversing the prior weeks decline. Frogster (XTRA:FRG) led the group with a 19.6% return, while Ynk Korea
(KOSE:A023770) had the worst return, dropping 14.6% in the week.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
Page 2
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Total capital raised in August (so far) is $148.1 million: Online gaming company Turbine, Inc. raised $50 million in
August – the largest transaction in August. Mint, a vertical community site (offering web-based solutions for financial
management), was a distant second raising $14.1 million. Total capital raised in July on 34 transactions was $190.2
million, averaging $5.6 million, and June was $204.1 million (averaging $5.0 million). The average for August, month-to-
date so far, is $8.7 million.
400.0 18.0
16.2
16.0
350.0
14.6
14.0
300.0
12.0
250.0
10.3
9.7
10.0
(US$m)
(US$m)
8.7
200.0
8.0
7.0 7.0 7.1
6.5 6.6
150.0 6.2
5.6 6.0
5.0
100.0
4.0
50.0
2.0
0.0 0.0
Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
People Media
Super Rewards
Turbine
Friends Reunited
GROU.PS
Yapta
OneTXT
iLoop Mobile
my6sense
I Love Rewards
Comunitae
Lat49
Aloqa
Cliqset
ChessCube
Tributes.com
CoTweet
Cognitive Match Limited
TodaCell
Glubble
Cellufun
Picaboo
LiquidPlanner
AdWhirl
Clikthrough
People Capital
BookFresh
MashLogic
iSyndica
Masher Media
Jaxtr
Gigpark
Jul-09
Jun-09
Aug-09
Page 4
for August to $148.1 million. In addition, Friends Reunited was acquired for $42 million and MySpace bought iLike for $20
raising $12.5 million. Of the total 17 transactions thus far, 12 were below $10 million each, bringing the total capital raised
transaction so far in August. Mint was a distant second securing a $14.1 million round. Closely behind was RichRelevance
Turbine, Inc. $50 million raise largest in August: On the capital raise front, Turbine, Inc. raised $50 million, the largest
Page 5
Ad Netw ork remains the most active sector in dollars raised: Following recent trends, Ad Networks as a sector saw
the most activity in dollars raised ($126.4 million) and number of transactions (13), followed by the Social Network sector
also with 13 transactions, raising $105.2 million (Figure 4).
140.0
120.0
100.0
80.0
(US$m)
126.4
60.0
105.2
40.0 80.0
69.9
64.2 64.0
58.0
20.0
32.6
24.3 24.0 22.3 19.3 19.1
13.0 12.5 12.0 10.7 7.3 5.0 5.0 4.1
0.0 3.2 3.0 1.0 1.0 0.5 0.5 0.0
Comment/Reputation
Mobile Payment
Communities
Online Dating
Gaming
Online Calendar
Mobile
Enterprise
Media
Microblog
Online Lending
Collaboration
Online Learning
Publishing
Music
Infrastructure
Blog
Search
Classified
Mobile Ad
SMS/Voice
Social Networks
Virtual Goods
Virtual World
Video
Crowdsourced
Ad Network
Analytics
Vertical
Content
# companies
13 13 1 5 7 10 3 5 5 2 7 3 4 1 1 2 2 1 1 1 1 1 2 1 1 1 1 0
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index continue to outpace NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored
the performance of the NASDAQ composite index from mid-2008 until earlier this year. However, the index has recently
had a much stronger recovery relative to the NASDAQ index (Figure 5).
120
100
80
60
40
20
0
8/25/2008
9/8/2008
9/22/2008
10/6/2008
10/20/2008
11/3/2008
11/17/2008
12/1/2008
12/15/2008
12/29/2008
1/12/2009
1/26/2009
2/9/2009
2/23/2009
3/9/2009
3/23/2009
4/6/2009
4/20/2009
5/4/2009
5/18/2009
6/1/2009
6/15/2009
6/29/2009
7/13/2009
7/27/2009
8/10/2009
8/24/2009
^COMP - Share Pricing Index: Web 2.0 (Market Cap)
A strong price performance week: Most companies in our universe had strong stock price performances over the past
week (for stocks with prices greater than $1) (Figure 6), with 37 companies showing positive returns on the week –
reversing the prior weeks decline. Frogster (XTRA:FRG) led the group with a 19.6% return, while Ynk Korea
(KOSE:A023770) had the worst return, dropping 14.6% in the week.
S NM G lobal Holdings (OTC PK : S NMN) S NM G lobal S eeking Acquis itions It is learnt that, S NM G loba l Holdings continues its ques t to s ecure funding to pa y down debt a nd continue with the development of
infras tructure a nd s eeking a cquis itions . T he compa ny is a ls o exploring expa ns ion into other indus tries tha t will complement as well as
divers ify their Media –E ntertainment/S ports content development, delivery a nd dis tribution model.
DigitalP os t Interac tive, Inc . Digita lP os t Interactive Inc. R eports E a rnings R es ults for Digita lP os t Interactive Inc. reported earnings res ults for the s econd quarter a nd s ix months ended J une 30, 2009. T ota l revenue for s econd-
(OTC B B : DG L P ) the S econd Qua rter a nd S ix Months E nded J une 30, qua rter 2009 ros e more tha n 161% to $376, 400, from $144,200 in s econd-quarter 2008. T he increa s e was driven by more tha n 211% growth
2009 in s ubs criptions revenue, which was due to the compa ny's pa rtners hip with K iddie K andids , a nd more than 126% growth in profes s iona l
s ervices revenue. C a s h us ed in opera tions improved s ignifica ntly to $2, 700 for s econd-qua rter 2009 a s compared to $460, 800 for the s a me
period la s t yea r. T he improvement reflects the compa ny's ongoing effort to s trea mline opera tions while driving more revenue through the
growth of recurring s ubs criptions a nd through the profes s iona l s ervices contracts that have been a warded. Net los s for s econd-quarter 2009
narrowed to $424,200 from a net los s of $1. 5 million in s econd-qua rter 2008.
F or the firs t s ix months of 2009, net cas h us ed by operating activities declined to $64, 900 from $873,000 for the firs t s ix months of 2008.
T ota l revenue was $687, 400 compared to $195, 500 in the precious yea r period.
