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CEMIG S.A. (CIG)
We are keeping our Buy recommendation on Companhia Energetica de Minas Gerais, or CEMIG (CIG - Analyst Report). Although the company posted lower-than-expected results for the first quarter of 2009, those results were impacted by a few non-recurring items.
However, the short-to-medium term outlook remains promising as demand for electricity in Brazil keeps growing. Despite the global credit crunch, we still have a reasonably positive outlook for the Brazilian economy in the short term.
Finally, CEMIG has a solid dividend payout, and we believe that the stock is quite undervalued compared to other international electric utilities.
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| Market Summary | Nov 26, 2009 06:04 am ET |
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