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PDR - NON-RATED - Scaling down apartment size and converting bond to EverRich 3 - Visit Note

EverRich 3 and EverRich 6 unit size scaled down to make them more affordable. Bondholders expected to convert debt to units at EverRich 3 at 15-20% discount. PDR is trading at P/E 14.6x, FY15 EPS of VND1,170 and P/B 1.3x.