TMT Daily "GLOB, LatAm telcos and TOTVS down on the week; AMX/TEF-BZ/TIM..."

Research evidence excerpt

TMT Daily "GLOB, LatAm telcos and TOTVS down on the week; AMX/TEF-BZ/TIM..."

Global Research

22 June 2026ab

TMT Daily Equities

Emerging MarketsGLOB, LatAm telcos and TOTVS down on the

week; AMX/TEF-BZ/TIM: NuCel surpasses 1mn Telecommunications

subs; TEO: More color on remedies resolution Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

GLOB, LatAm telcos and TOTVS down on the week Gustavo Farias

Associate Analyst

GLOB: Down 16% last week after Accenture's print. Globant fell 16% gustavo.farias@ubs.com

alongside other IT services peers (-1% to -20%), after Accenture lowered its +55-11-2767 6154

full-year revenue growth guidance to 3-4% CC from 3-5% and cited a US$100mn

impact on its Consulting unit, driven by direct and indirect effects related to

the Middle East conflict. We note that Globant comes from a constructive Q1,

with management framing it as the trough of the cycle and pointing to a

healthier rest of the year, alongside pipeline additions, which, in our view,

makes delivering the already de-risked full-year guidance more achievable.

Against this backdrop, we see the 16% drop as unwarranted, largely reflecting

the AI disruption narrative that continues to weigh on the sector's multiples.

LatAm telcos: Risk-on rotation weighs on defensive names. Last week, TEO

and TIGO fell 10%, TIM 6%, AMX 5% and TEF-BZ 3%. The declines began early in

the week, likely reflecting more risk-on positioning after US-Iran deal

developments. Looking forward, we stay more constructive on LatAm telecom

ex-Brazil, where we see market repair trends in countries like Argentina and

Colombia. Meanwhile, in Brazil, competition in the mobile segment is on the

rise, with NuCel (Nubank's MVNO) surpassing 1mn customers and Nio's

expected MVNO launch in 2H26.