For most companies, geopolitical conflicts are bad due to economic uncertainties, supply chain disruptions and negative consumer sentiments. But for ST Engineering, being a defence contractor, war is good as it benefits from global demand for its products – ammunitions and armoured platforms. Year-to-date, ST Engineering share price surged 34% to reach $11.27. The last time that I covered ST Engineering share price was in August 2019. Back then, the counter was trading around $4. Fast forward six years, few investors would have predicted that ST Engineering share price would rise by nearly 3-fold. After all, ST Engineering share price is known to be a very defensive stock with very low volatility. In fact, the 5-year beta is just 0.57 vis-à-vis DBS’ 1.17. Due to the historically low volatility of ST Engineering share price, the explosive bull run for the past 2 years is indeed unusual. In this article, I will share my thoughts on the plausible factors for driving this structural change in ST Engineering share price....