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Q42020
AsiaInsights
TechmarkettrendsandQ4takeaways
Importantdisclosuresappearatthebackofthisreport
GPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRA
Section1
TheviewfromGPBullhound
2
THEVIEWFROMGPBULLHOUND-DEALACTIVITIES
OverallactivitiescontinuedtherecoveryandmoreUS/EuropeantechinvestmentsintoChina
Q4ChinatechoverseasinvestmentsinlinewithQ42019,butinvestmentsintoEuropeplummeted
Withthecontinuedrecoveryindomesticeconomies,weseeChineseinvestorsinvestingmoreintheoverseastechsector.
Q4dealvolumewithChineseinvestorsincreasedby40%QoQ,whiledealvalueincreasedby80%,showingthatChineseinvestorsarebecomingmoreoptimisticonoverseasmarkets.However,dealvolumeinEuropedeclinedby20%QoQ.
TheimpactofthegeopoliticalconflictsonChineseoverseasinvestmentslessened.DealvolumeintoIndiawasinlineQoQ,anddealvolumeintotheUSincreasedby82%.
Tencentcontinueditspaceinoverseasinvestmentswithastrongpreferencefordigitalmediaassets,announcingfivedealsincludingthreeintheUK.
Q4Europe/UStechdealswithAsianinvestorscontinuedtherecovery,withassetsinEuropeenjoyingpopularity
Fundraisingdealvolumeincreasedby3%QoQ,whileM&Aactivitiesincreasedby33%,drivenbygrowinginterestinEuropeantargets.
Sector-wise,SoftwarestartedtodominateAsianinvestors’preferenceinEurope,whileFintechjoinedwithSoftwaretobecomethepreferredsectorsintheUS.
SoftBankreturnedtothefieldoftechinvestmentswithfivedealsinQ4.Withthepositiveprogressonrecoveryineconomiesandeffectivevaccines,webelievecross-continentdealmakingwillgraduallyresume.
EuropeanandUSinvestorinterestinAsiantechcontinuedunabated,withchangedfocus
Europeaninvestorsinvestedover$2.9bnin32dealsacrossAsia,representingan89%increaseindealvaluebut38%decreaseindealvolumeQoQ.UnlikeUSinvestors,EuropeansshiftedtheirfocustoChinaandshiedawayfromSoutheastAsiaandIndia.
USinvestorsremainedabelieverinIndia,butsloweddownwitha20%dropindealvolumeQoQ.TheyalsoincreasedinvestmentsintoChina,witha33%increaseindealvolumeQoQ–afirstsinceQ12019.
Sector-wise,bothEuropeanandUSinvestorspreferredFintechandSoftwareinAsia,whiletheUSwasmorebullishonMarketplacesandEdTech.
ElsaHu
EXECUTIVEDIRECTOR
VincentWei
ASSOCIATE
Source:Seemateriallaterinreportforfurtherinformation.
3
Section2
AsiainvestmentactivitiesintoEuropeandtheUS
4
ASIANTECHINTOUS&EU–Q42020
OverviewofAsiantechtransactionsintoEuropeandtheUS
US$4,168m
104
Fundraisingvalue
Fundraisingvolume
Notablefundraisingtransactions
Target
Investor
Targetdescription
Fundsraised(US$m)
Onlinemarketplaceforluxury
650
goods
Cloudcommunicationsservices
385
andsolutionsforenterprises
Onlinehomeinsurance
350
brokerageservices
Game-basedlearningplatform
215
Directonlinemortgagelending
services
215
US$5,409m
16
M&Avalue
M&Avolume
NotableM&Atransactions
Target
Buyer
Targetdescription
Dealvalue(US$m)
(10%stake)
Musicpublishingcompany
3,000
ITservicescompany
1,706
Cloudcommunicationsservices
547
andsolutionsforenterprises
(8.2%stake)
Developerofwebbrowsers
89
(8.5%stake)
ITforMETROwholesaleand
49
customercontactpoints
Countryanalysisbydealvolume Dealvolumeandvalue
Targetlocation
Investor/buyerlocation
Fundraising
M&A
Fundraising
M&A
Fundraising M&A
US
69
US
7
China
29
Japan
6
Israel
17
UK
5
Japan
26
China
3
UK
7
France
1
SG
18
SG
2
Swiss
2
1
HK
12
India
2
20.0
106
107
105
98
101
104
14050.0
92
93
85
120
15.0
40.0
9.0
100
8.0
30.0
10.0
80
4.8
5.6
60
4.4
4.2
20.0
5.0
2.7
1.9
