America Movil: AMX, Quarterly Report 1Q21: Improved profitability in almost every country

  • Broadband and postpaid services in Brazil maintained a strong momentum. Tight expense control boosted profitability

  • Mobile subscribers increased 3.9% y/y, with Claro Brazil accounting for slightly more than half of these additions

  • Focus will be on the value-generation initiatives advance. With an attractive valuation, it remains among our top picks

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