CMSC: First gives MOBVISTA (01860) a "strong recommendation" rating, product iteration drives high performance growth.

CMSC released a research report stating that MOBVISTA (01860) takes Mintegral as its absolute core business, and the continuous iteration of its products forms the core engine of revenue and profit growth. The company will consolidate the foundation of IAA (advertising monetization) and deepen the high-value business of IAP (in-app purchases), leveraging the flywheel effect to drive continuous performance growth. Considering the company's accelerated expansion of the IAP business and the deepening of AI empowerment, the bank is optimistic about the performance growth brought by the continuous iteration of the intelligent bidding system of the Mintegral platform, and initiates coverage with a "strong buy" rating. The bank predicts that MOBVISTA's revenue from 2026 to 2028 will be USD 2.776 billion, USD 3.67 billion, and USD 4.715 billion, with year-on-year growth of 36%, 32%, and 28%, respectively; adjusted net profits will be USD 195 million, USD 290 million, and USD 420 million, with year-on-year growth of 104%, 49%, and 45%, respectively.