1.9
40
10.0
20
-
0-
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
20182019
2019201920192020202020202020
Dealvalue(US$bn)
60
50
20
27
23
25
40
19
19
18
16
30
12
20
3.4
5.4
1.5
2.6
0.8
0.2
0.6
0.1
0.2
10
0
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2018
2019
2019
2019
2019
2020
2020
2020
2020
Dealvolume
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
5
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
ASIANINTERESTINTOUS&EU–Q42020
Asianinvestors’interestinEurope&UStechrecoveredQoQ
EuropeanfundraisingactivitiesrecoveredQoQ
Fundraisingdealvolume&value
4,415009182736455463728
41
40
35
40
4,050057887961423324150
39
39
40174839210
4,321138475665
4,232033021221485766758493
4,1422314058677685
36
1046877869513
3,606008291182736455463
3,962433425160
34
90670889715
3,87162534435261
3,7880726354453627198
3,6970872819017
3,515019210283746556473
3,424021120384756657483
3,33303941221485766758493
27
3,2422314058677685.0
3,15204139586776850413223
3,06105149687786051422433
2,97006159788706152433425
2,370.0
2,7027364554637281
24
907719816
2,792,88808172635445362
2,61700189182736455463728
2,5250260110928374655647382011
2,431221485766758493
2,343044031322315867768594
1,869.1
2,252332415068778695
1,811.7
20578879614
2,162433425160
20
2,0700716106159788706152433425
1,808001827364554637281
1,891,989081726354453
1,591.9
62718098
603.9
1,00899177281
1,712837465564738291
1,292.0
701566574839210
1,6260211203847
1,53122130485766758493
1,051.8
1,4450322315867768594
4046877869513
1,353057887961423324150
1,262068897152433425160
1,081,171079816253443526170
660.6
26354453627180
900182736455463
477.0
80181102837465564738291
70272112038475665748392
60363122130485766758493
541322315867768594
364054251607887961423
50445324168778695
273065261708897152433
182076271809816253443
1089018273645547281631726354453-.0
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$m)
InterestinacquiringEuropeantargetsincreased
45
M&Adealvolume&value
40
35
30
2,246.6
25
14
20
1,288.6
13
13
13
15
11
7
8
8
697.2
10
10
322.6
182.0
5
113.6
129.0
124.4
14.6
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvolume
USfundraisingactivitiescontinuedtorecover M&AactivitieswithUStargetsstillatatrough
Fundraisingdealvolume&value M&Adealvolume&value
7,000.0
7,179.0
5,649.0
71
69
80
6,000.0
65
68
65
67
58
59
5,000.0
4,240.4
54
4,006.6
60
4,000.0
3,075.8
40
3,000.0
1,622.5
2,355.9
2,000.0
1,399.0
1,251.3
20
1,000.0
-
0
Q42018 Q12019 Q22019 Q32019 Q42019 Q12020 Q22020 Q32020 Q42020
Dealvalue(US$m)
80
4,711.3
60
3,429.9
40
14
12
10
9
11
10
6
20
4
195.4
396.4
481.9
309.0
5
18.5
4.0
30.0
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvolume
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
6
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
THEHOTTESTSECTORS
SoftwaredominatedpreferenceofAsianinvestorsinEurope
AsiaactivitiesintoEurope
Dealvalue
Dealvalue
Dealvalue
Dealvolume
(US$m)
Dealvolume
(US$m)
Dealvolume
(US$m)
Sector
Q42020
%
Q42020
%
Q32020
Q32020
Q42019
Q42019
Software
21
45.7
1,350.2
53.8
12
69.3
16
332.8
Fintech
8
17.4
81.5
3.2
12
733.2
10
36.4
Marketplaces
5
10.9
667.5
26.6
6
101.5
4
110.4
Healthcare-tech
3
6.5
54.7
2.2
3
0.4
2
4.3
Entertainment-Digitalmedia
2
4.3
25.0
1.0
3
628.9
2
4.0
Digitalservices
2
4.3
48.7
1.9
2
130.0
1
-
Content-Digitalmedia
2
4.3
2.0
0.1
2
-
1
2.2
Transport-tech
1
2.2
50.0
2.0
1
23.0
3
-
Industrial-tech
