2. Companhia Energetica de Minas Gerais ( CIG) engages principally in electricity generation, transmission and distribution.

During 2010 third quarter, net revenue and EBITDA for the same quarter were up 6% and 11%, respectively, beating the earlier year quarter. Inclusion of new assets and operational efficiency improved EBITDA margins. Net income rose 90%, compared to the second quarter of 2010.

Operating through its subsidiaries Gasmig and Infovias, the company distributes natural gas and is a telecommunications service provider. The company's power plants have total installed capacity of around 7,000MW, making it one of Brazil's largest electricity generators. CEMIG operates the largest electricity distribution network in the region, spread across 300,000 miles.

The stock gained around 12% in the last one year and is currently trading at 10.8 times its estimated 2011 earnings and is expected to deliver an upside of 42% in the next one year.

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