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

To: Z Analyzer who wrote (9703)	11/14/1998 4:01:00 PM
From: Madharry	Respond to of 22640

I don't know what changes have occurred in the credit quality over the past 9 months since the annual report. However in that report they indicated that they had concerns and were going to be more conservative in their lending policies. At that time the reserves seemed plenty conservative maybe not so right now. But hey thats a reason it is so cheap. The key question is will they survive and if you believe their numbers they made a pretty good buck for the past nine months and that was certainly not an easy climate. Also do not forget that Japan is a big importer of Brazil Ag products and the weaker US dollar will really help Brazil's exports so the downturn may not be as bad as you think. I think Brazil is an excellent play on Asian recovery and a weaker US dollar, Both of which I believe we will see.