[caption id="attachment_2604" align="alignright" width="150" caption="Photo by Hythe Eye"][/caption] For Part 4 of this Analysis of Purchase, I move on to competitive analysis by comparing SIAEC to competitors within the same MRO industry. One is from Singapore (ST Aerospace, a division of ST Engineering Limited, listed on the Stock Exchange of Singapore), another is from Hong Kong (Hong Kong Aircraft Engineering Company or HAECO, listed on HKSE); and the last one is from Canada (Vector Aerospace Corporation, listed on Toronto Stock Exchange). I will not be doing an analysis which is as comprehensive as the one I am doing for SIAEC, and will merely be focusing on the financial aspects and comparing them to SIAEC; as well as offering comments on the Balance Sheets and Cash Flows, where applicable. Hong Kong Aircraft Engineering Company (HAECO) HAECO is a subsidiary of Swire Pacific Group of companies and has provided comprehensive aeronautical engineering and maintenance services to airlines and operators since 1950. Its website is at http://www.haeco.com and gives a good introduction of the company’s business activities. They basically also do heavy maintenance, technical inspections and line maintenance for their customers and their activities are very similar to SIAEC. Their financial year-end is December 31. Read more...