C DC C orp. (Nas daqG S : C HIN.A) C DC C orp. R eports Una udited C ons olidated E a rnings C DC C orp. reported una udited cons olida ted ea rnings res ults for the s econd quarter a nd s ix months ended J une 30, 2009. F or the quarter,
R es ults for the S econd Q ua rter and S ix Months E nded the company reported net income a ttributa ble to controlling interes t was $3, 249,000 or $0. 03 ba s ic a nd diluted ea rnings per s ha re on
J une 30, 2009 revenue of $81, 654, 000 compared to net los s attributable to controlling interes t of $9,996, 000 or $0.09 ba s ic and diluted los s per s hare on
revenue of $111,040, 000 for the s a me period a yea r a go. Income from continuing opera tions was $3,409,000 or $0. 03 ba s ic a nd diluted
earnings per s hare from continuing opera tions compa red to los s from continuing opera tions of $7, 450, 000 or $0. 07 bas ic a nd diluted los s per
s ha re from continuing operations for the s a me period a year a go. Income before income ta xes was $4,662,000 compa red to los s before
income ta xes of $6,978,000 for the s ame period a yea r ago. Adjus ted E B IT DA from continuing opera tions was $12, 477, 000 compared to
$9, 973, 000 for the s a me period a year a go. Net ca s h provided by operating a ctivities wa s $11,168,000 and ca pital s pend in purcha s e of
property, plant & equipment was $391,000 compared to net ca s h provided by opera ting a ctivities of $5,573,000 and ca pita l s pend in purcha s e
Myriad G roup AG (S WX: MYR N) Myria d G roup AG S igns C ontra ct with T -Mobile C zech Myria d G roup AG announced that it ha s been s elected by T -Mobile C zech R epublic to provide the US S D platform for its cus tomer ca re
R epublic to P rovide the US S D P latform s ervice. T he s olution exploits the s trengths of the Myriad S ervices P la tform to a llow the operator to offer US S D as a s imple trigger for
s ubs criber s elf s ervice, s o helping to reduce cus tomer churn. T he s olution is a s elf-s ervice s ys tem tha t a llows cus tomers to quickly acces s
s ervices and informa tion on their mobile hands et and cha nge their s ettings . T he s olution improves cus tomer s a tis fa ction, reducing the need
for cus tomer s ervice reques ts a nd can be upgra ded to s upport a dva nced s elf s ervices us ing gra phical interfa ces in the future. F or T -Mobile
the us e of US S D provides a n intuitive cha nnel which a llows a ny cus tomer to immediately s elf-provis ion cus tomer ca re.
Gamania Digital E ntertainment C o., G a ma nia Digita l E nterta inment C o. Ltd. R eports Audited G ama nia Digita l E ntertainment C o. L td. reported a udited cons olida ted fina ncial res ults for the firs t s ix months ended J une 30, 2009. F or the
L td. (GTS M: 6180) C ons olida ted F ina ncia l R es ults for the F irs t S ix Months qua rter, the compa ny reported cons olidated operating revenue of T W D 2, 671, 670, 000, opera ting income of T W D 384, 453, 000, net income of
E nded J une 30, 2009 T W D 291, 943, 000 a nd earnings per s ha re (E P S ) of T W D 2. 00. B enefited from the product divers ification s tra tegy, the operating revenue
s trongly increa s ed 42. 37% yea r-over-year for the firs t ha lf year 2009. T he operating revenue of the parent company a ls o performed quite well
a nd grew 24.66% yea r-over-year due to the contribution from three flags hip titles .
L ingo Media C orporation (TS XV: L M) Lingo Media C orporation, Annua l G enera l Meeting, Aug L ingo Media C orpora tion, Annual G eneral Meeting, Aug 18, 2009, a t 11: 00 E a s tern Da ylight. L ocation: W eirF oulds L LP , 130 K ing S treet
18, 2009 W es t, S uite 1500, T oronto, ON M5X 1J 5, Onta rio, C anada. Agenda : T o receive the audited financia l s tatements for the fis ca l year ended
December 31, 2008 and the report of the Auditors thereon the compa ny; to elect the directors of the company; to appoint C ollins B a rrow
T oronto L LP as auditors for the ens uing year a nd to a uthorize the directors to fix their remunera tion; to a pprove a n ordinary res olution of
dis interes ted s hareholders a uthorizing the a mendment of the company's s tock incentive pla n to increas e the ma ximum number of s hares
is s uable under the P la n; and to trans a ct s uch other bus ines s a s may properly come before the Meeting
.
Giant Interactive G roup, Inc . G ia nt Intera ctive G roup Inc. R eports Una udited G iant Interactive G roup Inc. reported unaudited cons olidated financia l res ults for the s econd quarter ended J une 30, 2009. F or the qua rter,
(NYS E : GA) C ons olida ted F ina ncia l R es ults for the S econd Q ua rter the company reported net revenue was R MB 364.1 million compa red to R MB 373. 5 million in the firs t qua rter 2009 and R MB 504. 8 million in
E nded J une 30, 2009 ; P rovides R evenue G uidance for the s econd qua rter 2008. Net income a ttributa ble to the company's s hareholders wa s R MB 231. 9 million compared to R MB 231.9 million in
the T hird Q ua rter 2009 the firs t qua rter 2009 and R MB 350. 6 million in the s econd qua rter 2008. T he year-over-year decrea s e is attributable to the decreas e in net
revenue. Non-G AAP net income a ttributa ble to the compa ny's s hareholders excluding non-ca s h s ha re-ba s ed compens ation was R MB 239. 8
million compared to R MB 240.2 million in the firs t qua rter 2009 a nd R MB 362. 5 million in the s econd qua rter 2008. B as ic a nd diluted non-
G AAP ea rnings excluding non-cas h s ha re-ba s ed compens ation per ADS were R MB 1.06 and R MB 1. 03, res pectively, compa red to ba s ic
a nd diluted non-G AAP ea rnings per ADS of R MB 1. 50 and R MB 1. 45, res pectively, for the s econd quarter 2008, and ba s ic and diluted non-
G AAP ea rnings per ADS of R MB 1.06 and R MB 1. 03, res pectively, for the firs t qua rter 2009. T he compa ny reported income from operations o
IAC /InterActiveC orp. (Nas daqGS : IAC I) IAC /InterActiveC orp. Appoints L ouis C as tle a s C E O IAC /InterActiveC orp. a nnounced that interactive entertainment veteran and lifetime a chievement award recipient L ouis C as tle ha s joined
IAC 's Ins ta ntAction Holdings as its new C E O. Under C as tle's lea ders hip, Ins tantAction will purs ue a n expa nded bus ines s s trategy that will
build upon the vis ion of true, frictionles s web publis hing, and will more effectively connect developers directly to cons umers while crea ting a ll
new IP a cros s multiple ga ming pla tforms a nd genres . C as tle, a 26-yea r gaming indus try veteran, joins the online ga ming leader to help
s pearhea d the tra ns ition of ma ins tream video ga mes to the web. C as tle s ucceeds former C E O J os h W illiams who will as s ume the role of
fellow and chief technologis t at Ins tantAction.
