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Bull of the Day

CEMIG's (CIG) 3Q12 results were impressive with its net income registering a 43% y/y increase and EPADR coming in at US$0.64. Net revenue grew 19% to US$2.4 billion on the back of a 1.7% increase in electricity sold to 17,715 GWh. We find the growth prospects for this Brazilian electricity utility bright.

Operating efficiencies, new projects and strategic acquisitions all bode well for the future. Moreover, with the growing electricity demand in Brazil as an important growth booster, the national agency predicts a consumption hike of about 4.5% in the 2011-2021 timeframe. The nation is growing faster with the government's increasing keenness to invest heavily in the electric industry.

The company is also doing every bit to increase its capacity in order to meet the escalating demand. Thus we upgrade our recommendation on the stock from Neutral to Outperform.

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