Genting Singapore down 0.4%; 3Q12 net profit down 34%

Genting Singapore is down 0.4% to $1.23 after reporting 3Q12 net profit fell 34% on-year to $138.4 million as Singapore casino revenue dropped sharply.

Despite the stock’s already sharp 18.2% year-to-date decline vs the STI’s 13.6% rise over the same period, “you’ll probably still see a knee jerk reaction,” says Carey Wong, an analyst at OCBC.

He says the results were slightly below expectations, but it should not have been too surprising after rival Marina Bay Sands’ results.

“The Singapore gaming market has slowed,” he says. The $1.22 year-to-date low may offer initial support.