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Friday, 31 July 2009, 07:46 HKT/SGT
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Source: IRG
IRG Technology, Media and Telecoms Weekly Asia Market Review

HONG KONG, July 31, 2009 - (ACN Newswire) - The following is an excerpt from IRG's TMT Weekly Market Review July 20 - July 26. IRG is a financial advisory and investment firm focused on the core growth sectors in Asia with particular focus on the telecommunications, media and technology (TMT) sectors.

- Forrester Research projected that the Internet population will hit 2.2 billion people by 2013. Of that tally, 43 percent of the Internet population will be in Asia. Forrester paints a picture of Internet growth in emerging markets and stagnation in the developing world. 17 percent of the online population will reside in China. Growth rates in the U.S., Western Europe and other industrialized nations will be between 1 percent and 3 percent. Online penetration in the U.S. will rise to 82 percent in 2013, up from 73 percent. That rate will put it on par with other Internet saturated countries. Russia and Turkey growth will grow 8 percent a year. Africa and the Middle East will show strong growth to hit 13 percent of the online population in 2013.

- PC shipments in the Asia Pacific region, excluding Japan, grew 8 percent in the second quarter, the first year-on-year rise in three quarters, to reach 19.9 million units, IDC said. Portable personal computers were a major growth driver, particularly in Southeast Asia, and that China's Lenovo remained the region's leader with an 18.5 percent market share in the second quarter, trailed by Hewlett-Packard with 16.2 percent, Dell, and Acer. Second-quarter PC shipments in the Asia Pacific region also rose 19 percent from the previous three months and were 6 percent ahead of its forecasts. Worldwide PC shipments fell about 3 percent from the year-ago quarter, which was better than its forecast of a more than 6 percent drop.

- It is predicted that the shortage in supply of glass substrate, the key parts in LCD panel market, will continue until 3Q 2009. LCD panel makers in Taiwan that are having difficulty more than the U.S. in supply of glass substrate will continue to become reason for shortage during the second half of this year. Samsung Corning Precision Glass is still dominating the world LCD glass substrate. The demand for LCD glass substrate in 2Q 2009 surged 26 percent from previous quarter to 18.95 million but supply was only 12 percent increase. As a result, supply excess dropped to 0.6 percent range worldwide. Display Search prospected 5 percent originally, and actual figure is far below than that.

- According to the latest report from Pyramid Research, China's telecoms market is expected to outpace Japan's by 2011 taking the top position in Asia. The Chinese market is expected to generate US$187 billion by 2014. Given the continued demand for connectivity and rising adoption of mobile and fixed broadband services, the Chinese market should increase at a compounded annual growth rate of 8.8 percent between 2009 and 2014. The report stated that China, like many emerging markets, is becoming an increasingly mobile market, adding 71.2 million mobile subscriptions in 2008, roughly 12 percent of all additions worldwide and second only to India's 113.3 million net additions. Mobile service revenue growth will be supported by a penetration increase from 58 percent at year-end 2009 to 80 percent at year-end 2014. Pyramid expects mobile services to account for more than 76 percent of total services revenue in China by 2014. According to the study, the mobile industry will experience healthy growth in 2009 despite the declining rate of growth in the economy. This may be due to the roll out of 3G networks and extended coverage to rural areas.

- New research published has revealed that global mobile broadband subscriptions grew 93 percent year-on-year to reach 225 million at the end of March 2009. In its new report the analyst firm also said that the growth in usage of non-voice services has boosted worldwide data revenues during the first quarter of 2009 by 8.5 percent on-year, to reach US$46.5 billion. Although Asia-Pacific leads the way when it comes to the popularity of mobile broadband with 90 million subscribers, Latin America recorded the highest year-on-year growth of 385 percent to reach 10 million users. Many of these markets suffer from limited fixed broadband access, and Informa said mobile operators are taking advantage of this situation by using recently-deployed 3G networks to connect consumers to the Internet for the first time.

- According to Ovum, the global economic decline has reduced service provider switching and routing spend as the market sees postponement of strategic IP transformation projects. Service providers are also delaying short-term investment to shore up financial results - pushing operators to run IP networks hotter. The switching and routing market fell 20 percent in Q109 compared with Q108 and will likely continue to decline. However, carriers continue to report robust IP traffic growth. Cisco's recent Visual Networking Index predicts IP traffic will increase fivefold from 2008-13, with the largest growth segment being consumer Internet. Service providers typically run networks at 40-50 percent utilization, which may be pushed further to 60-70 percent loading without incident, but once average loading reaches 80 percent capacity upgrades are needed to ensure high availability.

