Genting Bhd and some of its related counters dominated the decliners list in the early trading post downward revision of its Singapore unit, Genting Singapore's, earnings.

At 9.20am, Genting lost 32 sen to RM10.28, followed by Genting Plantations, which slipped 15 sen to RM8.75 and Genting-C7-CW shed 14.5 sen to 99.5 sen. Genting-C5:CW also dwindled 10 sen to 45.5 sen.

However, Genting Malaysia gained three sen to RM3.51.

OSK Research said it has tweaked downwards its target price from S$2.65 to S$2.51 but maintained the 'BUY' recommendation post downward revision in earnings.

Genting Singapore's nine-month financial results ended Sept 30, 2010 saw earnings before interest, taxes, depreciation and amortisation (EBITDA) of S$1,042.2 million, representing 77.1 per cent and 62.4 per cent of consensus and OSK's full-year forecast.

Taking into account expectations of a sequentially stronger fourth quarter owing to the holiday season and the fact that the third quarter is traditionally a weaker period, OSK deemed the annualised nine-month results on a seasonally adjusted basis to be 10.2 per cent below the full-year forecast but roughly 8.6 per cent ahead of consensus.

'Hence, we continue to believe in the stock's compelling medium-term growth story and deem any share price weakness following the relatively lacklustre third quarter 2010 financial results as an opportunity to accumulate,' it said.

Expectations of seasonally stronger fourth quarter 2010 earnings and commencement of junket operations by early 2011 are key share price catalysts, it added. -- Bernama