SUNP is likely to be in an investment phase for its US specialty business over FY20, with 7-8 products in the US, slow ramp up and heightened promotional spend (300-400bps margin impact). Meanwhile, the growth in the domestic biz is expected to return to double-digits while the co is also initiating cost control measures to improve margins. We model a 13% revenue CAGR and ~350bps margin expansion to ~24% EBITDA margin over FY19-21E, resulting in PAT growth of 31% over the period. The stock has taken a beating following recently resurfaced corporate governance issues and is trading at 16x FY21E EPS. However, the mgmt has addressed all investor concerns and taken corrective actions for the same. Return of investor confidence and ramp up in specialty will drive re-rating of the stock. We maintain BUY on SUNP following a miss to our estimates owing to a one-off. Our TP is revised to Rs 600/sh (22x FY21E EPS + Rs 40/sh for specialty). Hopes are hinged on a ramp up in specialty business.