The price is coming under pressure because 3Q results annced over a week ago disappointed. Brokers were initially afraid to openly call a sell because they had called a sell when it was around S$1. And then had to revise that call as the stock powered ahead. It closed Friday at $2.04 and has been higher.
But sell calls are now coming out despite its strong cash flow and expectations that Singapore may overtake the Las Vegas Strip in terms of gross gaming revenue by 2013. They see downside risk to Genting’s share price after a 63% run-up year-to-date. And they see no reason to take into account its possible entry in new gaming jurisdictions such as Japan, or the anticipated licensing of junket operators in Singapore.