1
2.2
14.5
0.6
1
30.0
2
20.0
Edtech-DigitalMedia
1
2.2
214.8
8.6
-
-
-
-
Total
46
100.0%
2,508.9
100.0%
42
1,716.3
41
510.1
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
7
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
THEHOTTESTSECTORS
SoftwareandfintechintheUSstillinfavour
AsiaactivitiesintotheUS
Dealvalue
Dealvalue
Dealvalue
Dealvolume
(US$m)
Dealvolume
(US$m)
Dealvolume
(US$m)
Sector
Q42020
%
Q42020
%
Q32020
Q32020
Q42019
Q42019
Software
28
37.8
538.4
7.6
32
672.3
29
571.3
Fintech
14
18.9
624.7
8.8
13
724.9
14
308.3
Industrial-tech
6
8.1
54.2
0.8
4
379.8
6
24.0
Marketplaces
6
8.1
456.0
6.5
3
15.0
6
38.0
Content-Digitalmedia
5
6.8
185.5
2.6
4
203.2
4
291.8
Healthcare-tech
5
6.8
211.2
3.0
4
154.2
1
65.6
Entertainment-Digitalmedia
3
4.1
3,006.8
42.5
4
1,812.7
9
3,403.0
Digitalservices
2
2.7
1,841.0
26.0
2
-
5
80.0
Edtech-Digitalmedia
2
2.7
4.6
0.1
2
50.0
2
-
Transport-tech
2
2.7
45.0
0.6
2
12.5
1
47.0
Communication-Digitalmedia
1
1.4
100.0
1.4
1
12.0
-
-
Total
74
100.0%
7,067.2
100.0%
71
4,036.6
67
4,829.0
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
8
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
Section3
InvestmentsinAsiafromEuropeandtheUS
9
INVESTMENTINASIAFROMEUROPEANANDUSINVESTORS
EuropeshiftedtoChina,whiletheUScontinuedinvestinginIndia
InterestfromEuropeplummeted…
Europeaninvestors-dealvolume&value
52
47
5.6
33
33
36
34
32
28
16
2.9
0.9
1.5
0.5
0.4
0.6
0.7
0.3
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
...withfocusshiftedtoChina
Toptargetcountry/regionbydealvolume
Countries/regions
Q42019
Q12020
Q22020
Q32020
Q42020
China
10
13
9
10
14
SoutheastAsia
7
10
12
23
9
India
10
9
11
11
6
Japan
1
2
1
1
-
Others
5
2
1
7
3
Total
33
36
34
52
32
SlightdeclineininterestfromtheUS…
USinvestors-dealvolume&value
50
125
140
45
111
112
106
40
120
97
94
90
35
83
100
30
69
80
25
20
14.3
11.4
60
15
9.4
40
10
3.6
3.8
3.3
3.1
1.8
1.9
20
5
0
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
…withslowingactivityintoIndia
Toptargetcountry/regionbydealvolume
Countries/regions
Q42019
Q12020
Q22020
Q32020
Q42020
37
49
29
60
48
SoutheastAsia
26
24
31
28
25
China
20
8
15
15
20
Japan
14
7
13
8
10
Others
14
9
6
14
9
Total
111
97
94
125
112
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
10
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
THEHOTTESTSECTORS
EuropefavouredSoftwareandFintechinAsia
InvestmentinAsiafromEurope
Dealvalue
Dealvalue
Dealvalue
Dealvolume
(US$m)
Dealvolume
(US$m)
Dealvolume
(US$m)
Sector
Q42020
%
Q42020
%
Q32020
Q32020
Q42019
Q42019
Software
8
25.0
277.7
9.7
6
3.5
7
170.7
Fintech
7
21.9
66.5
2.3
16
457.6
8
179.2
Marketplaces
4
12.5
1,756.0
61.2
6
44.1
4
34.5
Digitalservices
3
9.4
60.0
2.1
6
5.6
8
91.9
Industrial-tech
3
9.4
185.5
6.5
3
4.5
-
-
Content-Digitalmedia
2
6.3
-
0.0
4
50.0
2
18.3
Healthcare-tech
2
6.3
91.8
3.2
4
10.9
-
-
Edtech-Digitalmedia
2
6.3
400.0
14.0
2
0.1
2
56.9
Transport-tech
1
3.1
29.9
1.0
4
943.0
-
-
Entertainment-Digitalmedia
-
0.0
-
0.0
1
-
2
2.6
Communication-Digitalmedia
-
0.0
-
0.0
-
-
-
-
Total
32
100.0%
2,867.3
100.0%
52
1,519.3
33
544.1
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
11
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
THEHOTTESTSECTORS
USspotlightonFintech,SoftwareandMarketplacesinAsia
InvestmentinAsiafromtheUS
Dealvalue
Dealvalue
Dealvalue
Dealvolume
(US$m)
Dealvolume
(US$m)
Dealvolume
(US$m)
Sector
