Forward yield: 9% Telecom Argentina is the leading provider of telecom services to northern Argentina, including the capital of Buenos Aires. The company serves about 4.4 million fixed lines, 1.3 million Internet subscribers and 16.3 million cellular subscribers. Additionally, through a controlled subsidiary, Telecom Argentina offers cellular services in Paraguay. Telecom Argentina reported a 29% increase in 2010 net profit to $443 million and a 53% increase in first-quarter 2011 profits, which was well above analyst estimates. The company's earnings benefit from brisk growth in Latin America's third-largest economy, which is fueling increased demand for mobile phone and broadband services. In the next three years, Telecom Argentina plans to invest $2.3 billion in network expansion and upgrades. The company generated $865 million of cash flow last year and has a solid balance sheet, with cash of $336 million and only $39 million of long-term debt. Dividend payout is conservative at only 39%, and the forward annualized $2.21 dividend offers a hefty 9.4% yield. These shares also appear reasonably priced at only 8.5 times this year's estimated earnings.