Singapore shares tad lower by end of morning session as investors digest gains from yesterday’s rally, according to Dow Jones.

STI off 0.3% at 3,056.68 midday, may hold above August high of 3,043. Market breadth slightly negative, with volume driven by Genting group, small caps such as Kreuz Holdings (5RK.SG), +12.4% at $0.455, Spice i2i (M09.SG), +4.0% at $0.13, TSH Corp (574.SG), +14.7% at $0.195.

“The pullback is not a bad thing as it will give investors ammunition to buy more. With no strong leads in the market, the attention has again shifted to the lower liners,” says trader at local house.

Among STI components, Olam (O32.SG) off 1.3% at $2.95, Hongkong Land (H78.SG) off 1.5% at US$6.01, CapitaMalls Asia (JS8.SG) off 1.8% at $2.21.

No one really knows actual size of Singapore’s casino gaming market, judging from 49 target price upgrades by analysts for Genting Singapore (G13.SG) as of last Thursday over past year, says Nomura, according to Dow Jones.

Nomura notes total of 76 changes have been made to target prices, including 27 downgrades over same period: “The guessing game continues with consensus price targets going as high as to imply it is worth more than the three Singapore banks and larger than the combined market caps of all the Macau-listed names.”

Nomura says frequency of upgrades shows there are lots of novelty factors at play, could take a year for euphoria to die down; “by extrapolating the street’s frequency and quantum of upgrades, the implied price target for Genting Singapore could possibly hit $10 soon.”

But sticks to its Reduce call, $1.01 target, based on average of 12x EV/EBITDA fetched by Macau operators. Shares off 1.0% at $1.97.