MOBVISTA-Focusing on margin enhancement

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Mobvista Inc. (1860 HK) Focusing on margin enhancement FY23 results were largely in line, with rev +18% YoY and profit at US $19.1mn Target Price HK$ 6.00 (in line with our estimate but 9% above consensus). Mintegral rev remained (Previous TP HK $6.00) resilient at +19.5% YoY in 4Q23. For 2024E, we see high visibility for Mobvista Up/Downside 85.8% to enhance its profitability (forecasting bottom line at US$ 37mn, net margin at ...