Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.956

+6.7%

3:59 PM EST

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To: Steve Fancy who wrote (11403)	1/11/1999 3:18:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Deutsche Bank Cuts Brazil's Itausa, Unibanco To Neutral Dow Jones Newswires NEW YORK -- Deutsche Bank downgraded Monday Brazilian holding group Itausa (E.ITU) and bank Uniao de Bancos Brasileiros SA (UBB), or Unibanco, to "neutral" from "outperform," saying it expected lower profitability in the next two years. In a note to investors, analyst Celso Boin said that Brazilian banks must offset losses from the expected fall in interest rates by reducing administrative costs, boosting fee revenues and seeking higher spread assets. The downgrade of Unibanco reflected concerns that the bank could face a takeover or merger which would hurt minority investors, Boin said. In Itausa's case, profits could be hit by the poor performance of its consumer electronics subsidiary Itautec-Philco, Boin added, which is expected to report a loss in 1998. The investment house maintained Banco Bradesco SA (E.BBR) and Banco do Brasil SA (E.BDB) at "neutral," and Banco do Estado de Sao Paulo SA (E.BEP) and Banco Itau SA (E.BIT) at "outperform."

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