We are keeping our Buy recommendation on Companhia de Saneamento Basico do Estado de São Paulo, or SABESP (SBS). The company posted solid results for the fourth quarter of 2007, in spite of the non-recurrent items that affected net income. The short-term outlook remains positive thanks to the endof the dry season in the State of Sao Paulo, the
better rains in Southern Brazil in February 2008 and the September 2007 tariff adjustment. Additionally, the stock still trades at an attractive valuation and t business environment is Brazil remains quite encouraging.
Companhia de Saneamento Basico do Estado de São Paulo, or SABESP (SBS), provides public water and sewage services in the State of São Paulo, Brazi.
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