Following the release of its H1’21 numbers and subsequent conversation with management, we retain our optimism for OKOMU, raising our FY’21 earnings forecast to N17.6 billion (vs N14.6 billion previously). Our PAT adjustment reflects higher than expected CPO prices and output. On the whole, the adjustments resulted in an increase in our 12-month target price to N131.55 (N111.25 previously) and a BUY rating on the counter.