Brazil Telecommunications Q4 2018
We have significantly lowered our mobile subscriptions forecast accounting for Q218 data, showing that the contractiontrend is persistent as operators keep actively deactivating SIMs. Our outlook of the Brazilian mobile market remains positive as 4Gretains impressive growth momentum (4G connections have now surpassed 3G), providing significant upside for value-drivenmarket strategies based on content and advanced services. Nevertheless, results of monetisation efforts from operators will remainconditional on the Brazilian economic climate. An uncertain result at the October elections does pose some risk for policycontinuity.
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