ST Engineering is an integrated engineering company with four key segments: aerospace, electronics, land systems, and marine. It provides products and services for both commercial and military applications, which means that its financial figures usually demonstrate more resilience than its less diversified peers.

I attended ST Engineering’s 2019 AGM thinking that there wouldn’t be anything too interesting; I was expecting it to be boring, actually. You can’t blame me — revenues grew at a CAGR of 0.2% over the past five years, while earnings fell over the same period. It seemed like a stable blue chip having immense difficulties with growth.

While the company’s growth is still lackluster, I left ST Engineering’s AGM with a radically different view of the company. In my opinion, the company’s management team has made some good moves over the past year. But more importantly, they are focused on executing a growth strategy going