TMT Daily: INTB: Asia-LatAm freight rates surge; LatAm Telcos: Ericsson to raise equipment prices; TIGO Uruguay leads growth in 5G base stations

Research evidence excerpt

TMT Daily: INTB: Asia-LatAm freight rates surge; LatAm Telcos: Ericsson to raise equipment prices; TIGO Uruguay leads growth in 5G base stations

Global Research

15 July 2026ab

TMT Daily Equities

Emerging MarketsINTB: Asia-LatAm freight rates surge; LatAm

Telcos: Ericsson to raise equipment prices; Telecommunications

TIGO Uruguay leads growth in 5G base stations Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

TMT Calendar: next main events: Gustavo Farias

Associate Analyst

(July 21) AMX earnings release gustavo.farias@ubs.com

(July 23) Televisa and TelevisaUnivision earnings release +55-11-2767 6154

(July 22) AT&T earnings release

(July 27) TEF-BZ earnings release

(July 27) TIM earnings release

(July 29) TEF earnings release

(July 29) Intelbras earnings release

(July 29) Cognizant earnings release

(July 30) Grid Dynamics earnings release

INTB: Asia-LatAm freight rates surge; Potential cost headwind for INTB

What happened: According to Ecommerce Brasil, citing DHL Global Forwarding's

latest freight market reports, Latin America is facing an early peak season, with

demand growing above available logistics capacity. Key takeaways were:

Ocean: Asia-LatAm routes under the most pressure. Ships on these routes

are sailing nearly full (~98% occupancy), and rates to Latin America's West

Coast are up 126%, above the average of other global routes (Shanghai freight

index +84% YoY). Besides the strong demand, port congestion and labor

shortages at Chinese ports add to the constraints.

Air: also tightening. Asia-LatAm volumes grew 20% vs. May 2025 and average

rates 27%, with capacity broadly stable.

UBS's take: We believe higher international freight costs - if they end up affecting

INTB's specific supply chain routes - could potentially add one more layer of cost