UOMO Media, Inc (OTC B B : UOMO) UO MO Media, Inc. R eports Audited R evenue R es ults for UOMO Media, Inc. reported a udited revenue res ults for the year ended April 30, 2009. F or the period, the company reported revenue of
the Y ea r E nded April 30, 2009 $858, 137 s etting a record a s the highes t in the company's his tory with a corres ponding growth in tota l a s s ets .
Page 9
S oc ialwis e, Inc . (OTC B B : S C L W) S ocia lwis e Inc. Appoints Mark Miller to the C ompany's S ocia lwis e Inc. a nnounced the appointment of Ma rk Miller, former S enior V ice P res ident of DC S hoes and action s ports indus try vetera n to
B oard of Advis ors the company's B oa rd of Advis ors . In this role, he will us e his extens ive network of online mercha nts , Actions S ports athletes , a nd indus try
connections to pos ition B illMyP arents as a leading youth payment s ys tem. He will be in charge of s ecuring pa rtners hips with leading online
a ction s ports brands a nd reta ilers a s well as building us er ba s e of young cons umers a nd their pa rents . Ma rk Miller has over twenty-five years
experience working in Action S ports and youth culture bus ines s es . As a s enior executive, Ma rk focus ed on developing and executing go-to-
market s tra tegies for cons umer goods compa nies . Mos t recently, he s erved as the S enior V ice P res ident a nd G eneral Ma nager of DC
S hoes , a s ubs idia ry of Q uiks ilver Inc., where he ma na ged the America s ' divis ion including s trategic pa rtners hips with both reta il a nd online
dis tribution channels .
S NAP Interactive, Inc . (OTC B B : S TVI) S NAP Intera ctive Inc. Announces Una udited S NAP Intera ctive Inc. announced una udited cons olida ted ea rnings res ults for the s econd quarter a nd s ix months ended J une 30, 2009. F or
C ons olida ted E arnings R es ults for the S econd Q ua rter the quarter, the compa ny's revenue was $784,242, a s compa red to $533, 257 for the three months ended J une 30, 2008, a 47% increa s e.
and S ix Months E nded J une 30, 2009 Net income for the quarter was $46,430 as compared to net income of $144, 862 or $0.01 per diluted s hare for the three months ended J une
30, 2008, a 68% decrea s e. Income from opera tions wa s $131,035 compa red with $145,133 for the s ame period a yea r ago. Income before
provis ion for income ta xes was $137,985 compa red with $144,862 for the s ame period a yea r ago.
F or the s ix months , the compa ny's revenue was $1,553,214, a s compa red to $1, 053, 159 for the s ix months ended J une 30, 2008, a 47%
increa s e. T he increa s e in revenue wa s prima rily due to higher enga gement on its a pplica tions in 2009 compa red to the s a me time period in
2008 as well as the introduction of premium fea tures to its a pplications to genera te additional revenue. Net income for the period wa s
$112, 902 or $0. 01 per diluted s hare a s compa red to net income of $335, 371 or $0. 03 per diluted s hare for the s ix months ended J une 30, 200
Open Text C orp. (Nas daqGS : OTE X) Open T ext C orp. P rovides E a rnings G uida nce for the O pen T ext C orp. provided ea rnings guida nce for the yea r of 2010. F or the year, the company expects to s ee s ingle-digit growth for revenues ,
Y ear of 2010 double-digit growth for a djus ted ea rnings .
K ings oft C o. L td. (S E HK : 3888) K ings oft C o. Ltd. Announces to R elea s e O pen B eta T es t K ings oft C o. L td. a nnounced that it would releas e the date for the open beta tes t of J X 3 O nline at a pres s conference to be held on Augus t
of J X3 O nline 24, 2009. T he compa ny will a ls o la unch open beta tes ts of J X 2 O nline W ai Zhuan, a s is ter ga me to J X 2 O nline, and C hun Qiu W a i Zhua n,
a nother s is ter game to C Q Online, on Augus t 20 a nd Augus t 21 res pectively. S o will the firs t expans ion pack of T he F irs t Myth 2 on Augus t
27. T hree more online games are under proprieta ry development a nd will meet gamers by the end of 2009, including Y ue Y ing C huan S huo
a nd Du G u J iu J ia n. Y ue Y ing C hua n S huo is being developed by Zhuhai Xis ha nju S oftwa re C o. L td. (S ea s on S tudio) under K ings oft.
IB 3 Networks , Inc . (OTC B B : IB NW) IB 3 Networks Inc. will C hange its T icker to IB NW E from E ffective Augus t 24, 2009, IB 3 Networks Inc. will change its O T C B B s tock ticker s ymbol to IB NW E from IB NW .
IB NW
B eyond C ommerc e, Inc. B eyond C ommerce, Inc. has filed a S helf R egis tration in B eyond C ommerce, Inc. ha s filed a S helf R egis tra tion in the a mount of $15.00 million.
(OTC B B : B YOC ) the amount of $15. 00 million.
Moggle, Inc Moggle, Inc ha s filed a S helf R egis tration in the amount Moggle, Inc has filed a S helf R egis tra tion in the amount of $12. 00 million.
of $12.00 million.
ValueC lick Inc . (Nas daqG S : VC L K ) B a rra ck, R odos & B acine Announces S umma ry Notice of B a rrack, R odos & B a cine a nnounced that purs ua nt to R ule 23 of the F ederal R ules of C ivil P rocedure and an Order of the C ourt, tha t a
P ropos ed V alueC lick Inc. C la s s Action S ettlement a nd s ettlement for $10 million in ca s h ha s been propos ed in the a bove-ca ptioned certified clas s action a ga ins t V alueC lick Inc. A hea ring will be
S ettlement Hea ring held before the Honorable Dea n D. P regers on, a t the United S ta tes Dis trict C ourt for the C entral Dis trict of C alifornia , W es tern Divis ion, 312
North S pring S treet, L os Angeles , C a lifornia 90012, at 10:00 a. m., on November 9, 2009 to determine whether the propos ed s ettlement
s hould be a pproved by the C ourt a s fair, rea s ona ble, a nd a dequate, and to cons ider the a pplica tion of P laintiffs ' C ouns el for attorneys ' fees
a nd reimburs ement of expens es .
