Credit Suisse cut its target price for United to HK $5.80 from HK $9.60, but maintained its outperform rating.

Credit Suisse adjusted its profit forecast for United, reflecting a sharp reduction in aluminum price forecasts by Credit Suisse's global team. Aluminum price forecasts for fiscal year 12 were cut by 16% by 20% to 92% per pound, while nickel prices were lowered by 14%. To $9.43 / $9.98 pounds. As a result, Credit Suisse expects earnings before interest, tax, depreciation and amortisation to fall 41% 46% and net profit 63% 31% to $705 million / $1.2 billion for United / 12exp 13.

United remains the most cost-competitive aluminium manufacturer, Credit Suisse said. The forecast price of $0.92 / lb in fiscal 12 is still about $0.08 / lb higher than the company's cash break-even level, at which price most other aluminium companies are expected to record losses.