$SIA Engineering(S59.SG) teaming up with Safran for a US$118M engine-MRO joint venture is a quietly significant move for a local industrial name. Think of MRO like the servicing contract on a car: once an airline's engines are in your shop, the revenue is recurring and sticky for years. With the global narrowbody fleet expanding and Leap engines everywhere, the addressable work only grows. For Singapore investors, this is a reminder that beyond the banks and REITs, there are real, cash-generative industrials levered to the aviation recovery. What to watch: how quickly the JV ramps, and whether MRO margins hold as the facility scales.