Vivo Participacoes SA (NYSE: VIV), Brazil's largest mobile telecom carrier, is both an attractive buyout target and a good buy on its own, according to John Christy, editor of The Forbes International Investment Report. Christy explains, "In 1998, Telebras was split into 12 companies - much like the split-up of AT&T (NYSE: T) in the U.S. The 'Vivo' brand was introduced in 2003 to present a unified image, improve customer recognition and reduce confusion in the wake of the Telebras break-up." With deregulation, growth has slowed, and he expects this to continue; competition, he notes, is "fierce" among the Brazilian carriers. Nevertheless, he believes Vivo's operations are improving as it focuses on "higher quality customers" and targets areas such as digital music downloads. Meanwhile, he notes, Vivo remains a dominant player in large markets such as Sao Paulo, where it has a 44% market share and 40% in Rio de Janeiro, according to company filings. As to value, he notes, "Because the company is still showing a net loss, we can't evaluate Vivo on a price-earnings basis. But when we look at other valuation methods, such as enterprise value, the stock looks cheap." He concludes, "With solid cash flow, a strong brand and a large customer base, Vivo might make an attractive buyout target. If not, it still looks like a good buy." For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free daily website, TheStockAdvisors.com.