- Money from VCs to start-ups and IPOs sunk to US$3.7 billion in the second quarter, a drop of 51 percent from US$7.5 billion in the year-ago quarter. This marks the lowest ongoing level of venture capital funding over the past 12 years. Although VC spending rose slightly from the first quarter's US$3.2 billion, the ongoing decline marked the first time since 1997 that venture capitalists spent less than US$7 billion during the first half of a year. The tough economy has limited the ability of start-ups to fund IPOs, which in turn has made it harder for venture capitalists to profit from their investments. Among business segments, biotechnology scored the most venture capital at US$888 million, though that represented a 16 percent decline from the year-ago quarter. VCs tend to like the biotech sector because large drug companies are always looking to buy start-ups creating promising new drugs.

Japan

- Toshiba may finally be launching its own Blu-ray player. Toshiba, which lost the HD DVD vs. Blu-ray battle in early 2008, is reportedly readying a player that will read both Blu-ray discs and DVDs and will appear in stores by year's end. Toshiba had been thinking of developing yet another technology to combat Blu-ray but gave up because of the huge growing market for Blu-ray players and discs. The company will start with play-only models but may consider a recordable Blu-ray player if market demand calls for it, according to local newspaper. Toshiba's entry into the Blu-ray arena would mark the last holdout among all the major electronics manufacturers.

- Fujitsu Ltd. said it is targeting record profit in the 12 months ending March 31, 2012, as spending on software and information-technology infrastructure recovers. Net income will probably be 130 billion yen (US$1.38 billion) for the fiscal period while operating profit may reach a record 250 billion yen (US$2.6 billion) on sales projected at 5 trillion yen (US$52.7 billion). The company, which forecasts a return to profit this fiscal year, is selling its money-losing hard-disk-drive business to Toshiba to focus on semiconductor and software operations. Fujitsu also plans to outsource some chip production to Taiwan Semiconductor Manufacturing Co. (TSMC) to cut spending and help make the unit profitable next year.

- Consolidated sales for the April-June quarter by Japan's Disco Corp. dropped 48 percent on the year to 9.2 billion yen (US$98.3 million) but the figure represents a 42 percent increase from the January-March quarter. Sales of machinery for cutting and grinding semiconductor silicon wafers have been sluggish as customers hold back on capital investment. But sales of expendable supplies grew in line with higher operating rates at chip-making facilities around the world. The company also said that its parent-only sales for the quarter tumbled 52 percent on the year to 6.8 billion yen. It reported a net loss of 900 million yen.

- Sony Corp. will break down its earnings results in new categories to reflect changes made in April to its organizational structure. Its electronics business was consolidated into the Consumer Products & Devices Group, which also consists of LCD televisions, digital cameras and semiconductors. Its game business is now part of the Network Products & Services Group, which also includes personal computers and portable music players. Music entertainment and business-to-business operations are now independent segments. The motion pictures and financial services segments will remain the same. The reorganized business segments will be reflected in the firm's April-June results. Dividing the earnings results into new categories may help investors better understand Sony's business, but it will make comparisons with past performances difficult.

- Elpida Memory Inc. is reacting calmly to the Taiwanese government's announcement of a change in its DRAM rescue plan, as the company recently secured a total of 140 billion yen (US$1.5 billion) in financial assistance from the Development Bank of Japan and others. Receiving rescue funds from Taiwan was seen as crucial for Elpida's survival amid a severe slump in the DRAM market. The Taiwanese government's previous rescue plan centered around a tie-up between Elpida and TMC, a public-private DRAM joint venture to be established under the lead of the Taiwanese government. Under the old plan, Elpida was to provide cutting-edge DRAM technology for use by Taiwanese companies, and the Elpida-TMC alliance was to receive publicly funded financial assistance. But the government there now plans to provide funds to up to two recipients and accept applications from domestic DRAM makers. The Elpida-TMC alliance is still in the running for these funds, but will likely have to wait longer and may get less because of the additional recipient.

