TMT Daily "GLOB/CINT: A soft quarter ahead for Indian IT Services; TOTVS:..."

研报英文原文证据摘录

TMT Daily "GLOB/CINT: A soft quarter ahead for Indian IT Services; TOTVS:..."

its 2026 capex estimate to R$ 700mn from R$ 900mn amid high interest rates,

the agency sees free cash flow turning positive only in 2028 (R$ 108mn). S&P

maintained the brAA- national scale rating with a stable outlook, with

leverage declining from ~2.5x in 2026 to 2x in 2028.

STF invalidates additional ICMS charge on telecom in Alagoas. In a unanimous

decision, Brazil's Supreme Court (STF) ruled against Alagoas's ICMS surcharge

on telecom services, which funded the state's poverty eradication fund. The

court found that federal law treats telecom as an essential service, so it

cannot carry the extra tax. The surcharge ends on January 1, 2027. The

decision follows similar rulings for Sergipe, Rio de Janeiro, and Paraíba.

TIM launches app inside ChatGPT. TIM announced the launch of an app

integrated into ChatGPT, becoming the first Brazilian carrier to offer a service

and sales channel within the AI platform. Users can voluntarily open the app

inside ChatGPT, ask about plans and offers in natural language, and receive a

link to proceed with the purchase. The company noted that ChatGPT does not

automatically recommend the carrier, and that the goal is to simplify the

commercial journey.

Surf MVNOs total 1mn gross adds in 1H26, up 133% YoY. Surf reported 1mn gross

subscriber additions in 1H26 (vs. 430k in 1H25), with May as the strongest

month (234k). Net adds reached 821k in the period. The company has ~600

MVNOs connected to its platform.

WhatsApp to charge for business replies, exempting Meta's own AI agents.

From October 1, WhatsApp will charge R$ 0.035 per non-template response

sent by companies via its Business API, whether written by a human or a third-

party AI bot.