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云顶集团与澳大利亚皇 冠争抢澳洲回声娱乐集团（Echo Entertainment）
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争夺澳洲回声娱乐（Echo Entertainment） 云顶和皇 冠或加价抢购股权6 z! Y6 O0 `0 I$ B: Y
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云顶（GENTING）和皇 冠集团（CROWN）争“娶”澳洲悉尼唯一DC营运公司回声娱乐集团（Echo Entertainment）的斗争白热化，双方可能竞相提高持股。 w, x3 E" l' T6 \
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回声娱乐集团向澳洲交易所要求暂停交易，以等候筹资宣布，表示将向云顶旗下云顶新加坡和皇 冠集团发行新股。3 k# V# X7 _* W7 `- U
2 B7 S3 p3 ~" b( G& u! w回声娱乐集团代主席欧尼尔指出，他与皇 冠主席帕克尔上周五（8日）展开“妥当”而具“建设性”的磋商。1 A! i* D$ X7 L( n8 R6 ^7 l. b
( P$ I# [% s7 w! ?4 m! l两人会商当日，恰逢亿万富翁帕克尔罢免回声娱乐集团前主席兼非执行董事斯多利。
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" ^( ~4 h( d$ I8 \7 F- i. c' Z欧尼尔表示，帕克尔属下的皇 冠集团承诺停止对抗。
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6 h5 ^' X# f! C皇 冠集团正向交易所申请增持回声娱乐集团的10%股权。
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云顶持有回声娱乐4.9%
; p. m+ m) [" y5 H1 p* f" ?皇 冠欲增持10%
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0 @* c7 }" ]! f" a# y他补充，云顶持有回声娱乐集团的4.9%股权，若帕克尔与这家新加坡公司谈判，那是“他们的事情”。
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V C3 j3 D+ J C澳洲麦格理研究区域主管平格表示，云顶持有回声娱乐集团的股票后，势使皇 冠集团增加掌控的难度，可能触发竞购战。
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“虽然两家公司可能联手并购（回声娱乐集团），问题是皇 冠可不愿看到云顶走进自己的后院。”
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6 D+ V- H. o9 T自派克2月24日透露其所持股权后，回声娱乐集团股价涨14%，6月8日闭市挂4.49澳元。6 u; n! d7 O9 V! C" F" q
@' v& S0 J% G5 }0 N' G+ a驻悉尼德意志银行分析员威尔逊说，云顶持股获确认，可能促使皇 冠加速提高持股。
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! @8 g! L# n4 Q* w h( w- {根据《彭博社》资料，截至去年12月31日，回声娱乐集团净负债11亿澳元，其营运现金流达2.76亿澳元。7 D. A" T |4 h" c# \/ u/ p
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回声娱乐集团早前斥8.7亿澳元，装修悉尼星空DC与娱乐大厦；其疲弱业绩表现，令民众对上述装修疑团阵阵。! ^9 E/ N Z) H0 s8 @9 Q
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[b][size=5]对手胜算较大 云顶或不入主回声娱乐（Echo Entertainment）[/size][/b]" Q* }1 v* ?2 `( F9 p
( ~ i" c" l. {$ k云顶（GENTING）旗下的新加坡云顶以2亿3千700万澳元购入澳洲回声娱乐集团（Echo Entertainment）集团的4.9%股权，引起市场揣测该集团将把回声娱乐集团集团列为收购目标，后者在悉尼经营星光DC。$ _1 `' w% M3 y! g
$ ]! u5 w, }8 W1 U目前正是回声娱乐集团的多事之秋，持该集团10%股权的澳洲皇 冠集团老闆帕克尔，正准备召开特大罢绌主席、并要求委派代表进入董事局以及寻求当局批准它持有逾10%股权。
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- Z5 Z) B3 m7 ]( A0 |分析
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达证券表示，回声娱乐集团拥有在悉尼经营DC的执照，而吸引了云顶。
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同时，新加坡云顶最近展开集资活动，显示该集团即将进行重大收购。7 D" k* ~/ n, h2 D& s
9 J2 D2 g7 H6 z1 j$ \但该行认为，现阶段这应只是一项策略组合投资，云顶入主回声娱乐集团的可能性不大。2 K7 C; N/ ?6 c& \7 l
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原因之一是如果帕克尔加入战围，云顶胜出的机会偏低，由于帕克尔在澳洲有大量投资，他在赢得澳洲ZF支持上可能具有优势。# `1 N7 y: t. u! b; N
. m# p) D' r7 D% |9 `非首次投资对手公司
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其次，云顶已不是第一次投资于对手的公司。在2009年，云顶大马认购永利拉斯维加斯酒店（Wynn Las Vegas））所发售的1千500万美元抵押票据，以及于2010年认购美高梅（MGM Mirage）所发行的4千800万美元可转换有担保票据。
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/ Z7 `8 F3 F( E& C达证券认为，回声娱乐集团估值高昂，目前的股价相等于19倍本益比，远高于新加坡云顶的11.1倍。假设新加坡云顶展开收购，根据它目前投资4.9%股权的代价来计算，在扣除回声娱乐在银行的1亿1千万澳元现金后，总收购成本高达47亿澳元，新加坡云顶手上的49亿新元现金将所剩无几，将需发股或举债以完成收购，到时将稀释其每股盈利。
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9 n* N2 H* B/ }6 O( Y6 `由于不预测此次投资会转为收购行动，达证券保持云顶的盈利预测不变，并推持“买进”评级，目标价为11令吉88仙。 |
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