Q42020
%
Q42020
%
Q32020
Q32020
Q42019
Q42019
Fintech
28
25.0
1,610.9
17.2
23
1,255.9
16
64.5
Software
23
20.5
782.8
8.3
31
5,155.7
33
373.3
Marketplaces
23
20.5
1,348.9
14.4
22
3,435.4
23
732.7
Edtech-Digitalmedia
14
12.5
5,243.8
55.8
11
950.8
9
15.7
Healthcare-tech
7
6.3
84.7
0.9
4
142.4
1
142.2
Digitalservices
5
4.5
33.2
0.4
9
190.0
13
66.0
Content-Digitalmedia
4
3.6
258.9
2.8
6
54.3
5
7.6
Communication-Digitalmedia
3
2.7
5.2
0.1
9
45.0
-
-
Entertainment-Digitalmedia
3
2.7
2.5
0.0
7
130.0
2
2.2
Transport-tech
2
1.8
20.2
0.2
1
2.6
1
5.0
Industrial-tech
-
0.0
-
0.0
2
-
8
1,699.6
Total
112
100%
9,391.0
100%
125
11,362.1
111
3,108.7
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
12
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
Section4
AlookintoChina
13
CHINATECHOVERSEASINVESTMENTS
Recoveryinoverseasinvestmentactivities
InvestmentsintoEUplummeted
5
4
20
15
3
12
13
11
13
10
9
2
1.7
8
7
1
0.54
0.8
0.6
0.6
0.8
0.3
0.2
0.04
0
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
BoostininvestmentsintotheUS
5.0
4.0
3.5
3.9
40
3.0
18
26
21
18
20
1.8
2.0
15
20
12
11
11
1.0
0.7
0.5
0.4
0.4
0.2
0.5
-
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
RecoveryininvestmentsintoAPAC
4.8
40
4
3.3
40
31
3
23
25
20
21
2.2
2
13
2.3
1.5
14
20
1.1
9
1
0.4
0.3
0.8
0
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
Regaininoverseasinvestmentactivities
8.0
6.8
7.0
73
72
80
5.9
6.0
5.8
53
5.0
5.0
51
48
60
44
42
4.0
33
40
2.6
2.7
3.0
2.3
1.9
2.0
1.5
30
20
1.0
-
0
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Q32020
Q42020
Dealvalue(US$bn)
Dealvolume
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
14
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
CHINATECHOVERSEASINVESTMENTS
Tencentcontinuedas#1overseasinvestor
Chinese
Target
Investment
Transaction
Target
investor(s)
description
type
value(US$m)
Musicpublishing
M&A
3,000.0
company
(10%stake)
Online
Private
marketplacefor
650.0
placement
luxurygoods
Directonline
Private
mortgagelending
200.0
placement
services
Platformfor
Private
analysing
160.0
placement
governmentrisk
Internet-based
automotiveportals
M&A
151.6
forcarbuyers
Chinese
Target
Investment
Transaction
Target
investor(s)
description
type
value(US$m)
Dataservicesand
customised
Private
managed
135.0
placement
infrastructure
services
Online
communication
Private
andchats
100.0
placement
applicationfor
gamers
Developerofweb
M&A
89.2
browsers
(8.5%stake)
Project
management
Private
softwareforthe
56.8
placement
construction
industry
Clinicaldata
Private
solutionsfor
51.2
placement
geneticdiagnosis
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
15
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
CHINATECHOVERSEASINVESTMENTS
TheUKandSoftwarethetopdestinations
Breakdownbytargetcountry
Breakdownbytargetsector
1
1
1
2
1
8deals
4
8deals
1
1
4
UnitedKingdomIsraelSpain
NorwayDenmark
Software
Entertainment-Digitalmedia
Healthcare-tech
Marketplace
Notabledeals
Transaction
Target
Chineseinvestor(s)
Investmenttype
Sector
value(US$m)
Privateplacement
Onlinemarketplaceforluxurygoods
650.0
M&A
Developerofwebbrowsers
89.2
(8.5%stake)
Privateplacement
Clinicaldatasolutionsforgeneticdiagnosis
51.2
Privateplacement
Socialandmobilegamingdeveloperandpublisher
25.0
Privateplacement
AI-enabledmusicscoutingplatformtoassessartists
-
Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31December2020.
