The report didn't differ much from 2020's.SRV's innovation in...

The report didn't differ much from 2020's.

SRV's innovation in matching 'technology' with its 'community' is very interesting, even to outsiders like me who have no need of its services. It has found its niche and seems adaptable during what in the last 20 months must have been a huge challenge that some would have said would threaten SRV's historic operating model.

The number of holders decreased by 25, a situation at odds with a few other companies I hold with historically small numbers of shareholders. 2289 holders is however larger than the likes of SNL.

The only new SRV location opened during FY 21 is in one of my favourite areas in Metro Manila, a global city of 12 million. Bonifacio High Street in Taguig is classy, attracting many middle class and upper Filipinos and (in normal times) expats.

It speaks volumes (despite COVID-19) about Philippines' future prospects when Alf M chooses to open another floor there during viral times. The jury is temporarily out but prior to COVID_19, Philippines was from memory Asia's second fastest growing economy after mainland China, but the latter's statistics are always questionable given how authoritarian the CCP is. Few policymakers in Canberra or the Oz states understand how dynamic the Filipino economy is, even though that nation has become Australia's fifth largest source of migrants and a community of around 300000 in Australia.

Hard to imagine trading in Oz has improved since the annual report was printed. Greater Melbourne appears set to remain in lockdown for many more weeks as 'Dan with no plan' continues to disregard the need of Melbourne CBD businesses to prosper. Walking along William Street (travelling north from one of Servcorp's buildings) is an exercise in counting the closed large cafes that once served a bustling area with its affluent legal fraternity. Quite depressing. Queensland, SA, Tasmania and WA remain hermit states.

It's pleasing what SRV says about northeast, and to a lesser extent, southeast Asia.

Cashflow is King, and SRV has this if not in spades, to a satisfactory or better than that degree.