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SABESP (SBS)
We are keeping our Outperform recommendation on SABESP ADRs (SBS - Analyst Report) unchanged at this stage. The short-term outlook for the company is solid, due to the September 2009 tariff adjustment and the recent appreciation of the Brazilian real.
The more relaxed monetary policy in Brazil is also very encouraging. Moreover, the company's non-cyclical and relatively low risk business model are also positive.
The overall regulatory regime for water and sewage utilities in Brazil has improved considerably in recent times, reducing the regulatory risk of the industry in general and SABESP in particular.
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| Market Summary | Nov 25, 2009 05:47 am ET |
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