Note:DataincludealldealsannouncedandclosedinQ42020butexcludethoseannouncedpriortoQ42020.SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,
16
Media&PublishingandHealthcare-tech.Dealvalueonlyincludesdealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.
Appendix1
Publiccomparablesbysector
17
Publiccompsbysector–Largecapconsolidators
Largecapconsolidators
Market
Gross
EBITDA
Cap
EV
L3MShareLTMShare
CAGR2019A-21E
Margin
margin
EV/Revenue
EV/EBITDA
Company
HQ
Listingvenue
(US$m)
(US$m)
Perf.
Perf.
Revenue
EBITDA
CY2020
CY2020
CY2020
CY2021
CY2020
CY2021
Tencent
China
SEHK
692,741
708,368
10.2%
49.8%
26.7%
24.7%
49.2%
36.9%
9.5x
7.7x
25.9x
21.3x
Alibaba
China
NYSE
629,683
607,429
(19.2%)
7.4%
33.4%
33.4%
60.7%
30.2%
6.2x
4.5x
20.4x
15.6x
Baidu
China
NasdaqGS
73,754
64,841
73.5%
59.1%
25.1%
14.1%
55.8%
26.0%
3.9x
3.4x
15.1x
12.7x
Median
10.2%
49.8%
26.7%
24.7%
55.8%
30.2%
6.2x
4.5x
20.4x
15.6x
Mean
21.5%
38.7%
28.4%
24.1%
55.2%
31.0%
6.5x
5.2x
20.5x
16.5x
Source:CapitalIQasof31December2020.
Note:Multiplesabove75xorbelowzeroareconsideredasnotmeaningful.
18
Publiccompsbysector–DigitalMedia
DigitalMedia
Company
Market
Gross
EBITDA
Cap
EV
L3MShareLTMShare
CAGR2019A-21E
Margin
margin
EV/Revenue
EV/EBITDA
HQ
Listingvenue(US$m)
(US$m)
Perf.
Perf.
RevenueEBITDA
CY2020
CY2020
CY2020
CY2021
CY2020
CY2021
Tencent
SeaLimited
Nintendo
RecruitHoldings
NetEase
TALEducation
NAVER
TencentMusic
KakaoCorp.
LINECorporation
YahooJapan
NEXON
BANDAINAMCO
Ncsoft
iQIYI
LINECorporation
GSXTechedu
37Games
Netmarble
PerfectWorld
ZhejiangCentury
KoeiTecmo
Konami
SquareEnix
Capcom
HuatongGroup
China
SEHK
692,741
708,368
10.2%
49.8%
26.7%
25.2%
49.2%
37.0%
9.5x
7.7x
25.7x
21.1x
Singapore
NYSE
101,749
100,381
28.1%
391.7%
75.0%
n.a.
21.1%
(1.3%)
23.3x
15.1x
n.m.
n.m.
Japan
TSE
75,982
62,518
15.4%
61.7%
9.1%
33.9%
37.2%
31.8%
4.0x
4.5x
12.6x
12.0x
Japan
TSE
73,018
71,732
9.1%
11.3%
(1.6%)
(8.1%)
46.4%
11.0%
3.4x
3.2x
31.1x
25.7x
China
NasdaqGS
66,179
56,660
7.5%
47.8%
20.8%
11.7%
56.4%
23.7%
5.0x
4.2x
21.1x
17.9x
China
NYSE
42,930
41,818
(5.5%)
42.7%
30.3%
1.4%
48.0%
5.7%
10.6x
7.6x
n.m.
n.m.
