Following the release of its H1'22 unaudited results and subsequent conversations with management, we raise our earnings forecast for FY'22 to N24.1 billion (vs N20.1 billion). Our PAT adjustments reflect projected volume increases and sustenance of higher CPO prices on the back of parallel market FX weaknesses. These adjustments resulted in an increase in our 12-month target price (TP) to N223.25 (N183.22 previously) and a HOLD rating on the counter. ...
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