PDR is a property firm that focuses on residential projects in Ho Chi Minh City (HCMC). The company also has a large land bank of ~400 ha in coastal provinces such as Binh Dinh, Quang Ngai and Phu Quoc, and it will utilize these assets over 2019-2021 to capitalize on the recent upturn in the coastal province market. Management expects to deliver more than 40% growth in 2019F NPAT-MI and guides for 35%-40% NPAT annual growth over 2020-2021. Valuation looks fair compared to local peers