SouthKorea
KOSE
39,070
38,969
5.7%
73.8%
(1.6%)
26.8%
100.0%
28.6%
7.7x
6.7x
27.0x
22.1x
China
NYSE
32,276
29,453
31.3%
54.8%
18.1%
20.6%
34.7%
16.9%
6.5x
5.4x
38.7x
29.2x
SouthKorea
KOSE
30,761
28,935
14.5%
170.5%
31.2%
57.2%
93.2%
16.6%
7.7x
6.0x
46.3x
30.4x
China
NasdaqGS
29,782
29,031
105.1%
269.3%
59.4%
21.8%
22.2%
(16.0%)
15.9x
10.9x
n.m.
n.m.
Japan
TSE
28,821
29,994
(9.9%)
43.2%
11.0%
14.9%
57.4%
22.7%
2.7x
2.5x
11.9x
10.6x
Japan
TSE
27,318
22,520
26.3%
126.1%
17.3%
18.5%
75.9%
41.8%
8.0x
6.9x
19.2x
14.8x
Japan
TSE
18,999
17,600
19.3%
46.4%
1.3%
10.6%
34.5%
14.5%
2.5x
2.4x
17.5x
14.0x
SouthKorea
KOSE
17,629
15,925
23.7%
72.5%
37.3%
61.9%
99.1%
37.8%
7.3x
5.5x
19.3x
12.6x
China
NasdaqGS
12,996
14,840
(23.5%)
(24.4%)
15.0%
(30.3%)
2.2%
6.5%
3.2x
2.9x
49.6x
24.9x
Japan
TSE
12,589
13,243
1.5%
5.0%
11.4%
n.a.
37.4%
1.2%
5.6x
4.9x
n.m.
43.1x
China
NYSE
12,330
12,201
(44.5%)
117.7%
141.0%
n.a.
74.4%
(15.4%)
11.2x
6.4x
n.m.
n.m.
China
SZSE
10,104
9,591
(18.2%)
17.0%
22.5%
24.5%
68.5%
20.4%
3.8x
3.1x
18.8x
14.9x
SouthKorea
KOSE
9,887
9,741
(15.1%)
60.7%
16.0%
21.8%
100.0%
14.9%
4.2x
3.7x
28.0x
22.5x
China
NasdaqGS
9,283
8,532
6.3%
(16.8%)
3.3%
(0.4%)
79.9%
30.6%
5.1x
4.5x
16.7x
13.8x
China
SZSE
9,084
8,648
(7.9%)
(3.3%)
26.0%
59.0%
57.4%
25.8%
5.3x
4.4x
20.6x
17.4x
China
SZSE
8,010
8,661
(22.3%)
(29.1%)
17.8%
28.3%
29.5%
24.9%
3.2x
2.8x
12.8x
10.5x
Japan
TSE
7,765
7,652
29.5%
133.7%
21.6%
49.8%
51.6%
38.1%
14.2x
13.9x
37.2x
29.2x
Japan
TSE
7,486
6,847
32.0%
37.6%
31.1%
11.1%
40.4%
23.7%
2.8x
2.5x
11.7x
9.9x
Japan
TSE
7,240
5,942
(7.3%)
24.7%
5.9%
10.8%
49.7%
16.6%
1.9x
2.0x
11.6x
10.5x
Japan
TSE
6,930
6,319
16.1%
138.3%
15.3%
26.7%
41.3%
35.7%
7.2x
5.4x
20.2x
15.8x
Source:CapitalIQasof31December2020.
Note:Multiplesabove75xorbelowzeroareconsideredasnotmeaningful.
19
Publiccompsbysector–DigitalMedia(cont’d)
DigitalMedia(cont’d)
Company
YY
GiantNetwork
HUYA
G-bitsNetworkTechnology
DouYuInternational
BeijingKunlunTech
Yaudao
PearlAbyssCorp.
Momo
XD
SINA
EducationArchosaurGamesDeNAOurpalm
mixi,Inc.YOOZOOGamesMaoyanEntertainmentGungHoOnlineEntertainmentGree,Inc.
NetDragonWebsoft
CMGE
MedianMean
Market
Gross
EBITDA
Cap
EV
L3MShareLTMShare
CAGR2019A-21E
Margin
margin
EV/Revenue
EV/EBITDA
HQ
Listingvenue
(US$m)
(US$m)
Perf.
Perf.
Revenue
EBITDA
CY2020
CY2020
C
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