Wizzard S oftware C orporation W izza rd Media Announces T ii P odcas t App Hits T op 100 W izzard S oftware C orporation a nnounced the a va ilability of the T ii P odca s t iP hone App currently ra nked number 58 on the 100 T op P a id
(AME X: WZE ) Lis t in iT unes App S tore Apps lis t in the P roductivity category after only three days in the iT unes App S tore. T he new App, priced a t $1. 99, is the companion App for
the T oday in iP hone podcas t. In a ddition to providing direct s trea ming acces s to the entire back catalog of T oday in iP hone podcas t
epis odes , it a ls o offers exclus ive bonus content with iP hone T ips , T ricks a nd T utoria ls via audio a nd video footage. T he company is offering
cus tomized podca s t compa nion Apps to the 11 600 podca s ts on the W izza rd Network as well as other interes ted top podcas ts as a new
mea ns to monetize the content they crea te while offering their a udience members an enha nced viewing experience.
Open Text C orp. (Nas daqGS : OTE X) Open T ext C orp. Announces Una udited C ons olidated O pen T ext C orp. announced una udited cons olida ted earnings res ults for the fourth qua rter a nd full year ended J une 30, 2009. F or the
E a rnings R es ults for the F ourth Quarter a nd F ull Y ear qua rter, the compa ny reported income from opera tions of $34, 395, 000 a ga ins t $29,293,000 a yea r a go. Income before income ta xes was
E nded J une 30, 2009 $28,508, 000 agains t $39, 875, 000 a year ago. Net income was $19, 481, 000 or $0.36 per diluted s hare on tota l revenues of $203,356,000
a ga ins t $27,254,000 or $0. 51 per diluted s ha re on tota l revenues of $200, 269,000 a year ago. Net cas h provided by operating activities wa s
$38,627, 000 agains t $44, 611, 000 a year ago. Acquis ition of capita l as s ets was a mounted to $5, 842,000 a ga ins t $1, 481,000 a year ago. Non-
G AAP ba s ed a djus ted net income wa s $39.2 million or $0.73 per diluted s ha re agains t $33. 3 million or $0. 63 per diluted s hare a year a go.
Non-G AAP net income wa s $41.6 million or $0. 78 per diluted s ha re on non-G AAP revenues of $203. 9 million.
F or the year, the company reported income from opera tions of $97, 584, 000 a ga ins t $100, 379, 000 a year a go. Income before income ta xes
wa s $80,777,000 agains t $76, 497, 000 a year a go. Net income was $56,938, 000 or $1.07 per diluted s hare on tota l revenues of $785,665,000
DigitalFX International, Inc . Digita lF X International Announces E xecutive C ha nges O n Augus t 17, 2009, Digita lF X International, Inc. 's C hief Operating Officer, Allen La ngford, res igned his pos ition with the company for
(OTC B B : DG FX) pers ona l reas ons a nd the company a ppointed Mr. J ohn P retto, a ge 46, as its C hief O pera ting O fficer, pending a pprova l by the company's
B oard of Directors . Mr. P retto has over twenty years of bus ines s a nd Informa tion technology ma nagement experience including s erving on
the board of directors of other publicly tra ded corpora tions . T he company's B oard of Directors a pproved Mr. P retto's a ppointment as the
C hief O pera ting O fficer on Augus t 20, 2009, effective a s of Augus t 17, 2009.
VALUATION
Online Gaming companies lead market-cap charts: Fourteen companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-seven of the 91 companies have market caps under US$100 million, with 25 under
US$10 million. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over
US$20 billion.
Market C ap (US D m)
Tenc ent Holdings L td.
Neteas e. c om Inc .
S handa Interactive Entertainment L td. 3255. 0
Modern Times Group Mtg A B 2901. 8
IA C/InterA c tiveCorp. 2520. 9
S ohu. c om Inc . 2473. 3
Changyou. com L imited 2094.4
Gree, Inc . 2021. 1
Open Tex t Corp. 2018. 6
Perfect World Co. , L td. 1918. 6
G iant Interac tive G roup, Inc . 1754. 9
K ings oft Co. L td.
Chines e Gamer International 1009. 5 1214. 6
Mix i, Inc . 1000. 3
V alueClick Inc . 937. 8
United Online Inc . 620. 4
NEOWIZ Games Corporation 503.0
NetDragon WebS oft, Inc . 452. 8
S hutterfly , Inc . 385. 7
S K Communic ations Co. , L td. 314.4
GungHo Online Entertainment, Inc . 294. 3
CDC Corp. 278. 7
G igaMedia L td. 257. 9
Openw ave S ys tems Inc . 238. 2
Gamania Digital Entertainment Co. , L td. 233. 0
The9 L imited 215. 3
XING A G 207. 5
DA DA S pA 148. 1
OA O R B C Information S ys tems 145. 7
A ctoz S oft Co. , L td. 133. 1
NeuLion Inc orporated 116. 9
GameOn Co L td. 107. 0
Y edangOnline Corp. 103. 3
Cyberplex Inc . 97. 1
Tree. Com, Inc . 93. 0
Myriad G roup A G 90. 4
K A B Dis tribution Inc . 83. 4
TheS treet. c om, Inc . 70. 7
HanbitS oft, Inc . 67. 0
