Given the sustained commodity and exchange rate pressures, we adjust our forecasts for Dangote Sugar Plc. On a year-on-year basis, global raw sugar prices are 21.7% higher (+4.4% YtD), while the Naira has weakened across the different FX markets (I&E: -2.8% YoY; Parallel: -17.1% YoY). Adjustments for these pressures resulted in an 8.8% contraction in our 12-month target price to N17.75 and a HOLD recommendation on the stock.