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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- v6 k- U/ A* R( e2 v x9 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。) I5 ~3 s/ x [7 F: K
( C2 T% u7 F V& ^0 h$ T+ P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。0 f( V- U' E2 K' J+ o h+ X5 k
% @" m9 c8 ]$ L. e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 K6 Z! ^1 v& A4 S% K& R; F T
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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。4 k) D$ k4 j4 @) k
( s d: b* _* i4 _/ K/ H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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, q- X* a4 B+ F$ C2 x5 H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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! K' f$ N2 G6 R# Q云顶持有回声娱乐4.9%5 w" Y4 \9 w# e2 J$ L
皇 冠欲增持10%
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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”。
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9 d3 [/ P3 U7 I0 F8 E- i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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( i. a+ [6 I) P% D5 I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。1 W, f X# m2 x9 y: ^! `5 x$ W: D! |
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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。3 L1 t B2 K& G" H. Y
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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。% M" r4 O( p2 i& S" W( G' E" Y7 D
1 h" G+ Y) F- g3 c" C) k* Z9 J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。0 X4 r5 p: b) q
) M, u8 Z2 }& z& a7 o- M[b][size=5]对手胜算较大 云顶或不入主回声娱乐（Echo Entertainment）[/size][/b]4 i2 b( e5 y. F# J
! _$ I7 e& t7 J `. D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。* F9 B! t5 r) b3 O
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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。9 V5 D& V, c( T1 X$ [1 c2 b7 `5 x
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分析
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5 q- H: I0 J; n4 _9 M3 d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。* n" r) J, \ [7 n# @
$ h* A) y8 i% c; d7 e9 @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( J9 i% A4 D! l+ Y7 e
$ i% u: x+ v8 m& c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。3 }, K0 w6 {' D% u. s4 Z" n4 s( L
7 s. |; M& o) i$ [1 g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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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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