Gravity Co. , L td 66. 4
Fluid Mus ic Canada, Inc . 64. 5
GeoS entric Oy j 64. 3
Frogs ter Interactive Pic tures A G 60. 6
PNI Digital Media Inc . 53. 2
Eolith Co. L td. 50. 2
S park Netw orks , Inc . 44. 2
Ngi G roup Inc . 42. 4
DigitalTow n, Inc . 38. 3
DXN Holdings B hd 34. 8
NeXplore Corporation 33. 5
Webz en Inc . 33. 4
A Q Interac tive, Inc . 29.0
Northgate Tec hnologies L imited 28.3
S oc ialw is e, Inc . 26.6
Wiz z ard S oftw are Corporation 22. 7
L ookS mart, L td. 21. 9
Dolphin Digital Media, Inc . 20. 9
B roadWebA s ia Inc . 19. 5
Quepas a Corp. 19. 1
Y nk K orea Inc . 17. 5
A c c eleriz e New Media, Inc . 15. 8
J umbuck Entertainment Pty L td. 15. 4
L ingo Media Corporation 13. 0
UOMO Media, Inc 12. 9
S pec trumDNA , Inc . 11. 0
IA S Energy , Inc . 10. 5
B eyond Commerce, Inc . 8. 3
Worlds . c om Inc . 5. 7
CornerWorld Corporation 5. 3
MOK O. mobi L imited 5. 2
V OIS , Inc . 5. 0
DigitalPos t Interac tive, Inc . 4. 6
S NA P Interac tive, Inc . 4. 3
B right Things plc 4. 0
Ex tens ions , Inc . 3. 6
Magnitude Information S y s tems Inc . 3. 0
Wooz y Fly , Inc . 2. 6
is eemedia Inc . 2. 4
B etaw ave Corporation 2. 3
Wynds torm Corporation 1. 8
L iveWorld Inc . 1. 5
Unis erve Communic ations Corp. 1. 0
B igs tring Corp. 1. 0
A s s oc iated Media Holdings Inc . 0. 6
The Parent Company 0. 5
CLICK ER Inc . 0. 4
China Gatew ay Corporation 0. 3
Total S port Online A S 0. 1
S NM G lobal Holdings 0. 0
Dibz International, Inc . 0. 0
S ocial Media V enures , Inc . 0. 0
0 500 1, 000 1, 500 2, 000 2, 500 3, 000 3, 500 4, 000
TEV/Revenue (LTM) averages 4.8x: The overall average TEV/Revenue (LTM) multiple for our group is 5.0x (vs. 4.8x last
week) (Figure 9). Two companies trade at more than 25x revenue – Bigstring Corp. (OTCBB:BSGC) at 32.5x, followed by
Dolphin Digital Media, Inc. (OTCBB:DPDM) at 28.3x. The median is only 2.0x. Note that we exclude multiples greater than
50x. Twenty-nine companies have multiples under 1.5x.
35. 0
32.5
30. 0 28.3
25. 0
22.1
20.8
20. 0 17.9
16.7
15.6
14.6
15. 0
12.412.9
10.6
9.4 9.9
10. 0
7.5
6.7 6.9
A vera ge, 5.0 5.0
4.5 4.5 4.6 4.7
5. 0 3.5 3.8 4.0 4.1
2.6 2.7 3.3
1.5 1.7 1.8 2.0 2.4 2.4 2.5 2.5 2.5
0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.2 1.4 1.5
0.1 0.2 0.2 0.2 0.3 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8
0. 0
N E O WIZ G ames C orporation
MO K O .mobi L imited
UO MO Media, Inc
C LIC K E R Inc.
DXN Holdings B hd
C DC C orp.
G eoS entric O y j
S N M G loba l Holdings
O pen T ex t C orp.
IAC /InterAc tiveC orp.
S pa rk N etwork s , Inc .
C y berplex Inc .
is eemedia Inc .
G igaMedia Ltd.
XIN G AG
E olith C o. Ltd.
NetDra gon WebS oft, Inc .
S ohu.com Inc .
Mix i, Inc .
G ree, Inc .
Y nk K orea Inc .
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (19), trading at an average multiple of 11.0x (vs. 11.0x last week). On a geographic basis, the
United States has the most companies (39), trading at an average of 5.1x revenue (vs. 5.1x last week) (Figure 11). Ten of
the companies are Canadian (average 5.6x revenue).
8.0 7.9
6.0 6.8 6.4
5.5 4.64.0 6.0 5.7 5.6 5.1
4.0 3.6 2.6 2.5
2.4 2.0 2.0 2.0 1.8 4.0 4.6
2.0 0.8 0.6
2.0 2.5 2.0 2.0 1.8
0.0 0.3 0.3 0.0 0.8 0.8
OTCNO
OTCPK
OTCBB
GTSM
NasdaqGM
HLSE
TSE
OSE
NasdaqGS
KOSE
RTS
OM
CM
XTRA
TSX
AMEX
KLSE
BSE
AIM
TSXV
SWX
0.0
ASX
Germany
United
Finland
China
Japan
Canada
United
Hong Kong
Malaysia
India
Russia
Italy
South
Taiwan
Australia
Norway
Switzerland
Sweden
# Companies 1 3 19 2 1 2 5 4 1 4 11 2 1 1 2 14 6 1 1 1 1 5 1
# Companies 1 2 1 10 3 6 10 39 1 1 2 8 1 1 1 1 1 1
TEV/EBITDA (LTM) averages 11.9x: The average multiple for the 34 companies with positive EBITDA (and multiples
under 100x) is 11.0x LTM EBITDA (vs. 11.0x last week), led by Tencent Holdings (SEHK-700) 44.9x multiple (Figure 12).
Eleven companies have EBITDA multiples under 7x. The median multiple is 9.4x (vs. 9.2x last week).
T E V/L T M E B IT DA (x)
50. 0
44. 9
45. 0
40. 0
35. 0
29. 9
30. 0
26. 1
25. 0 23. 4 24. 4
21. 5 21. 9
20. 3
20. 0
14. 8
13. 6
15. 0 A verage, 11. 9 12. 4
10. 9 11. 6 11. 8
8.5 9.2 9. 4 9. 4 9. 4 9. 5 10. 0
10. 0 7.8 8.1
6.3
4. 4 4.5 5.1
2. 9 3. 2 3. 9
5. 0 1. 8 1. 9
0. 2 1. 0
0. 0
NE O WIZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
DXN Holdings B hd
C DC C orp.
O pen T ex t C orp.
S park Network s , Inc .
C yberplex Inc .
S ohu. c om Inc .
Mix i, Inc .
G ree, Inc .
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (19), trading at an average multiple of 2.9x (vs. 3.1x last week). On a
geographic basis, the United States has the most companies (39), trading at an average of 9.2x EBITDA (Figure 14). Ten
of the companies are Canadian (average 13.2x EBITDA).
