TMT Daily "AMX: Mexico smartphone sales to fall 12% in 2026; TIGO: Atlas..."

研报英文原文证据摘录

TMT Daily "AMX: Mexico smartphone sales to fall 12% in 2026; TIGO: Atlas..."

Global Research

24 June 2026ab

TMT Daily Equities

Emerging MarketsAMX: Mexico smartphone sales to fall 12% in

2026; TIGO: Atlas reports a 46.7% stake in Telecommunications

Millicom, up from 46.0% Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

AMX: Mexico smartphone sales to fall 12% in 2026, says IDC; A headwind to AMX's Gustavo Farias

Associate Analystequipment line?

gustavo.farias@ubs.com

What happened: According to Expansión, citing IDC, Mexico's smartphone market is +55-11-2767 6154

set to shrink in 2026.

Unit sales seen down 12% as RAM memory gets scarce and costly. IDC

expects Mexico to sell 24.7mn smartphones in 2026, down 12% from 28.4mn in

2025. The same drop is seen in the rest of the world, down 13%.

Memory is going to AI and data centers, lifting prices. According to IDC,

memory makers have prioritized data centers and AI processors, leaving less

for phones and raising memory costs 20% to 30%.

Longer replacement cycles and a shift to financing and refurbished. IDC

expects upgrade cycles to stretch to about three years and greater use of

instalment plans, trade-ins, and refurbished phones.

UBS's take: Negative read for AMX. We believe this, combined with refurbished

phones gaining traction in Mexico, could be a headwind to AMX's equipment revenue

line, with large retailers offering roughly 50% lower prices on refurbished phones vs.

Telcel's new models. We note that equipment revenue in Mexico represents around

18% of total revenue in the country and close to 7% of the group's consolidated

revenue.

TIGO: Atlas Investissement reports a 46.7% stake in Millicom, up from 46.0%

What happened: According to an SEC file, Atlas Investissement, the vehicle