The “Safety” Premium Hits 73x P/E as ST Engineering Outpaces Growth Logic; NIO Doubles Deliveries while the Bottom Line Bleeds
Today’s audit lands on a day when the STI is still nursing a bruise from Q1, the defence sector is wearing a 73x P/E like a badge of honour, and an EV company is doubling deliveries while haemorrhaging cash. Three very different stories — one common forensic thread: the market is charging a premium for narratives that the numbers do not support. Here is what the ledger actually says.
