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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1 l7 p: e8 N5 v# c3 E7 n5 Y
* @4 j p d: b* E: g9 Q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。
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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。1 n% u1 k% w. G1 ~* ]
1 `+ a0 c8 P0 L4 F, V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。8 j7 s* j% f5 s
2 R& P9 D) Z! ]/ a! [' Q, ~1 v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。9 J3 B& e& p7 M! T- S
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欧尼尔表示，帕克尔属下的皇 冠集团承诺停止对抗。8 a0 P) R8 d6 o1 d1 _6 L
. H }! ~& K; a# E$ K3 l8 m# ]/ `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%
, V1 F% \1 p; [7 F& C `3 `( d3 y皇 冠欲增持10%
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% Z1 C/ @" ]) ], d+ ?" G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”。$ i7 j) R W" R W
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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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' A" \, ]7 E: T“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。”' ~5 t- ]% t5 H9 l0 ]% g5 ]& g
( G$ N6 f& l, Z0 _# 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。
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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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- i# G( [" u4 w y7 Q# p8 Y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。
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5 g, ~# k3 m" H- f2 N5 M# W' Q' m! f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。
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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]
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4 @) C7 W! Q" K# F! K, y7 N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/ \1 @6 `8 T% u( |1 e0 E
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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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分析
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1 @; C% T+ c2 k) v/ |' w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。/ ^' f6 r9 E5 [
0 t: d. E6 w; r+ c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。
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) G" o' d- W6 n! v% O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。! F/ u2 J: o. L8 @6 y4 g5 a7 ?
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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。; M6 w( W# T! ]- m
, y1 B7 Z3 z/ |6 o; b! H$ y非首次投资对手公司) n) F) Z9 U7 P2 _
/ x- E+ H" U: N( x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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! b6 W1 x- v( G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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0 t/ g9 r5 i5 S9 n% `3 g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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