TMT Daily: BZ Telecom Post-Earnings Marketing: Locals’ Feedback After Sharp Selloff; GLOB/CINT: IT Services Rally amid Cognizant & Capgemini prints

研报英文原文证据摘录

TMT Daily: BZ Telecom Post-Earnings Marketing: Locals’ Feedback After Sharp Selloff; GLOB/CINT: IT Services Rally amid Cognizant & Capgemini prints

Global Research

30 July 2026ab

TMT Daily Equities

Emerging MarketsBZ Telecom Post-Earnings Marketing: Locals’

Feedback After Sharp Selloff; GLOB/CINT: IT Telecommunications

Services Rally amid Cognizant & Capgemini Leonardo Olmos,AnalystCFA

prints leonardo.olmos@ubs.com+55-11-9658 7533

Gustavo Farias

Associate Analyst

TMT Calendar: next main events: gustavo.farias@ubs.com

+55-11-2767 6154

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BZ Telecom Post-Earnings Marketing: Locals’ Feedback After Sharp Selloff

Competition, not earnings, drove the selloff. Following the >10% decline in

Vivo and TIM shares after Q2 results, investor discussions were overwhelmingly

focused on mobile competition rather than quarterly earnings. The prevailing

view is that the market is reassessing the sustainability of the sector’s pricing

power and growth outlook into 2027.

TIM became the focal point of competitive concerns. Investors broadly

interpreted management’s comments on revenue reacceleration and

subscriber growth as implying a more aggressive commercial stance. The key

debate is whether future growth will require lower pricing and weaker ARPU

trends to recover net adds. Several investors we spoke with highlighted the

increasing visibility of lower-priced plans and questioned whether the

industry’s pricing discipline is beginning to erode.

Vivo was not spared despite being viewed as the stronger asset. Most

investors continue to see Vivo as structurally better positioned than TIM.

However, concerns around competition led many to revisit assumptions for