Looking ahead, we expect SUNP's US business to show slower recovery (9.3% CAGR over FY1820E) led by tough pricing pressure and delay in clearance for Halol unit, However, led by low base in FY18, we expect its overall sales and earnings to clock 12% and 38% CAGR over FY1820E, while EBITDA margin is expected to expand by 434bps to 25.5% over the same period. Nonetheless, we trim down our sales/earnings estimates by 2.5%/7.0% and 5.0%/7.6% for FY19E/FY20E, respectively to factor in slower revenue growth, tough pricing pressure in the US and declining Taro's profitability. At CMP, stock trades at PE multiples of 26.4x FY19E and 20.1x FY20E EPS, which appear to be expensive, in our view. Expecting ramp-up of specialty products and US FDA clearance to Halol unit to drive growth, we maintain our HOLD recommendation...