LatAm TMT "Dividend picks: Finding Yield Without Losing Sight of Risk" Olmos

研报英文原文证据摘录

LatAm TMT "Dividend picks: Finding Yield Without Losing Sight of Risk" Olmos

Global Research

13 July 2026ab

LatAm TMT Equities

Latin AmericaDividend picks: Finding Yield Without Losing

Sight of Risk Software

Leonardo Olmos, CFA

Analyst

leonardo.olmos@ubs.com

AMX for stability; Telecom Argentina for asymmetry. We look at the dividend and +55-11-9658 7533

valuation outlook across six LatAm TMT names. Dividend yields remain attractive,

Gustavo Farias

but the quality and sustainability of shareholder returns vary significantly. América

Associate Analyst

Móvil and Telecom Argentina are our top picks, although they offer distinct risk gustavo.farias@ubs.com

profiles. +55-11-2767 6154

AMX is our preferred lower-risk exposure. Diversified execution, gradual

margin expansion in Brazil and Colombia, and greater capex discipline support

improving FCF. At a 10.5% 2027E FCF yield, we see an attractive balance

between growth, reinvestment and shareholder returns.

Telecom Argentina offers the strongest risk/reward asymmetry. Pricing

recovery, macro normalization and TMA synergies support earnings and re-

rating potential, in our view. Regulatory remedies, spectrum constraints and

higher investment requirements increase execution risk, while the 3.4%

2027E dividend yield confirms that this remains a recovery rather than an

immediate income story.

High yields in Brazil, but competition constrains upside

TIM offers the strongest income profile, with a 10.3% 2027E dividend yield

and a 10.5% FCF yield. I-Systems should support margins over time, but we

think mobile deceleration, higher capex and competition limit re-rating

potential.

Vivo combines quality with a 7.5% dividend yield, but its 8.0% FCF yield is

less compelling than TIM’s. Leasing requirements, competition and limited