GF Securities Initiates Coverage on Mobvista with HK$18.55 Target Price and Buy Rating

Stock News04-13 16:26

GF Securities issued a research report stating that Mobvista's primary programmatic advertising platform, Mintegral, currently derives most of its revenue from in-app advertising (IAA), which is expected to maintain faster-than-industry growth this year. In-app purchases (IAP) are projected to become viable by 2027. Since game IAP revenue scales larger than IAA and user lifetime value is higher, the commission rate is anticipated to be significantly above that of IAA, substantially boosting profit margins. The firm forecasts Mobvista's revenue for 2026 and 2027 will reach $2.583 billion and $3.716 billion, respectively, with net profits of $134 million and $210 million. Adjusted net profits are estimated at $149 million and $225 million for the same periods. GF Securities initiated coverage on Mobvista with a target price of HK$18.55 and a Buy rating.

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