Our meetings with management focused largely on NQ Mobile’s recently announced partnership deals such as America Movil, A Wireless, The Cellular Connection, TDMobility, 3LM, Telefonica, Vodafone a long with NQ’s investments in Feiliu, Hesine and NationSky. While many of these new deals have not yet contributed material revenue, we believe these deals 1) increase NQ’s reach and global TAM, 2) enhance NQ Mobile’s consumer brand and channel credibility, and 3) could improve NQ’s corporate average ARPU, active – to -paid user conversion rates, and margins. Further, we believe NQ Mobile has a strong deal pipeline with significant growth opportunities in its core mobile security market. In fact, NQ Mobile management estimates the global mobile security market is only roughly 10% penetrated versus over 90% penetration in the global PC security market.
In the NQ forum post An interesting note from Canaccord.