GF SEC: Initiate Coverage on MOBVISTA (01860) with a target price of HK$18.55. Rated as "Buy".

GF SEC released a research report stating that MOBVISTA (01860)'s main programmatic advertising platform Mintegral currently contributes the majority of its revenue from IAA, and is expected to maintain faster growth than the industry this year. It is expected that IAP will break even in 2027. Since game IAP revenue is larger than IAA, and user LTV is higher, the commission rate is expected to be significantly higher than IAA, which will significantly increase profit. The bank predicts that MOBVISTA's revenue for 2026 and 2027 will be $2.583 billion and $3.716 billion, with net profits of $134 million and $210 million, and adjusted net profits of $149 million and $225 million. The bank has initiated coverage of MOBVISTA for the first time, giving it a target price of HK$18.55 and a "buy" rating.