Genting Singapore (G13.SG) off 1.0% at $2.00, surrendering part of 3.6% rebound over last 2 days, as prospect of further slowdown in earnings growth momentum still looms. 

Stock down 11.4% since 3Q10 results released Nov. 11, showing net profit halved at $187.8 million vs 2Q10’s $396.5 million on lower revenue.

“Given the relatively small punter base in Singapore, competition which we believe has started could intensify in 2011,” says Nomura, which has Reduce call with $1.01 target; “we see limited upside to Genting Singapore’s EBITDA margins,” at 47% in 3Q10 vs 58% in 2Q10, as Marina Bay Sands steps up efforts to increase market share. 

 

Support at almost 2-month low of $1.92 set Wednesday.