K-Green Trust

K-Green Trust holding above $1.13 listing price on SGX debut, +11.5% at $1.26 after opening at $1.17. While broad market advance supportive, buying not widespread as volume thin for new listing, currently around 3m units. Citing debt-free balance sheet, steady non-cyclical cash flows, lack of counter-party risks (S’pore govt contracts), DBS Vickers, which has Hold call with $1.20 target, reckons KGT could trade between 6-8% target yield, which would imply a share price range of $0.98-1.30.