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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' R, E! `' j$ x) l* o- D7 V8 z
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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。- b0 [8 ?( b: N9 X3 K
! [8 M1 M$ u k6 N v f' ]* ^, T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。
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) w* z+ R9 A; h5 v0 t0 B+ Y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。( K9 I I; l2 O& G; ?# U
4 E& d) g# B% o1 q3 K T7 G( a1 ^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。2 l3 }- `& q R" v4 G
6 q1 d% n# M* a5 h( C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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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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( |& Y! ~( D, G, i/ h; |+ Z云顶持有回声娱乐4.9%
' W% ]3 P- z' _4 N: e" z皇 冠欲增持10%# a! @* s5 I! P! b, B8 j
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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”。$ U/ I$ o8 V* ]
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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。( j5 t, h+ r4 @9 u' p6 G/ v1 o. Y
; v- {- Y; l3 g; o( r0 b1 @$ t+ z“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。”, G8 T5 y, t4 f' h S
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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 F2 {2 _6 ]5 {( z7 X- n: n
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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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4 c2 y* P9 S$ z6 K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。- k0 x" A% \% G0 \0 T# Q; C' j
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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。" N) h! z! g) A. n* x
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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], J2 v& N# d ?$ N8 T2 d: T% F {
: V, ^2 C2 Q; P; G( ~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。# S6 n- a" j! ` f8 {
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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。# l( j# y7 |4 i1 z$ R7 u1 r) C
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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。7 |. F9 |+ ^) f% Y2 {* Y
* a3 L$ b) c! F* d5 \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。$ K) _9 K8 O6 n
& W& _6 p: d' v2 k- _, U# h a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。
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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。8 ?$ t' H- o% J* E7 ~4 \
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非首次投资对手公司7 X, x8 U4 f3 J) ^" {! Q" F) w
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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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! |9 Q- ?, g$ r4 |5 [4 ^1 ]* ?8 e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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5 A* }# |* w2 O7 T/ E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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