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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 [8 a( B4 Y7 s# Z3 s
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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。
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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。
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+ F6 n* C8 C7 w) x* r- @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。
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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。% V: I2 ~/ J; ^# H, Z; @7 j7 i! ?
% B: P& ~& r. r5 s: T6 Y欧尼尔表示，帕克尔属下的皇 冠集团承诺停止对抗。: q+ G1 h. r( e0 C# \
/ h% |' [9 L4 o% H* n皇 冠集团正向交易所申请增持回声娱乐集团的10%股权。) E1 B# z. ^0 n
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云顶持有回声娱乐4.9%, ^' F. Q) ~4 B7 R
皇 冠欲增持10%
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' n- }0 V& a6 u+ Z3 A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”。% z: v N/ k6 {; i
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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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0 r- h+ x2 }$ f5 B, m. x/ D" H, x3 \“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。” K, v$ G7 b' X5 ~
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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。
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, a/ e U, |1 f/ b# q" E7 s% B& H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。- b: G* L' Q y( B4 |( P
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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。2 s: \. f( b; G' `+ T% r4 ~
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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。 z% u) f0 |. G [" m! b
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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]- A+ E) V' c4 G$ X1 v
/ d8 q& ]$ a7 f2 A5 P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。
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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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9 l+ S* e( J8 Z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。! l: i9 {$ @4 J: Q, e. p
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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。3 g2 b! u! b# \% u
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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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, Z2 X4 u3 E- R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。
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非首次投资对手公司3 V+ T1 L+ u5 B h
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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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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。& Q# O& |/ z& H( G- b* ^/ [0 M
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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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