- NTT DoCoMo Inc's group operating profit likely fell 16 percent to about 250 billion yen (US$2.68 billion) in the April-June quarter as the year-earlier boost from reduced sales costs wore off. Quarterly sales likely dropped 2 percent to around 1.15 trillion yen (US$12.1 billion) and handset unit sales may have dropped adding that average revenue per user also appears to have fallen. However, DoCoMo added a net 112,400 contracts in June alone just 500 fewer than Softbank Corp. For the full year ending next March, DoCoMo is expected to maintain its forecast of a 1 percent drop in sales to 4.38 trillion yen (US$46.2 billion) and a nearly flat operating profit of 830 billion yen (US$4 billion).

- The Nikkei English News reported that NTT Data Corporation is planning to acquire BNI Systems Corp., the parent of Wuxi Huaxia Computer Technology Co., Ltd. NTT is a provider of system integration, networking system services, and related services, while Wuxi Huaxia is a China-based software development company. BNI had revenues of approximately 700 million yen (US$7.5 million) for the year ended July 2008.

- KDDI Corp. said its net profit for the first quarter ended June rose 19 percent from a year earlier, as cost-reduction efforts offset sluggish revenue. KDDI posted a net profit of 86.4 billion yen (US$912 million) in the three months ended June 30. Revenue fell 1.9 percent in the April-June quarter. Average monthly revenue per user fell to 5,600 yen (US$59.00) in the first quarter from 5,900 yen (US$62.24) a year earlier. The operator of "au" brand mobile phone services succeeded in reducing operating costs, partly by spending less on handset sales promotions.

Korea

- Samsung SDI Co. said that its net profit rose 17 percent in the second quarter of this year from a year earlier mainly due to increased income from equity investment. Net income came to 58 billion won (US$46.4 million) in the April-June period, compared with 49.6 billion won (US$39.8 million) a year ago. Sales fell 6 percent on-year to 1.2 trillion won (US$955 million) during the same period on the back of a rise in overseas orders and operating profit increase 33 percent from a year ago. Samsung SDI attributed the rise to earnings from its stake in a joint venture with Samsung Electronics Co.

- Pixelplus Co., Ltd., announced unaudited financial results for the first quarter of fiscal 2009 ended on March 31, 2009 with revenue of 3.5 billion won (US$2.6 million), compared to 4.5 billion won (US$3.3 million) in the fourth quarter of fiscal 2008, and 3.4 billion won (US$2.5 million) in the first quarter of fiscal 2008. The Company's lower-than-expected revenue was primarily due to the seasonality of sluggish sales in Asia typically exhibited annually in the first quarter, and weaker-than-anticipated sales to Chinese distributors and module makers. Pixelplus is a fabless semiconductor company in Korea that designs, develops, and markets CMOS image sensors for various consumer electronics applications,

- South Korean TV makers claimed the largest market share of the global TV market during the first three months this year, widening their lead over Japanese and Chinese competitors. South Korea's Samsung Electronics Co. and LG Electronics Co. together gained a market share of 33.4 percent in the first quarter of 2009. They had a large margin over the 23.3 percent held by Japanese TV makers Sony Corp., Sharp Corp., Panasonic Corp. During the same period last year, South Korean makers held a 29.0 percent market share, while Japanese counterparts followed with 20.3 percent. Samsung Electronics and LG Electronics also beat out Chinese TV makers TCL Corp., Skyworth Digital Holdings Co. and Hisense Electric Co. East Asia-based TV makers grabbed a 69.1 percent market share in total for the quarter. The Netherlands' Philips Electronics N.V., with 4.1 percent market share, was the only company not from East Asia to make it into the world's top 10 TV makers.

- LG Electronics Inc. reported record quarterly profit, fueled by demand for flat- panels TVs, and forecast higher sales in the current period. Second-quarter net income climbed 62 percent to 1.15 trillion won (US$917 million), from 706.9 billion won (US$567 million) a year earlier. Profit was almost 50 percent higher than the 770.7 billion won (US$618.5 million) median estimate in a Bloomberg survey of 17 analysts. LG Electronics plans to overtake Sony Corp. in terms of LCD TV shipments this year by offering wireless and energy-saving models. The uncertainty in the global economy will continue in the current period.