NasdaqGM
SEHK
TSE
OSE
KOSE
NasdaqGS
RTS
OM
CM
XTRA
TSX
KLSE
AMEX
TSXV
ASX
0.0 0.0
Germany
China
Japan
Canada
Hong Kong
United
Malaysia
Russia
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 3 4 2 5 1 6 1 14 2 4 1 1 2 5 19 2 1
# Companies 3 10 6 10 8 1 1 2 39 1 1 2 1 1
P/E (LTM) averages 11.0x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 11.0x LTM EPS (vs. 11.0x last week), led Tencent Holdings Ltd (SEHK-700) 57.4x multiple (Figure 15). Eleven
companies have P/E multiples under 10x. The median is just 12.1x.
P /E L T M (x)
70.0
60.0 57.4
51.4
50.0 45.3
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
G ameO n C o Ltd.
O pen T ex t C orp.
C y berplex Inc.
G igaMedia Ltd.
S ohu.com Inc.
G ree, Inc.
Mix i, Inc.
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (19), trading at an average multiple of 22.6x. On a geographic basis, the United States has
the most companies (39), trading at an average of 17.3x earnings (Figure 17). Ten of the companies are Canadian
(average 21.1x EPS).
22.6 20.0
21.8 17.3
(x)
Canada
United
China
Malaysia
Italy
OTCBB
South
Korea
GTSM
NasdaqGM
States
TSE
SEHK
KOSE
NasdaqGS
Taiwan
Australia
OM
XTRA
AMEX
TSX
KLSE
NYSE
Sweden
Switzerland
SWX
ASX
# Companies 5 3 2 19 2 6 1 2 14 4 2 1 1 5 1 # Companies 6 3 2 10 39 10 1 8 2 1 1 1
UPCOMING EVENTS
E arnings C alendar
C ompany Date & Time Quarter C onf C all Details
NetDragon W ebS oft, Inc. (S E HK : 777) T ues day, Augus t 25, 2009 9: 00 P M (E DT ) Q 2 2009 10-800-130-0399
T he9 L imited (Nas daqG S : NC T Y ) T hurs day, Augus t 27, 2009 9: 00 P M (E DT ) Q 2 2009 800-561-2693
A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.57 1. 8% 26.7% 14.0% 62.9% -9.5% -13.6%
A ctoz S oft C o. , L td. KR W A052790 K OS E 133.1 19, 150 -10.1% -24.6% -23.4% 76.5% 96.6% -46.8%
A Q Interactive, Inc. JPY 3838 TS E 29.0 50, 400 1. 6% -17.8% -30.0% 62.1% -62. 1% -64.3%
A s s ociated Media H oldings Inc. US D AS MH OT C P K 0.6 0.01 -30.0% -30.0% 833.3% 180.0% -30. 0% -72.0%
B igs tring C orp. US D BSGC OT C B B 1.0 0.02 -11.1% -42.7% -29.6% 2. 4% -74. 0% -77.5%
B eta wave C orpora tion US D B W AV OT C B B 2.3 0.08 33.3% -27.3% 0.0% -52.9% -74. 2% -76.5%
B eyond C ommerce, Inc. US D B Y OC OT C B B 8.3 0.18 -33.3% -50.0% -82.0% -76.6% -93. 9% -94.2%
B right T hings plc GB P AIM:B G T A IM 4.0 0.01 -2.3% -33.3% -19.9% -16.7% -32. 4% -49.4%
B roadW ebA s ia Inc. US D BWBA OT C P K 19.5 0.23 -22.8% -22.8% -54.9% -77.2% -84. 7% -92.1%
C DC C orp. US D C H IN.A Nas da qG S 278.7 2.63 3. 5% -17.6% 68.6% 220.7% -0.8% -32.9%
C ha ngyou.com Limited US D C Y OU Nas da qG S 2, 094.4 38.08 2. 0% -8.6% 13.2% NM NM -21.3%
C hina G a tewa y C orporation US D CGWY OT C P K 0.3 0.02 -25.0% 650.0% 650.0% 650.0% -50. 0% -57.1%
C hines e G a mer International TWD G T S M:3083 GTS M 1, 009.5 393.50 -4.4% -13.1% 11.8% 211.1% 391. 1% -24.2%
C LIC K E R Inc. US D CLK Z OT C B B 0.4 0.01 -9.1% -41.2% 25.0% -87.5% -99. 2% -99.3%
C ornerW orld C orpora tion US D CW R L OT C B B 5.3 0.06 -8.3% 10.0% -38.9% -63.3% -92. 6% -93.0%
C yberplex Inc. C AD T S X: C X TS X 97.1 1.60 -3.0% -8.6% -5.3% 357.1% 158. 1% -19.6%
DADA S pA E UR C M:DA CM 148.1 6.38 4. 8% 4.6% 8.3% 18.5% -45. 7% -46.8%
DXN Holdings B hd MY R DXN K LS E 34.8 0.53 9. 3% 34.2% 41.3% 55.9% 35.9% -3.6%
Dibz Interna tional, Inc. US D DIB Z OT C P K 0.0 0.00 20.0% NM 20.0% -88.0% -97. 6% -97.6%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 4.6 0.06 20.0% -1.6% 185.7% 650.0% 9.1% -39.4%
DigitalT own, Inc. US D DG T W OT C B B 38.3 1.40 7. 7% -30.0% -44.0% -41.7% -67. 1% -68.9%
Dolphin Digital Media, Inc. US D DP DM OT C B B 20.9 0.39 0. 0% 8.3% -35.0% -23.5% -51. 3% -65.5%
E olith C o. L td. KR W A041060 K OS E 50.2 860.00 4. 9% 9.6% 12.4% 43.3% 19.4% -25.9%
E xtens ions , Inc. US D E XT I OT C P K 3.6 0.08 -60.0% 0.0% -46.7% -60.0% -46. 7% -92.1%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 64.5 1.32 10.0% 48.3% 76.0% 203.4% -26. 7% -26.7%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 60.6 16.75 19.6% 39.2% 104.5% 316.7% 140. 0% -3.7%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 233.0 50.30 -11.3% -18.1% -8.2% 127.6% 103. 8% -26.9%
