Singapore investors had a good third quarter in 2026.
The SPDR STI ETF (SGX: ES3), which tracks the Straits Times Index (SGX: ^STI), delivered a total return of 11.6% for 3Q2026.
Four mid-cap stocks left that number well behind.
First Resources (SGX: EB5) topped the list with a 46.4% total return.
Pan-United Corporation (SGX: P52) followed at 27.9%, while Golden Agri-Resources (SGX: E5H), or GAR, and PC Partner Group (SGX: PCT) returned 18.5% and 15.9%, respectively.
These figures include dividends.
All four companies grew their profits in the first half of 2026 (1H2026).
Look at their cash flows, though, and the picture starts to split.
| Stock | Ticker | 3Q2026 Total Return | 1H 2026 Free Cash Flow |
| First Resources | SGX: EB5 | 46.4% | US$100.6 million(vs -US$84.7M in 1H2025) |
| Pan-United Corporation | SGX: P52 | 27.9% | S$7.4 million(vs S$1.0M in 1H2025) |
| Golden Agri-Resources | SGX: E5H | 18.5% | -US$58 million(vs US$438.5M in 1H2025) |
| PC Partner Group | SGX: PCT | 15.9% | HK$2.5 billion(vs HK$648.7M in 1H2025) |
What might investors see in First Resources?
First Resources is an integrated palm oil producer operating mainly in Indonesia.
For 1H2026, its revenue rose 44.5% year on year (YoY) to US$973.6 million.
Underlying net profit, which excludes biological asset revaluations, grew 42.2% to US$216.2 million.
Part of that growth reflects an easier comparison.
Last year’s first half included only two months from PT Austindo Nusantara Jaya, which the group bought in May 2025.
The cash flow is more convincing.
Free cash flow swung to US$100.6 million from negative US$84.7 million a year ago, and the board lifted the interim dividend by 77.8% to S$0.08 per share.
Investors may also have taken comfort from management’s view that uncertainty around Indonesia’s palm oil export framework has moderated.
There is a catch, however.
Indonesia’s revised export proceeds rules tie up US$115.4 million of the group’s US$229.2 million in cash.
Can Pan-United’s cash flow keep pace with its profit?
Pan-United, Singapore’s largest ready-mix concrete supplier, grew its 1H2026 revenue by 37% YoY to S$549.6 million.
Net profit attributable to shareholders rose 49% to S$30.6 million.
Investors may be looking further ahead.
The Building and Construction Authority (BCA) expects S$47 billion to S$53 billion in construction demand for 2026, and contracts worth S$31 billion had been awarded by June.
Pan-United turned less of its profit into cash.
Free cash flow came in at S$7.4 million, up from S$1 million, while trade and other receivables grew by S$26 million.
The group still holds net cash of S$65.2 million, excluding lease liabilities, and it raised the interim dividend by 50% to S$0.015 per share.
Management is keeping a close eye on energy costs and potential supply chain disruptions.
Why does GAR deserve a closer look?
GAR is the most complicated of the four.
The Indonesia-centred palm oil company grew revenue 7.3% YoY to US$6.6 billion as the average international crude palm oil (CPO) price rose 8.1% to US$1,178 per tonne.
Profit attributable to shareholders rose 4.4% to US$167.2 million.
GAR booked a US$31.8 million foreign exchange gain, against a US$23.9 million loss a year ago.
That swing of about US$55.7 million is larger than the roughly US$7 million increase in profit, although the foreign exchange figures are before tax.
GAR’s cash flow tells a harder story.
Operating cash flow fell 74% to US$163.8 million as inventories and receivables tied up more cash.
Free cash flow turned negative at -US$58 million, down from a positive US$438.5 million a year ago.
GAR also carries US$3.5 billion in debt, including leases, against US$404.1 million in cash.
GAR did not declare an interim dividend, as it generally reviews its dividend in the second half.
Investors may be betting on management’s view that limited acreage expansion and growing demand will keep CPO prices supported.
Will PC Partner’s margins hold?
PC Partner’s story is about margins, not volume.
Video graphics cards make up 92% of the electronics maker’s revenue.
In 1H2026, revenue rose just 1.5% YoY to HK$6.5 billion, yet profit attributable to owners more than doubled, jumping 117.9% to HK$545.5 million.
Sharply higher graphics card selling prices lifted gross margin to 16.5% from 10.5%.
The cash came through too.
Free cash flow rose to HK$2.5 billion from HK$648.7 million.
The interim dividend of S$0.10 per share, or about HK$0.61, compares with HK$0.25 a year ago.
Its total cost of HK$235.2 million amounts to roughly a tenth of free cash flow.
The next six months look bumpier, as management expects graphics memory costs to keep rising.
New GPU server and AI-related shipments start in the same period, though, and the group remains confident of full-year revenue growth.
Get Smart: Does the cash agree with the profit?
A single quarter of outperformance tells you what the market liked, but it cannot tell you whether a dividend will keep growing.
So before you follow a winning stock, set its profit next to its free cash flow.
When the two rise together, as they did at First Resources and PC Partner, the dividend stands on firmer ground.
When they part ways, as they did at GAR, find out why before you buy.
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Disclosure: The Smart Investor does not own any of the stocks mentioned.
