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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.


Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi.


Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

<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

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

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi.

Ke Yan, CFA, FRM

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

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