We initiate coverage on Suven Pharmaceuticals (SPL), a pure-play new chemical entity (NCE)-based contract development & manufacturing organisation (CDMO) and a highly under-researched stock, with BUY and TP of Rs580 (40% upside). India being at the cusp of a multi decadal opportunity in Innovator pharma outsourcing, with rising R&D; spends and outsourcing penetration, further supplemented by China+1 strategy, is a bazooka for CDMO players. SPL's eminently successful execution track record of NCE-based projects, best-in-class EBITDA margins and robust return ratios are a testimony to the quality of...