G ameO n C o L td. JPY 3812 TS E 107.0 104, 700 1. 7% -2.1% 8.3% 9. 6% -17. 6% -31.6%
G eoS entric Oyj E UR G E O1V H LS E 64.3 0.05 0. 0% 66.7% 0.0% 150.0% 0.0% -28.6%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 754.9 7.75 0. 9% -5.1% 1.6% 25.2% -15. 4% -24.6%
G igaMedia L td. US D G IG M Nas da qG S 257.9 4.73 7. 3% -5.0% -22.5% -21.6% -59. 4% -61.1%
G ra vity C o., Ltd US D GR VY Nas da qG M 66.4 2.39 18.9% 55.2% 106.0% 246.4% 62.6% -9.1%
G ree, Inc. JPY T S E :3632 TS E 2, 021.1 8, 540 7. 7% 24.3% 60.8% 84.4% NM -2.4%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 294.3 243, 000 5. 7% 13.0% 56.8% 99.5% 38.1% -13.2%
H anbitS oft, Inc. KR W A047080 K OS E 67.0 3, 795 -8.0% -15.7% -31.6% 19.7% 7.2% -42.8%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 520.9 19.04 3. 5% 6.3% 18.7% 25.9% 14.7% -2.7%
IAS E nergy, Inc. US D IA S A. E OT C B B 10.5 0.15 25.0% 0.0% -42.3% 275.0% -25. 0% -46.4%
is eemedia Inc. C AD IE E T S XV 2.4 0.05 -16.7% -37.5% -44.4% -47.4% -68. 8% -73.7%
J umbuck E ntertainment P ty Ltd. AU D AS X: J MB AS X 15.4 0.38 4. 2% 7.1% -16.7% -16.7% -31. 8% -38.5%
K AB Dis tribution Inc. C AD T S X: K AB TS X 83.4 1 0. 0% 0.0% 4.9% 77.8% -11. 1% -24.7%
K ings oft C o. L td. HK D 3888 S E HK 1, 214.6 9 2. 7% 20.9% 51.8% 223.5% 193. 9% -8.4%
L ingo Media C orpora tion C AD T S XV :LM T S XV 13.0 1.12 12.0% 1.8% 6.7% 40.0% -41. 7% -41.7%
L iveW orld Inc. US D LV W D OT C P K 1.5 0.05 -9.1% 42.9% -37.5% 0. 0% -80. 0% -80.0%
L ookS mart, L td. US D LO OK Nas da qG M 21.9 1.28 6. 7% 7.6% 1.6% 4. 9% -60. 5% -61.8%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 3.0 0.01 8. 3% -13.3% -35.0% -65.8% -59. 4% -78.3%
Mixi, Inc. JPY 2121 TS E 1, 000.3 614,000.00 1. 7% -11.7% 31.5% 57.8% -31. 0% -33.3%
Modern T imes G roup Mtg AB SEK MT G B OM 2, 901.8 310.00 7. 6% 23.0% 38.7% 178.0% -9.5% -13.3%
MO K O .mobi L imited AU D MK B AS X 5.2 0.07 -5.3% -5.3% 7.6% 57.8% 97.2% -29.0%
Myriad G roup AG C HF MY R N S WX 90.4 4.50 5. 6% 3.4% -21.7% 22.0% -54. 3% -54.5%
NE O W IZ G ames C orporation KR W A095660 K OS E 503.0 29,650.00 -6.2% -4.0% -20.9% 88.3% 175. 8% -29.4%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 452.8 6.64 12.0% 9.6% 23.0% 143.2% 18.6% -7.1%
Netea s e. com Inc. US D NT E S Nas da qG S 5, 472.2 42.28 5. 1% 0.2% 31.9% 126.1% 61.9% -9.9%
NeuLion Incorpora ted C AD T S X: NL N TS X 116.9 1.10 0. 0% 34.1% 37.5% 175.0% NM -5.2%
NeXplore C orpora tion US D NXP C OT C P K 33.5 0.60 -11.8% 9.1% -14.3% -1.6% 11.1% -58.6%
Ngi G roup Inc. JPY 2497 TS E 42.4 32,400.00 -1.2% -3.0% -6.4% 86.2% -64. 9% -74.6%
Northgate T echnologies Limited INR 590057 BSE 28.3 39.40 14.9% 5.6% 1.4% 7. 9% -86. 4% -87.4%
O pen T ext C orp. US D OT E X Nas da qG S 2, 018.6 35.95 -5.8% -6.7% 8.6% 12.7% 2.5% -10.5%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 238.2 2.86 2. 1% -3.7% 43.0% 261.6% 98.6% -8.6%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 918.6 39.01 7. 9% 11.6% 109.7% 216.6% 55.4% -7.0%
P NI Digital Media Inc. C AD T S XV :P N T S XV 53.2 1.67 4. 4% 11.3% -1.2% -16.5% -50. 7% -52.8%
Q uepa s a C orp. US D QP S A OT C B B 19.1 1.50 7. 1% 51.5% 51.5% 16.3% -53. 3% -56.6%
O AO R B C Information S ys tems US D R BCI R TS 145.7 1.05 0. 0% 16.7% 6.6% 238.7% -86. 2% -86.6%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 3, 255.0 48.75 7. 4% -14.5% -6.5% 49.7% 84.0% -25.0%
S hutterfly, Inc. US D S F LY Nas da qG S 385.7 15.15 2. 7% -3.4% 4.9% 86.3% 62.9% -8.4%
S K C ommunications C o. , L td. KR W A066270 K OS E 314.4 9,310.00 -5.5% -1.9% -13.0% 37.9% -26. 4% -28.4%
S NA P Intera ctive, Inc. US D S TVI OT C B B 4.3 0 100.0% -11.1% -46.7% -59.6% -55. 1% -63.0%
S NM G loba l H oldings US D S NMN OT C P K 0.0 0.00 125.0% 12.5% 80.0% 350.0% -99. 4% -99.7%
S ocial Media V enures , Inc. US D S MV I OT C P K 0.0 0.17 -10.5% -46.9% 1600. 0% -86.4% -32. 0% -96.6%
S ocialwis e, Inc. US D S CLW OT C B B 26.6 0.60 -11.8% -21.4% -14.3% 53.8% -74. 8% -76.9%
S ohu.com Inc. US D S O HU Nas da qG S 2, 473.3 64.52 7. 7% 1.4% 11.1% 30.7% -14. 3% -19.2%
S pa rk Networks , Inc. US D LO V A ME X 44.2 2 1. 3% -9.8% -5.8% -15.8% -49. 8% -51.9%
S pectrumDNA, Inc. US D S P XA OT C B B 11.0 0 -2.2% 60.7% -43.8% 136.8% -61. 9% -61.9%
