CLSA on Sun Pharma: Of the c.US$100m fall in Sun’s US quarterly sales (ex Taro) from 2QFY15 to 4QFY15, we estimate Halol supply issues accounted for US$60-70m and US$30-40m was due to price erosions in key products. We analyse three scenarios for Halol: a gradual improvement in supplies from 2HFY16 (25% upside); a warning letter (4% upside); and import alert (10% downside). We believe there is a low probability of an import alert as there are no data-integrity issues. Limited-competition products can help it regain sales of US$30-35m per quarter on a gradual supply improvement from Halol, while growth momentum for non-Halol businesses is likely to pick up in 1QFY16. We maintain our BUY call.