TMT Daily "TOTVS +6% and GLOB -1% on the week, after rebound on Friday;..."

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TMT Daily "TOTVS +6% and GLOB -1% on the week, after rebound on Friday;..."

Global Research

29 June 2026ab

TMT Daily Equities

Emerging MarketsTOTVS +6% and GLOB -1% on the week, after

rebound on Friday; AMX/TEF-BZ/TIM: The Telecommunications

state of Brazil MVNO market Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

TOTVS +6% and GLOB -1% on the week, after rebound on Friday Gustavo Farias

Associate Analyst

What happened: On Friday, June 26, GLOB rose +8% and TOTVS +6%, alongside gustavo.farias@ubs.com

software (IGV +4%) and IT services peers (ACN +3%, Cognizant +2%, EPAM +5%). For +55-11-2767 6154

the week, TOTVS closed +6% and GLOB -1%.

UBS's take: Neutral read for TOTVS and GLOB. We believe this indicates that the

price action of stocks like TOTVS and GLOB remains highly driven by a top-down

view on AI's potential impact across their sectors, outweighing company-specific

fundamentals. Bottom-up, we see both names as marginally improving (GLOB with a

constructive Q1, likely trough of a growth cycle; and TOTVS with a more balanced AI

risk-reward profile than initially perceived). However, AI announcements are likely

to remain a recurring theme, and may continue to weigh on both stocks even

without a clear/direct hit to their operations.

AMX/TEF-BZ/TIM: The state of Brazil MVNO market

What happened: After Nucel recently announced (on June 19) that it surpassed 1mn

clients, and with Anatel resuming disclosure of accredited MVNO numbers, we

provide a brief overview of Brazil's MVNO landscape — covering operators, exposure

to consumers, pricing vs. carriers, and key trends to watch.

The MVNO landscape is split between authorized and accredited operators.

Under Anatel's rules, authorized MVNOs (53% of all MVNO lines) hold their own