T encent H oldings Ltd. HK D 700 S E HK 28,087. 7 120 4. 3% 15.9% 57.2% 163.7% 79.1% -2.2%
T he P a rent C ompany US D K IDS . Q OT C P K 0.5 0.02 31.3% -29.6% 97.0% -21.2% -99. 0% -99.0%
T he9 L imited US D NC T Y Nas da qG S 215.3 8.44 1. 9% -6.0% -6.1% -29.5% -53. 9% -57.4%
T heS treet.com, Inc. US D TS CM Nas da qG M 70.7 2.31 2. 7% 12.1% 16.7% 12.1% -67. 5% -68.5%
T ota l S port Online A S NO K T OS O O T C NO 0.1 0.03 0. 0% 0.0% 0.0% -25.0% -40. 0% -40.0%
T ree.C om, Inc. US D TR E E Nas da qG M 93.0 8.61 -3.7% -19.5% -30.8% 97.5% 13.3% -34.1%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 1.0 0.05 0. 0% -35.7% 12.5% -43.8% -82. 0% -82.0%
U nited O nline Inc. US D UNT D Nas da qG S 620.4 7.40 1. 2% -16.6% 13.8% 47.4% -29. 7% -34.2%
U OMO Media, Inc US D UO MO OT C B B 12.9 0.15 20.0% 46.3% -46.4% 114.3% -61. 5% -85.8%
V alueC lick Inc. US D V CLK Nas da qG S 937.8 10.76 7. 5% -9.0% 3.1% 75.5% -16. 5% -20.3%
V OIS , Inc. US D V O IS OT C B B 5.0 0.01 20.0% -14.3% -33.3% -20.0% -62. 5% -73.9%
W ebzen Inc. US D W ZE N Nas da qG M 33.4 2.82 3. 7% -19.3% -39.6% 149.6% 30.6% -39.7%
W izzard S oftwa re C orporation US D W ZE A ME X 22.7 0.45 -4.3% -8.2% -21.0% -30.8% -64. 6% -74.0%
W orlds .com Inc. US D W DDD OT C B B 5.7 0.11 10.0% -18.5% -26.7% -8.3% -63. 3% -68.6%
W oozyF ly, Inc. US D W ZY F OT C B B 2.6 0.15 0. 0% NM 0.0% 0. 0% NM -96.3%
W ynds torm C orpora tion US D W Y ND OT C P K 1.8 0.10 0. 0% 0.0% 233.3% -16.7% -83. 3% -83.3%
XING A G E UR O1B C XT R A 207.5 27.49 0. 0% -6.9% -17.8% -11.3% -21. 2% -23.6%
Y eda ngOnline C orp. KR W A052770 K OS E 103.3 8, 550 -3.6% 6.6% -22.3% 36.8% 0.7% -31.0%
Y nk K orea Inc. KR W A023770 K OS E 17.5 4, 075 -14.6% -29.7% -45.7% 3. 8% -58. 8% -67.1%
H igh 125.0% 650.0% 1600. 0% 650.0% 391. 1% -2.2%
L ow -60.0% -50.0% -82.0% -88.0% -99. 4% -99.7%
Average 720.6 3.6% 7.0% 42.4% 73.3% -12.1% -47.4%
Media n 1. 9% -2.0% 1.6% 37.9% -31. 4% -44.6%
United S tates 39 C hina 46, 938. 8 C hina 4,693. 9 C hina 4,080. 4 C hina 2, 038. 8 C hina 49. 4%
C a na da 10 U nited S ta tes 5, 255. 6 S weden 2,901. 8 United S tates 3,887. 4 S weden 299. 6 A us tralia 37. 2%
C hina 10 J a pan 3, 494. 2 J apan 582. 4 S weden 1,950. 0 United S tates 289. 4 T aiwan 36. 9%
S outh K orea 8 S weden 2, 901. 8 T aiwan 500. 1 C a na da 1,015. 7 C a na da 200. 3 G ermany 28. 8%
J a pa n 6 C anada 2, 409. 0 Hong K ong 278. 7 S outh K orea 672. 3 J a pa n 181. 5 J apan 25. 0%
T a iwa n 3 T a iwa n 1, 500. 4 C anada 240. 9 J a pa n 616. 5 S outh K orea 94. 2 S weden 15. 4%
Aus tralia 2 S outh K orea 1, 270. 9 S outh K orea 158. 9 T a iwa n 379. 1 T a iwa n 56. 2 Mala ys ia 14. 4%
G erma ny 2 Hong K ong 278. 7 Ita ly 148. 1 Hong K ong 361. 6 Ita ly 31. 1 Italy 13. 1%
S witzerla nd 1 G ermany 268. 1 R us s ia 145. 7 Ita ly 236. 5 Hong K ong 25. 1 R us s ia 13. 1%
Hong K ong 1 Ita ly 148. 1 U nited S ta tes 134. 8 R us s ia 150. 9 R us s ia 19. 7 S outh K orea 7. 9%
F inla nd 1 R us s ia 145. 7 G ermany 134. 0 India 81. 9 Ma lays ia 11. 0 Hong K ong 6. 9%
Ita ly 1 S witzerla nd 90. 4 S witzerla nd 90. 4 Ma lays ia 76. 5 G erma ny 10. 3 S witzerla nd 1. 9%
United K ingdom 1 F inland 64. 3 F inland 64. 3 G erma ny 60. 8 Aus tralia 3. 1 C anada -12. 1%
India 1 Malays ia 34. 8 Malays ia 34. 8 S witzerla nd 40. 0 S witzerla nd 0. 8 U nited S ta tes -21. 9%
S weden 1 India 28. 3 India 28. 3 Aus tralia 16. 3 Norwa y -1. 1 India -50. 0%
R us s ia 1 Aus tralia 20. 5 Aus tralia 10. 3 F inla nd 6. 1 United K ingdom -1. 9 Norway -50. 6%
Ma lays ia 1 U nited K ingdom 4. 0 U nited K ingdom 4. 0 Norwa y 2. 2 F inla nd -15. 7 U nited K ingdom NA
Norwa y 1 Norway 0. 1 Norway 0. 1 United K ingdom 0. 3 India -40. 9 F inland NA
G rand Total 90 G rand Total 64,853.7 G rand Total 720.6 G rand Total 13,634.4 G rand Total 3,201.5 G rand Total 5.0%
G rand Total 90 G rand Total 64,853.7 G rand Total 720.6 G rand Total 13,634.4 G rand Total 3,201.5 G rand Total 5.0%
1. None applicable.
ANALYST CERTIFICATION
Each analyst of 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.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
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