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PDR [Reinitiate M-P 2.4%] – Back from the brink – Re-initiation

We reinitiate PDR with a MARKETPERFORM rating as the company is about to divest its EverRich 2 project (E2) which will reduce both inventory and debt, by ~70%. After this transaction, PDR will retain a portfolio of “golden-land” projects that will drive FY15-17 NPAT CAGR of 115%, and substantial deleveraging down to a D/E ratio (including interest payable) of just 0.1x in 2017 from 3.0x, currently.