GF Securities issued a research report stating that Mobvista (01860.HK) -0.500 (-3.351%) 's main programmatic advertising platform Mintegral is currently generating the majority of its revenue from IAA, and is expected to maintain growth faster than the industry this year. IAP is projected to achieve a successful commercialization model by 2027. As game IAP revenue scale is larger than IAA and user LTV is higher, the commission rate is expected to be significantly higher than IAA, which will substantially increase profit scale.The broker forecasts Mobvista's revenue to reach USD2.583 billion and USD3.716 billion in 2026 and 2027, respectively, with net profit of USD134 million and USD210 million, and adjusted net profit of USD149 million and USD225 million, respectively. GF Securities initiated coverage on Mobvista for the first time, assigning a TP of HKD18.55 and a rating of Buy. (sl/da)(HK stocks quote is delayed for at least 15 mins.)Related News MOBVISTA (01860.HK) 1Q Net Profit USD34.225 million, Up 60.6% YoY; Adj. Net Profit Up 10.6%
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