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Equity Bottom-Up

Millicom Intl Cellular-Sdr / Equity Bottom-Up

<ul>
 <li>Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the 'TIGO' name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.</li>
 <li>A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company's focus is now on deleveraging its balance sheet.</li>
 <li>Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the 'TIGO' name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.
  A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company's focus is now on deleveraging its balance sheet.
  Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Millicom Intl Cellular-Sdr (TIGO SS) - Oct 2025

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Banca Popolare Di Sondrio Scar / Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<ul>
<li>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).</li>
<li>We assess Cable Onda's ESG as "Adequate". The score mirrors our "Adequate" ESG assessment for parent Millicom. The parent discloses ESG-related information on a consolidated basis, without meaningful details for its opco issuers of USD bonds, Cable Onda (Panama), Comcel (Guatemala) and Telecel (Paraguay).</li>
<li>Millicom's ESG is "Adequate", reflecting "Adequate" Social and Environmental scores, along with a "Strong" score for the Governance pillar. Controversies are "Immaterial" and Disclosure is "Strong".</li>
</ul>


Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Cable Onda's ESG as "Adequate". The score mirrors our "Adequate" ESG assessment for parent Millicom. The parent discloses ESG-related information on a consolidated basis, without meaningful details for its opco issuers of USD bonds, Cable Onda (Panama), Comcel (Guatemala) and Telecel (Paraguay).
Millicom's ESG is "Adequate", reflecting "Adequate" Social and Environmental scores, along with a "Strong" score for the Governance pillar. Controversies are "Immaterial" and Disclosure is "Strong".


Cable Onda - ESG Report - Lucror Analytics

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)</li>
<li>10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.</li>
</ul>


The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.


Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

Luxembourg

Millicom International Cellular S.A. is a dedicated emerging markets telecom provider with mobile operations in numerous countries in Central America, South America and Africa.  The Company also offers various combinations of fixed broadband and cable TV services in multiple countries in Central America.

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Millicom Intl Cellular-Sdr (TIGO SS)

Primer: Millicom Intl Cellular-Sdr (TIGO SS) - Oct 2025

Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under...

αSK

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Cable Onda - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Cable Onda's ESG as...

Lucror Analytics

Weekly Wrap - 21 Jul 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

The $SPX is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023. Considering limited upside, we continue to favor...

Vermilion Research

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