UOB Kay Hian’s Jonathan Koh and Loke Peihao have maintained their “hold” rating on CapitaLand Commercial Trust (CCT) with a lower target price of $1.63, from $1.66 previously, as it prepares for its merger with CapitaLand Mall Trust (CMT) to form CapitaLand Integrated Commercial Trust (CICT).

“Each CCT unit is equivalent to 0.72 new CMT unit plus cash of 25.9 cents, which is worth $1.63 based on a unit price of $1.91 for CMT. Our target price is based on a swap ratio of 0.72 x CMT unit + cash 25.9 cents,” say Koh and Loke in a report dated Oct 22. 

CCT will be delisted from the SGX on Nov 3.

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