Most investors are attracted to Straits Times Index (SGX:^STI) in search of a dividend. But there are some more interesting stories playing out at the bottom of the market-cap ladder right now. Three small-cap stocks That caught my attention – not just because they’re paying dividends, but because each one is at an inflection point that could completely reshape his investment case.
First REIT (SGX:AW9U): Exiting Indonesia, but then what?
The first REIT’s 1Q2026 distribution per unit (DPU) fell 13.8% year-on-year (YoY) to S$0.00500. This is not a number investors want to see. But if you look at the details, the picture will change. The decline was mainly due to currency devaluation – both the Japanese yen and the Indonesian rupiah weakened against the Singapore dollar. Remove the FX impact, and rental income actually rose 4.7% in Indonesia and 2.0% in Singapore, while Japan remained flat. Portfolio occupancy stood at 100%. An even bigger story is the REIT’s plan to exit Indonesia completely…
