As with all things, some days are good days, and then there are also bad days. April was an unkind month for the Straits Times Index (SGX: ^STI). Singapore’s headline index closed the month down around 2% on a total return basis, reminding investors that even resilient markets pause for breath. And yet, if you take a closer look beyond the blue chips, a more interesting picture is revealed. Three small and mid-cap names quietly outpaced the index by more than 13 percentage points. Micro-Mechanics (Holdings) Ltd (SGX: 5DD) led the field with a stunning total return of 45.2%, followed by Valuetronics Holdings Limited (SGX: BN2) at 15.3% and Civmec Limited (SGX: P9D) at 11.2%. What did investors see in these three businesses that the broader market missed? In each case, the answer points less to last quarter’s headline numbers and more to where future cash flows look to be heading.

Micro-Mechanics (SGX: 5DD) – A Cash-Rich Proxy for the Semiconductor Boom

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