Ann: Change of Director's Interest Notice, page-4

Performance of the stock, since 13/11 (day before they announced they gave up on Middle East listing) : + 9 % and + 12 % if we include the interim dividend.
During the same period, ASX all ord decreased by 3.5 %.

So, obviously the stock is seen as quite defensive so far by the market.
It looks logical to me based on their last results, its valuation and the regular purchase on market by Alf.
Anyway, Servcorp is probably not the most defensive stock in the ASX.
But its performance during covid is probably a good indication.