- Samsung Electronics would invest 5.4 trillion won (US$4.3 billion) in green research and development and facilities to make the company eco-friendly by 2013. Of the total, 3.1 trillion won (US$2 billion) will be spent to develop products which cause less damage to the environment, and the remainder on energy-saving technologies and the environmental improvement of manufacturing facilities. Samsung Electronics did not detail how it would finance the initiatives but had around 5.3 trillion won (US$4.2 billion) in cash and cash equivalent at end-March. Samsung's plan includes reducing greenhouse gas emissions from manufacturing facilities by 50 percent, cutting total indirect greenhouse gas emissions from all products by 84 million tons through 2013, and ensuring all of its products are more environmentally friendly by increasing energy efficiency through measures such as cutting standby power consumption.

- Samsung Electronics is expected to invest at least 1 trillion won (US$790 million) in a semiconductor production facility in the second half of 2009. Kwon Oh-hyun, president of Samsung's semiconductor division, said at an industry event that Samsung expected its investment in the second half to rise slightly from the first half. The company has repeatedly declined to disclose the size of capital investments planned for this year or already made so far. The chip division investment in the second half would focus on introducing more advanced production technology, such as 40-nanometre circuitry for DRAM chips and 30-nanometre for NAND flash memory.

- LG Chem Ltd. will spend 430 billion won (US$341 million) to boost output of glass sheets for liquid crystal display (LCD) panels. LG Chem announced the investment plan a day after it posted a 31.2 percent jump in second-quarter net profit. LG Chem, which supplies glass sheets to LCD makers, is benefiting from a shortage of the key parts as LCD makers such as Samsung Electronics and LG Display, are increasing prices of the flat panels on the back of strong demand for LCD televisions and computer screens in China.

- The Korean presidential office announced on July 12 that Swedish telecom equipment vendor Ericsson is expected to invest in a joint project to develop 4G LTE (Long Term Evolution) technology, Reuters reported. The Korean presidential office added that Ericsson's five-year investment project is estimated at a ballpark figure of US$1.5 billion and is projected to increase Ericsson's staff in Korea to approximately 1,000 from 80 at present. After the announcement, Ericsson made clarifications to the Korea Communications Commission that the amount of its investment is still not fixed and that details of its investment plan are still being fleshed out and no definite scheme has been reached yet.

India

- The Indian government is looking to sell stakes in state-run Bharat Sanchar Nigam Ltd. and Telecommunications Consultants India Ltd. BSNL provides telephony and Internet services in 20 of India's 22 telecom-service areas, while Telecommunications Consultant (TCIL) is a consultancy and engineering company. The federal government had planned to sell 10 percent of BSNL and list the company's shares last year, but had to defer the plan after opposition from a major workers' union and the stock-market meltdown. Rakesh K. Upadhyay, chairman and managing director of TCIL, said that a stake sale will be beneficial for his company. The government is in the process of selling its stake in Bharti Hexacom Ltd., which offers telephony services in six service areas. The government, through TCIL, holds 30 percent of Bharti Hexacom, while the unlisted company's remaining stake is with Bharti Airtel Ltd., India's largest mobile-services provider by subscribers.

- India's Unitech Wireless Ltd., a unit of real estate major Unitech Ltd., will raise between US$1.5 billion and US$2.0 billion within a year to fund its telecom operations. Unitech is in the process of selling a 67.25 percent stake in Unitech Wireless to Telenor ASA for around 61.2 billion rupees (US$1.2 billion). Telenor now holds a 49 percent stake in Unitech Wireless.

- India's Bharti Airtel Ltd. and South Africa's MTN Group Ltd. are on track to meet a July 31 deadline to sign a merger deal. Bharti Airtel and MTN Group had in May revived talks over a complex US$23 billion combination that would create one of the largest 10 companies in the mobile-telecommunications industry. Their merger talks last year had fallen apart as they couldn't reach an agreement on a management structure. The two had now agreed to hold exclusive talks until the end of July. The two companies are now working on due diligence and documentation. MTN is talking to banks in London for a loan of around US$3 billion, while Bharti is talking to banks in Asia about financing its portion of the merger cost, they said, without disclosing the size of the loan Bharti is looking for.

