Report
Soomit Datta

New Street: LatAm TMT - Portfolio switch for Covid-19 Times: TIGO/Oi to Neutral; VIVO to Buy, Entel to Reduce

Coronavirus has come to LatAm slightly later than Asia, Europe or the US. Although usage has picked up, it’s early days and the story is mixed across the continent: some moves akin to Europe (+40% fixed data) but less significant shifts in Brazil for example (despite 2+ weeks of lockdown).
Underlyings
Empresa Nacional de Telecomunicaciones S.A.

Empresa Nacional de Telecomunicaciones is engaged in the provision of telecommunication services. Services provided include local, domestic and international long-distance calls, international direct dialing, international directory assistance, international business toll-free service, mobile maritime service via satellite, video conference, international telephone cards, bank credit cards, collect calls, television and radio transmission services, and private corporate networks through a digital network offering voice, data, fax, image and internet services.

Grupo Televisa S.A.B.

Grupo Televisa is a holding company. Through its subsidiaries, Co. is engaged in the cable business providing integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers through five cable operators in Mexico; and an operator of direct-to-home satellite pay television system in Mexico. In the U.S., Co.'s audiovisual content is distributed through Univision Communications Inc. Also, Co. has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature-film production and distribution, and gaming.

Liberty Latin America Ltd

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Megacable Hldgs SAB de CV Cert Part Ord Cons of 2 A

Megacable Holdings and its subsidiaries are engaged in the installation, operation, maintenance and exploitation of cabling network distribution, internet and telephone systems.

Millicom International Cellular SA Swedish Depository Receipt

Millicom International Cellular is a global telecommunications group with mobile telephony operations in emerging markets. Co also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. Co. operates its mobile businesses in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal, Tanzania and Laos. Co. also provides broadband and cable television services in Costa Rica, Honduras and El Salvador; fixed telephony in El Salvador and Honduras, and corporate data services in the above countries and in Guatemala and Nicaragua.

Oi S.A. ON

Telefonica Brasil S.A.

Telefonica Brasil SA Pfd

Telefonica Brasil is a holding company. Through its subsidiaries and associated companies, Co. is engaged throughout Brazil in rendering Fixed Switched Telephone Service Concession Arrangement ("STFC"); Multimedia Communication Service ("SCM", data communication, including broadband internet); Personal Mobile Service ("SMP"); and Conditioned Access Service ("SEAC" - Pay TV) by means of DTH (a satellite technology), IPTV and cable technologies. Co.'s broadband accesses with speeds higher than 34 Mbps in the state of SAPSo Paulo. Co.'s commercial distribution network (marketed under the Vivo brand), as of Dec 31 2017, consisted of 295 own sales outlets throughout Brazil.

Provider
New Street Research
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Analysts
Soomit Datta

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