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Telefonica Brasil S.A.

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Telefonica Brasil continues to suffer from the impact of wireless substitution, intense competition in fixed line voice business and stringent regulatory measures. Telefonica Brasil's wireline business will suffer in future due to significant amount of line disconnections. Broadband competition will also continue to grow. However, the company continues to rule the Brazilian wireless market following the establishment of Vivo as a commercial brand for all services. The company continues to invest in technology upgrades and broadband network infrastructure expansion to retain itself in the competitive industry. Moreover, the company is also optimistic about its long-term opportunities in the mobile business. In the last three months, stock price of Telefonica Brasil gained 12.8% compared with the industry's gain of a mere 1.7%.

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