External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>FY23 results were largely in line, with rev +18% YoY and profit at US$19.1mn (in line with our estimate but 9% above consensus).</li><li>Mintegral rev remained resilient at +19.5% YoY in 4Q23. For 2024E, we see high visibility for Mobvista to enhance its profitability (forecasting bottom line at US$37mn, net margin at 2.9%), with solid topline growth (forecasting +20% YoY).</li><li>We expect midcore and hardcore games’ momentum to continue. Intelligent bidding system upgrade should benefit effectively category expansion (e.g., non-game), and ROAS system should bring upside in the long run, if executed well. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY23 results were largely in line, with rev +18% YoY and profit at US$19.1mn (in line with our estimate but 9% above consensus).Mintegral rev remained resilient at +19.5% YoY in 4Q23. For 2024E, we see high visibility for Mobvista to enhance its profitability (forecasting bottom line at US$37mn, net margin at 2.9%), with solid topline growth (forecasting +20% YoY).We expect midcore and hardcore games’ momentum to continue. Intelligent bidding system upgrade should benefit effectively category expansion (e.g., non-game), and ROAS system should bring upside in the long run, if executed well. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista Inc. (1860 HK) - Focusing on Margin Enhancement

<ul><li>Mobvista’s 3Q23 earnings was largely in-line, with revenue +26% YoY (2% below our estimates) and profit at US$4.1mn (in line with our estimates).</li><li>Mintegral’s revenue accelerated to 28% YoY in 3Q23 (vs. +14% YoY in 2Q23), in which revenue mix of midcore and hardcore games climbed to 32% in 3Q23 (vs. 31% in 2Q23).</li><li>For ROAS mode, it might take some time to see meaningful contribution from the in-app purchase feature. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista’s 3Q23 earnings was largely in-line, with revenue +26% YoY (2% below our estimates) and profit at US$4.1mn (in line with our estimates).Mintegral’s revenue accelerated to 28% YoY in 3Q23 (vs. +14% YoY in 2Q23), in which revenue mix of midcore and hardcore games climbed to 32% in 3Q23 (vs. 31% in 2Q23).For ROAS mode, it might take some time to see meaningful contribution from the in-app purchase feature. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista Inc. (1860 HK) – Margin Intact with Topline Acceleration

<ul><li>Mobvista’s 1H23 result was better-than-feared, with rev +11% YoY (1% above our estimate) and profit at US$8.5mn (19% above our estimate).</li><li>Margin beat on higher GPM and lower incentive. Midcore and hardcore games made a big breakthrough (+76% YoY), with rev mix up to 31% in 2Q23 (vs. 29% in 1Q23).</li><li>We expect this ratio to continue to climb up in 2H23E. Looking ahead, we expect stronger momentum in 2H23E (forecasting rev &gt;35% YoY growth), backed by:1) ROAS mode with enhanced algorithm to attract midcore &amp; hardcore game ads budget; and 2) further upside from deeper cooperation with Google. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista’s 1H23 result was better-than-feared, with rev +11% YoY (1% above our estimate) and profit at US$8.5mn (19% above our estimate).Margin beat on higher GPM and lower incentive. Midcore and hardcore games made a big breakthrough (+76% YoY), with rev mix up to 31% in 2Q23 (vs. 29% in 1Q23).We expect this ratio to continue to climb up in 2H23E. Looking ahead, we expect stronger momentum in 2H23E (forecasting rev &gt;35% YoY growth), backed by:1) ROAS mode with enhanced algorithm to attract midcore &amp; hardcore game ads budget; and 2) further upside from deeper cooperation with Google. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista Inc. (1860 HK) – Moving into 2H23E Acceleration

<ul><li>We expect Mobvista’s 2Q23E results to be moderate, with solid profit (estimated at US$6.02mn) but mild rev growth (forecasting rev +14% YoY, vs. previous estimate of +22%).</li><li>The high interest rate environment limits ads budget from game developers in 1H23E.</li><li>Looking ahead, we expect stronger momentum in 2H23E (forecasting rev &gt;30% YoY growth), backed by:1) ROAS mode with enhanced algorithm to attract midcore &amp; hardcore game ads budget; and 2) further upside from deeper cooperation with Google. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Mobvista’s 2Q23E results to be moderate, with solid profit (estimated at US$6.02mn) but mild rev growth (forecasting rev +14% YoY, vs. previous estimate of +22%).The high interest rate environment limits ads budget from game developers in 1H23E.Looking ahead, we expect stronger momentum in 2H23E (forecasting rev &gt;30% YoY growth), backed by:1) ROAS mode with enhanced algorithm to attract midcore &amp; hardcore game ads budget; and 2) further upside from deeper cooperation with Google. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista Inc. (1860 HK) – Eyes on Upside from ROAS Mode

<ul><li>Mobvista delivered solid 1Q23 results, with in-line rev (+5% YoY) and upbeat bottom line (at US$4.5mn).</li><li>We are impressed by Mintegral’s vertical expansion, with rev mix of midcore &amp; hardcore games vertical up to 28.5% (vs. 23% in 4Q22).</li><li>We see high visibility for Mobvista to accelerate from 2Q23E (forecasting rev +22% YoY), and 2H23E would see further upside from ROAS mode and cooperation with Google.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista delivered solid 1Q23 results, with in-line rev (+5% YoY) and upbeat bottom line (at US$4.5mn).We are impressed by Mintegral’s vertical expansion, with rev mix of midcore &amp; hardcore games vertical up to 28.5% (vs. 23% in 4Q22).We see high visibility for Mobvista to accelerate from 2Q23E (forecasting rev +22% YoY), and 2H23E would see further upside from ROAS mode and cooperation with Google.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobvista Inc. (1860 HK) – A solid start into FY23E

China

Mobvista Inc. operates as a holding company. The Company, through its subsidiaries, offers technology platform that provides mobile advertising and mobile analytics services to the application developers. Mobvista serves clients worldwide.

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Mobvista (1860 HK)

Mobvista Inc. (1860 HK) - Focusing on Margin Enhancement

FY23 results were largely in line, with rev +18% YoY and profit at US$19.1mn (in line with our estimate but 9% above consensus).

CMB International

Mobvista Inc. (1860 HK) – Margin Intact with Topline Acceleration

Mobvista’s 3Q23 earnings was largely in-line, with revenue +26% YoY (2% below our estimates) and profit at US$4.1mn (in line with our estimates).

CMB International

Mobvista Inc. (1860 HK) – Moving into 2H23E Acceleration

Mobvista’s 1H23 result was better-than-feared, with rev +11% YoY (1% above our estimate) and profit at US$8.5mn (19% above our estimate).

CMB International

Mobvista Inc. (1860 HK) – Eyes on Upside from ROAS Mode

We expect Mobvista’s 2Q23E results to be moderate, with solid profit (estimated at US$6.02mn) but mild rev growth (forecasting rev +14% YoY, vs....

CMB International

Mobvista Inc. (1860 HK) – A solid start into FY23E

We see high visibility for Mobvista to accelerate from 2Q23E (forecasting rev +22% YoY), and 2H23E would see further upside from ROAS mode and...

CMB International

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