Latam TMT Charts – Themes & Trades

研报英文原文证据摘录

Latam TMT Charts – Themes & Trades

July 29, 2026 06:28 PM GMT

July 29th, 2026

M O R G A N S T A N L E Y R E S E A R C HLatam TMT Charts – Themes & Trades Latin America

In IT services, we quantify the industry transition towards the AI era. Prior cycle (Cloud/Hyper-scaler) took

4 years to adapt. GLOB remains our preferred name for an eventual industry reacceleration (15% FCF Yield Morgan Stanley & Co. Incorporated

Cesar Medina– 30-50% cheaper vs. peers, new AI revenues already at 12% of 1Q26 pipeline). Cesar.Medina@morganstanley.com

+1 (212) 761-4911

In Software, we note unlike global peers, TOTVS has not slowed down. Further, proprietary Brazil survey M. Stanley Mexico, Casa de Bolsa, S.A. C.V.+

shows resilient ERP demand and validates our view that TOTVS benefits from AI tailwinds (respondents Ernesto Gonzalez

see software vendors as a key partner for AI implementation). Linx integration is an added tailwind. Ernesto.Gonzalez@morganstanley.com+52 (55) 5282-6726

In Telecom, AMX is our preferred name on market share gains post TEF’s regional exit. In Brazil, we are Morgan Stanley C.V.T.M. S.A..+ Gabriel Vaz De Lima

monitoring mobile competition; while in Argentina, we think TEO is closer to monetize tangible synergies Gabriel.Vaz.De.Lima@morganstanley.com

from M&A acquisition. TIGO has positive optionality, but we are neutral on valuation. +55 (11) 3048-6088

In Data Centers, Brazil is a tier 1 market with ample renewable power and less local opposition. Base case

for the country is 3GW capacity by 2030 (9GW if AI inference is done locally). Mexico is power constrained.

Selected reports

Global IT Services: Quantifying The Re-Skilling Race (28 Jul 2026)

Totvs S.A.: Elongating Growth Cycle With AI; OW (4 Feb 2026)

Totvs S.A.: New Survey Shows Resilient Growth (13 Jul 2026)