When the broader market hits new highs, it’s tempting to assume that every stock has risen together. But this is not always the case. are investing on market highs It’s like joining the longest queue for the trendiest bubble tea in town, only to realize that around the corner there are some classic, reliable stalls still selling exactly the same quality drink for a fraction of the price. A Handful of Small-Caps REITs Listed on SGX continue to trade well below their net asset value (NAV), even if Straits Times Index (SGX: ^STI) has hit a fresh high. The natural question for income investors is whether the market is right to be skeptical, or whether these REITs are quietly delivering the goods while trading at a discount. Let’s look at three small-cap REITs where the price-to-book (P/B) ratio tells one story, but the dividend track record may tell something else…
