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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
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7 n% V* ]) s# j u8 v( j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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( V, Z2 }2 n+ Q: `+ ~; l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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; Z" a8 Z4 i, H) ]6 Z$ W3 Y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。: H; g+ d$ y$ n8 M) ?8 E" E$ E3 x
% O6 @# m' K( ]6 y1 I, k) q, `8 U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。& I: j6 U* P) J* `
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云顶持有回声娱乐4.9%
" p1 r4 F! `6 B' w皇 冠欲增持10%' l$ h/ }( z# U- \% u
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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”。5 }3 k1 y2 o8 I V2 o
9 Z! Y+ {3 Y" p" U! O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。”. j% c- o4 q' a# ~# L+ Y, A
8 {7 I$ X) }5 S; 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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" F% |$ x: Z) I# d. {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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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。" V9 |- V1 Y* ^: |
3 N8 z$ O* m, f( u% C/ C+ w[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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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。4 f1 c/ q& U8 ^4 c
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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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% h# _6 ?6 |! t# U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。& y$ Y4 ?; s6 _' O
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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。% B/ _- L( Y9 Y. l1 q
2 p. \8 z& c- E g \9 i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。. r+ g. D0 v( ?* V
6 R7 f) L! N0 ?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。% K/ h; _! n5 m8 a0 t4 w6 k" j
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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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7 i; |( R3 [" d. n/ `9 b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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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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