Genting Sinapore trades up even up possible losses for the quarter buy on weakness......

0048 GMT [Dow Jones] Genting Singapore (G13.SG) may head lower in response to gaming group's huge 2Q08 loss, guidance for hit to FY09 bottomline due to high costs to be incurred from opening of Sentosa casino-resort early next year. 2Q09 net loss ballooned to S$50.7 million from S$1.8 million loss year earlier due to spike in expenses related to Sentosa project, lower rental from properties in London due to economic downturn. Company expects strain on bottomline to persist in coming quarters, citing Sentosa project expenses, continued weakness in U.K. gaming business due to reduced patronage in wake of economic downturn. Still, stock's downside may be limited as weak results not unexpected since high costs for Singapore casino project widely known, although uncertainty over U.K. operations may still weigh. "U.K. operations remain a wild card," says OCBC; "besides the still uncertain economic environment, there are also several new measures by the U.K. government to raise gaming taxes." Keeps Hold call but raises target to S$0.85 from S$0.76 after reducing FY10 loss forecast by 49% to reflect improved prospects next year. Stock closed down 0.6% at S$0.815 Friday (market closed yesterday for public holiday). Initial support at S$0.80, last breached July 23. (FKH)