Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Millicom, Petrobras, Alpek, Agrosuper, LATAM Airlines, SierraCol, Suzano, Usiminas

Millicom (Buy, TP: $70, +7%) Millicom acquires Telefonica Chile: A po...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing. We see this deal as a potentially valuable option, though market may have concerns Millicom is stretching management too thinly.

Millicom (Buy, TP: $70, +7%) acquires Telefonica Chile: A potentially ...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing.

Regional Morning Meeting Notes: Tuesday, February 10, 2026

Greater China Sector Update | China Property Recent equity placements proposals by Zhuhai Huafa Properties and Seazen signal improving equity financing conditions for mainland developers. Expected losses in 2025 will lower BPS for SOE/quasi-SOE developers, increasing the likelihood of state-owned capital injections amid industry consolidation. Jan 26 property sales data shows improved yoy performances in both the primary and secondary markets, partly due to a low base in Jan 25 which was impacte...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Gran Tierra Energy, Ero Copper, Cencosud, YPF, Millicom, Aeromexico, Vale, Votorantim, CSN, CEMEX, Nemak, Movida, Braskem Idesa

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Brava Energia, Millicom, Vale, Embraer, FS Agrisolutions

EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa

Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Geopark, Millicom, Nexa

Reliance Industries (Buy, TP: INR 1,700, +22%) Q3 FY26 Quick Take: FW...

Reliance Industries reported Q3 results on Friday. Revenue growth accelerated to 10.5%, mainly driven by O2C. However, retail growth slowed materially. Overall EBITDA grew 6.1% YoY, with margins slightly dipping to 18.9% from 19.5%. Management confirmed that Jio’s IPO "should happen in the next few months for sure".

Regional Morning Meeting Notes: Thursday, January 15, 2026

Greater China Economics | Trade Exports growth accelerated to 6.6% yoy in December (+0.7ppt mom), well above consensus, supported by strong shipments growth to Hong Kong and ASEAN, while exports growth to the US weakened further. Import growth surged to 5.7% yoy (+3.8ppt mom), beating expectations amid broad-based commodity recovery. Trade surplus widened to US$114.1b. Growths of motor vehicle, hi-tech, and mechanical & electrical exports strengthened. Overall, December’s trade data is marke...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Brava Energia, Usiminas, Millicom, Ecopetrol

Millicom - ESG Report - Lucror Analytics

Global EM Telcos & Towers 2025 wrapped. NSR GEM 2026 Top-10 unveiled:...

2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.

Global EM Telcos & Towers Themes and Top picks for 2026

EM Telcos have been strong for some time, but 2025 was a banner year. Multiples have expanded somewhat, but we remain bullish, as we think EM Telcos operate on a long cycle driven by market structure which has now definitively turned up We therefore see EM Telcos in a true stealth bull market as conditions still seem ripe for the best to exhibit pricing power and hence GDP+ revenue growth and rising ROIC. This note explains the key themes we see for 2026.

Indian Telcos & Towers What to expect in 2026: Another good year; Jio...

We think 2026 is likely to be a good year for Indian telcos, with a price hike probably prefiguring Jio’s IPO and in the background FWA continuing to accelerate and Enterprise/Africa likely to be strong for Bharti.

Global EM Telcos Fish in a barrel? 8 Themes that drove EM Telcos in 2...

2025 was a banner year for EM Telcos, following on from a good 2023 and 2024. As we head towards the New Year we thought it might be useful to highlight a few of the thematic pieces we wrote last year that we think help to highlight why EM Telcos are in a clear and sustained bull market and why therefore we are confident that 2026 will be another good year for investors in the space, as fundamentals continue to look much stronger than in the past. I hope you enjoy reading these and happy holiday...

Indian Telcos Q2 FY26 review: Remain constructive as Jio’s IPO nears

India’s mobile revenue growth moderated as expected, after lapping last year’s tariff increase. As the IPO of Jio nears, we foresee another potential price increase. Separately for Vodafone Idea, we think AGR relief seems likely but we question whether this is sufficient to enable the company to reach “escape velocity” and become a viable 3rd operator again.

Latam Chart Book - 18 December 2025 - Lucror Analytics

The LatAm Chart Book features relative-value charts and bond tables by country.

Global EM Telcos & Japan DC exposure, future developments and valuati...

EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.

Global EM Telcos & Towers Blow out Q3 results drive another great mon...

EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; this note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.