- Tata Communications may need to explore new funding avenues to keep its US$2 billion capital expenditure program on track as there's not much room to increase its debt exposure. However, with the government still holding 26 percent in the once-state-owned company earlier known as Videsh Sanchar Nigam, its options for raising non-debt funds are limited. According to analysts, the upcoming auctions for radio frequencies to offer wireless broadband services will ensure that Tata Communications' balance sheet stays stretched this fiscal. According to Merrill Lynch, given high likelihood of wireless-broadband auctions in 2009 and Tata Communications' likely participation, the potential equity dilution and further debt burden is a cause of concern.

- Tata Consultancy Services Ltd. said Citigroup is helping lead a recovery in demand from financial clients, the Indian software-services companys biggest contributors to revenue. Tata Consultancy surged to its highest in more than a year in Mumbai trading after a pay freeze and a cap on hiring helped the company beat earnings expectations July 17, joining nearest rival Infosys Technologies Ltd. Rising orders from financial services companies may help Indian outsourcers recover from the global recession thats forced companies to tighten their technology-spending budgets. Godwin Chellam, a Mumbai-based spokesman for Citigroup couldnt be reached on his office and mobile phones.

- BSNL has invited initial bids to set up four customer-care call centers for its wireless subscribers in northern India, a bid document on the company's Web site showed. The state-run telecommunications company is likely to finalize the winning bidder by the end of August and the call center should be operational in four months from then, the document showed. The selected bidder will build and run the call center for an initial period of three years, and BSNL may then decide to extend the contract for another two years, on year-to-year basis.

- Bharti Airtel Ltd. reported first-quarter profit rose 24 percent, beating analysts' estimates, after adding more than 8 million subscribers. Net income rose to 25.2 billion rupees (US$520 million) in the three months ended March 31, from 20.3 billion rupees a year earlier. Profit was projected at 23.6 billion rupees (US$490.7 million). Chairman Sunil Mittal is negotiating a merger with South Africa's MTN Group Ltd. to create an operator with annual sales of US$20 billion serving 200 million wireless subscribers across Africa and Asia. Mittal aims to tap markets with fewer people having mobile phones to help Bharti extend its lead over nearest rivals Reliance Communications Ltd. and Vodafone Group Plc.

- Idea Cellular Ltd. posted a better-than-expected 13 percent rise in consolidated first-quarter net profit, helped by lower net finance and treasury charges. The telecommunication-service provider's net profit for the April-June quarter rose to 2.97 billion rupees (US$61.7 million). Consolidated net sales rose 37 percent as it added about 4.1 million users in the just-ended quarter. The average of estimates in a Dow Jones Newswires poll of 11 analysts was for a net profit of 2.65 billion rupees (US$55.1 million). Net finance and treasury charges fell to 869 million rupees (US$18.07 million). A cut in call-termination charges has hurt first-quarter revenue by 1.42 billion rupees (US$29.5 million). The company ended the quarter with 47.1 million subscribers, including those of Spice Communications in which Idea had bought a 41 percent stake last July.

- Wipro Ltd. reported first-quarter profit that exceeded analysts estimates after the company won more orders and cut costs. Net income rose 13 percent to 10.1 billion rupees (US$209 million) in the three months ended June 30, from 8.96 billion rupees a year earlier. Profit beat the 9.2 billion-rupee (US$191.3 million) median of 26 analyst estimates compiled by Bloomberg. Sales gained 5.7 percent. Wipro joins larger rivals Tata Consultancy Services Ltd. and Infosys Technologies Ltd. in surpassing analyst expectations, signaling demand for India's software services may be rebounding as the global recession eases. Billionaire Chairman Azim Premji, who pared costs by freezing pay for Wipro's almost 100,000 employees, has acquired businesses to boost sales and aims to increase revenue from markets such as the Middle East and Brazil.

Singapore

- Singapore's planned next-generation broadband network (NBN) will offer different grades of service levels to downstream service providers, lowering the barrier to entry for such providers to sell high-availability connectivity to enterprises. This competes directly with incumbents SingTel and StarHub, that already sell "Class A" tiered services to enterprises for use in bandwidth-hungry applications such as telepresence. The problem however is that there will be very limited room for new players to be able to come in and play a significant role in the marketplace, as there will be very limited differentiation they can make. A price war is unlikely to occur because of the number of providers jostling for space in Singapore's small market.

- Axia NetMedia led a consortium that won a tender in Singapore in September to roll out fibre to 95 percent of Singapore's 1.4 million homes and businesses by 2012. The Singapore government is providing a S$750 million (US$520.9 million) grant. Axia is investing S$120-$160 million (US$83-111 million) of its own money.

