External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Global macro challenges and inflation dampened Mobvista’s 2H22E ads momentum (Mintegral rev slowed to +13% YoY in 4Q22).</li><li>However, we suggest to look into its FY23E reacceleration (forecasting rev +25% YoY in FY23E), backed by: 1) vertical expansion; 2) China’s reopening; and 3) cooperation with Google.</li><li>As priority on profitability upgraded, we expect FY23E margin enhancement to continue with lighter incentives and stabilized R&amp;D (forecasting GP/adj. NP +27%/110% YoY in FY23E). </li></ul><p><em>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.</em></p>

Global macro challenges and inflation dampened Mobvista’s 2H22E ads momentum (Mintegral rev slowed to +13% YoY in 4Q22).However, we suggest to look into its FY23E reacceleration (forecasting rev +25% YoY in FY23E), backed by: 1) vertical expansion; 2) China’s reopening; and 3) cooperation with Google.As priority on profitability upgraded, we expect FY23E margin enhancement to continue with lighter incentives and stabilized R&amp;D (forecasting GP/adj. NP +27%/110% YoY in FY23E). 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) – Recovery in sight with clear margin expansion