Genting Singapore

Genting Singapore: continues to slide for a fourth day, -1.4% in morning session at $2.04. UOBK maintains Hold with $1.85 target. Says GENS is priced to perfection, with downside risk outweighing. Recommends to take profit now, tips re-entry at $1.73. Notes that 3Q10 may disappoint, as gaming EBITDA could ease by over 30% qoq, due to fall in betting intensity in both VIP and mass market, as well as normalizing of luck factor (from 2Q10 exceptionally high 3.5% to 2.85%). Sees increasing competition from Marina Bay Sands, which is finally getting its act together, and gaining gaming momentum on all fronts.