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    Marcelo Peev Santos

    Research Analyst at JPMorgan Chase & Co.

    Marcelo Peev Santos is a Senior Equity Analyst specializing in TMT (Technology, Media & Telecom) and Education sectors at JPMorgan Chase & Co. He covers companies such as MercadoLibre, Millicom International Cellular, VTEX, and Oi S.A., providing in-depth investment analysis and insights that inform strategic decisions across these industries. Santos has established a strong track record for identifying sector growth opportunities and driving high-quality research since joining JPMorgan, following prior analyst experience at firms such as Bank of America Merrill Lynch. He holds professional research division credentials and is recognized for his sell-side expertise in Latin American and international markets.

    Marcelo Peev Santos's questions to TELECOM ARGENTINA (TEO) leadership

    Marcelo Peev Santos's questions to TELECOM ARGENTINA (TEO) leadership • Q2 2025

    Question

    Asked for clarification on margin performance, specifically why consolidated margins declined quarter-over-quarter despite revenue growth, and what factors drove the significant margin improvement in the Paraguay operation.

    Answer

    The company explained that the consolidated margin decline was due to a mix of factors, including seasonality and the significant drop in inflation, which affects margins differently quarter-to-quarter. They also highlighted that modernization projects are improving efficiency and reducing costs. The strong margin improvement in Paraguay is driven by the growth of the new broadband business, which has achieved a 35% market share, and cost compression on the mobile side.

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    Marcelo Peev Santos's questions to TELECOM ARGENTINA (TEO) leadership • Q2 2024

    Question

    Marcelo Peev Santos of JPMorgan Chase & Co. inquired about the drivers behind Telecom Argentina's margin performance, questioning the strong year-over-year expansion versus the slight quarter-over-quarter decline, and also asked for the factors contributing to the significant margin improvement in the Paraguay operation.

    Answer

    CFO Gabriel Blasi explained that the consolidated margin movement was due to a mix of seasonality and the significant drop in inflation, which positively impacted results in Q1 more than Q2. CEO Roberto Nobile added that structural improvements from backend modernization and digitalization are boosting margins, while monthly price hikes are smoothing out historical seasonality. For the Paraguay segment, Mr. Nobile attributed the strong margin growth to the expansion of the new FTTH broadband business and effective cost compression on the mobile side.

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    Marcelo Peev Santos's questions to VTEX (VTEX) leadership

    Marcelo Peev Santos's questions to VTEX (VTEX) leadership • Q2 2025

    Question

    Marcelo Peev Santos of JPMorgan Chase & Co. inquired about the drivers behind VTEX's revised guidance, seeking a breakdown between the GMV performance of existing clients and the pace of new contract sales. He also asked for details on which expense lines are driving the increased margin outlook.

    Answer

    CFO Ricardo Camatta Sodré explained the guidance revision was primarily due to weaker GMV from existing customers, particularly a trend reversal in Argentina and a mix shift to lower take-rate enterprise clients in Brazil. A smaller factor was softer market migrations and a few isolated contract cancellations. For margins, Sodré highlighted gains from AI in customer support, ecosystem maturity, and disciplined G&A and Sales & Marketing spending, which allowed for reinvestment in R&D while still raising the full-year profitability outlook.

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    Marcelo Peev Santos's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

    Marcelo Peev Santos's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership • Q2 2025

    Question

    Marcelo Peev Santos inquired about the drivers behind the improved performance in Guatemala and the company's outlook on CapEx for the coming years.

    Answer

    CEO Marcelo Benitez attributed Guatemala's growth to a strategy of migrating prepaid customers to postpaid, increasing ARPU, and expanding the network with 350 new sites. For CapEx, he stated the company targets an annual spend of $650 million to $700 million, which equates to 11-12% of revenues, emphasizing a granular, return-focused allocation rather than a simple percentage target.

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    Marcelo Peev Santos's questions to MERCADOLIBRE (MELI) leadership

    Marcelo Peev Santos's questions to MERCADOLIBRE (MELI) leadership • Q2 2025

    Question

    Marcelo Peev Santos from JPMorgan Chase & Co asked about the feasibility of applying Brazil's new, aggressive shipping strategy to other key markets like Argentina and Mexico.

