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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: steve kammerer who wrote (7135)	8/26/1998 7:45:00 PM
From: MGV	Respond to of 22640

Portfolio Manager: Latin American Stocks Offer Good Buys NEW YORK (Dow Jones)--Latin American stock prices are generally cheap, with valuations back to the levels of 1995, according to Edward Allison, portfolio manager for Brown Brothers Harriman & Co. In an interview with CNBC Tuesday, Allison said Latin American stocks are "trading just a little over book value," making them, in his opinion, oversold and inexpensive. Specifically, Allison mentioned Telecomunicacoes Brasileiras SA (TBR), or Telebras, the cellular giant recently auctioned off by the Brazilian government, as a quality investment. On a larger scale, Allison said Venezuela's problems are similar to Russia's, explaining that a good portion of its revenue, about 70% of its exports, come from oil, prices of which have fallen sharply. "That has really impacted their government and destroyed their budget," Allison said. The good news is that neither the Venezuelan government nor private companies there "have a lot of foreign borrowing." which leaves the nation plenty of cash to hold its currency steady and avoid devaluation. - Scott Eden; 201-938-5173 "Dow Jones News Service" "Copyright(c) 1998, Dow Jones & Company, Inc."