- Singapore Telecommunications said that it would be difficult to gain market share in the current economic environment. The Company's CEO shares that people are more careful in their usage so the challenge is to make sure that the Company will be able to continue to gain market share.

Thailand

- Thailand's TOT has approached rival operator AIS with a request to access some of its base station sites to help speed up the deployment of its 3G services. The state-run operator plans to launch its 3G network initially in the capital Bangkok by the end of 2009 using 500 base stations at a cost of 1.7 billion baht (US$50 billion). TOT plans to extend the service to the rest of the country using a further 3,800 base stations within the next two years, which will cost a further 20 billion baht (US$588 billion). In return for providing access to its base stations, TOT has reportedly offered to help AIS to cover the cost of renting commercial space on which to deploy its own network equipment. AIS, which pays a concession to TOT in the form of a revenue-sharing agreement, is hoping to secure access to the 3G network once it goes live for the purposes of launching its own services.

- Total Access Communication PCL reported a 65 percent fall in its second-quarter net profit due mainly to the absence of non-recurring gains. During April to June, the company posted a net profit of 1.37 billion baht (US$40.3 million). The company's operating profit fell to 2.14 billion baht (US$62.9 million). In the second quarter of last year, the company recorded a one-time gain of 2.4 billion baht (US$70.6 million) from an out-of-court settlement with Digital Phone, a unit of Advanced Info Service PCL, over the usage of Total Access's telecommunication network.

Indonesia

- DiGi.com Bhd. said its second quarter net profit fell 21 percent from a year earlier due to higher depreciation and amortization costs as well as finance costs. The mobile phone service provider's net profit for the three months ended June 30 was 234.5 million ringgits (US$66.3 million). Second quarter revenue rose to 1 percent on year, largely because of a steady increase in its subscriber base. On the Group's prospects, Digi will continue to focus strongly on operating cash-flow in 2009 and aims to achieve an operating cash-flow similar to or better than that of 2008.

- PT Telekomunikasi Indonesia's second quarter net profit will be higher than the IDR2.46 trillion booked a quarter earlier. The stronger rupiah has helped the company to book foreign exchange gains. The company is expected to report its second quarter earnings early next month.

Cambodia

- Distributors in Cambodia said that the number of Chinese-sourced mobile phones being sold in Cambodia each month is climbing rapidly. Not only are they cheaper than leading brands, but some have features including the ability to use two SIM cards, built-in radio and TV receivers and MP3 and MP4 players. The Ky Hout company imports between 6,000 and 8, 000 phones monthly for distribution in Phnom Penh, Siem Reap and Battambang. The sales manager, who asked not to be named, said customers liked the fact that the phones were substantially cheaper than the competition. Sales were up ten-fold since the start of the year. Srey Touch, the owner of another importer, the 03 Company, agreed that sales of Chinese-made phones were up sharply.

- Telecom Cambodia has inaugurated a new national fiber backbone that connects from the country's south western coast at Kampong Cham to the Laos border in the country's north. The new link is the country's second major fiber backbone and will be interconnected to an existing fiber backbone linking Bavet on the Cambodia-Vietnam border via the capital Phnom Penh to Poipet on the Cambodia-Thai border. The new 650 kilometer link offers an initial capacity of 620 Mbps.

Australia

- Telstra Corp. may be forced to consider a split of its business after the Australian government flagged a preference for shareholders to take a direct stake in the A$47 billion (US$37.6 billion) national broadband network company. Federal Communications Minister Stephen Conroy has said he believes it's sensible for Telstra to de-merge its copper network from the rest of its business, so that it would allow shareholders to own the fixed infrastructure as well as the retail company.

- Australian Communications Minister Stephen Conroy said the chairman and board of its planned national broadband network company will soon be appointed, and said the government will be flexible on the structure of any equity investment from private companies in the new venture. The Australian government in April said it would build a high speed, A$43 billion (US$35.1 billion) fiber-to-the-home broadband network, with investment from the private sector. On the issue of whether existing shareholders in Telstra would take a direct stake in the broadband network if Telstra spins off its broadband operations into the new company, Minister Conroy said the government will look at all ownership structures.

Topic: Research / Industry Report
Source: IRG

Sectors: Media & Marketing, IT Individual, Wireless, Apps
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