    Answer

    Commerce President Ariel Szarfsztejn responded that each market is unique, with different policies, loyalty programs, and fulfillment penetration levels. For instance, Mexico has the highest fulfillment penetration. While the company will learn from the Brazilian experience and evaluate opportunities elsewhere, Szarfsztejn made no firm commitment to replicate the exact policy in other countries.

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    Marcelo Peev Santos's questions to TIM (TIMB) leadership

    Marcelo Peev Santos's questions to TIM (TIMB) leadership • Q2 2025

    Question

    Marcelo Peev Santos of JPMorgan Chase & Co. inquired about the outlook for lease line costs for the remainder of the year and sought an update on management's strategic thinking regarding the fixed broadband business.

    Answer

    CEO Alberto Griselli and CFO Andrea Palma Marques addressed the questions. Regarding leases, the CFO stated the goal is to keep cost growth aligned with inflation through tough negotiations. The CEO added that for uncooperative tower companies, TIMB will decommission towers with above-market prices as contracts expire. On the fixed business, Mr. Griselli noted there were no new inorganic developments to announce and that the company is focused on 'balanced opportunities' between a full divestment and a large-scale deal.

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    Marcelo Peev Santos's questions to TELEFONICA BRASIL (VIV) leadership

    Marcelo Peev Santos's questions to TELEFONICA BRASIL (VIV) leadership • Q2 2025

    Question

    Marcelo Peev Santos from JPMorgan Chase & Co. asked about the recent trend in fiber-to-the-home (FTTH) ARPU and the current competitive environment in the mobile segment.

    Answer

    CEO Christian Gebara attributed the slight FTTH ARPU dilution to the rapid growth of the Vivo Total convergent plan, which surged 63.5% year-over-year. He emphasized that while this impacts ARPU, it significantly lowers churn to 1.46%. Regarding the mobile market, Gebara described it as competitive but rational, stating Vivo's strategy remains focused on upselling, 5G quality, and disciplined monetization, which has resulted in 11% postpaid revenue growth and stable, low churn.

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    Marcelo Peev Santos's questions to AMERICA MOVIL SAB DE CV/ (AMX) leadership

    Marcelo Peev Santos's questions to AMERICA MOVIL SAB DE CV/ (AMX) leadership • Q2 2025

    Question

    Marcelo Peev Santos inquired about the key drivers behind the strong revenue performance in Brazil's mobile market and asked for commentary on the recently approved regulatory changes in Mexico's telecommunications framework. He also followed up on prepaid trends in Brazil.

    Answer

    CEO Daniel Hajj Aboumrad attributed Brazil's postpaid success to a high-quality network, an expanded sales force, successful programs like ClaroFlex, improved customer care, and a beneficial partnership with Nubank. Regarding Mexico's new telecom law, he highlighted increased fines, potential spectrum payment discounts for coverage obligations, new user identity requirements, and the creation of two new regulatory bodies. He noted that the shift from prepaid to postpaid is a broad trend in Brazil and emphasized that revenue growth is a more important metric than subscriber counts for the prepaid segment.

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    Marcelo Peev Santos's questions to AMERICA MOVIL SAB DE CV/ (AMX) leadership • Q2 2025

    Question

    Marcelo Peev Santos asked about the drivers behind the strong revenue acceleration in Brazil's mobile market and for commentary on the recently approved regulatory changes in Mexico's telecommunications framework. He also followed up on prepaid trends in Brazil.

    Answer

    CEO Daniel Hajj Aboumrad attributed Brazil's postpaid success to a high-quality network, an expanded sales force, successful plans like ClaroFlex, improved customer care, and a beneficial partnership with Nu bank. Regarding the new Mexican telecom law, he highlighted increased fines, potential spectrum payment discounts for coverage obligations, and new user identity requirements. For Brazil's prepaid market, he noted a migration trend to postpaid and emphasized that revenue growth, which exceeded 10%, is a more important metric than subscriber counts.

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