Scottish Oriental Smlr Co Tst PLC Results analysis from Kepler Trust Intelligence
21 Octubre 2021 - 2:45AM
RNS Non-Regulatory
TIDMSST
Scottish Oriental Smlr Co Tst PLC
21 October 2021
Scottish Oriental Smaller Companies (SST)
21/10/2021
Results analysis from Kepler Trust Intelligence
Scottish Oriental Smaller Companies (SST) has reported strong
absolute returns for the financial year ending 31/08/2021. The
trust returned 28.4% in NAV total returns over the period. It does
not have a formal benchmark, but this compares to total returns of
14.7% for the MSCI AC Asia ex Japan Index and 37.8% for the MSCI AC
Asia ex Japan Small Cap Index.
SST has long had a significant position in Indian companies
based on the managers' view of company-level fundamentals rather
than a call on the market. In FY 2021 this benefitted the trust as
the Indian market performed strongly and many of the trust's top
performers are listed in that country .
Kepler View
Scottish Oriental Smaller Companies (SST) invests in
market-leading businesses in the Asia Pacific region which have a
market cap of below $5bn at the time of investment. These companies
are chosen for their low levels of debt, strong management teams,
and ability to compound earnings consistently over the long run at
high returns on invested capital.
In FY 2020 the board and manager implemented a number of changes
intended to improve performance. This included naming Martin Lau as
co-manager with Vinay Agarwal, and the addition of the first
structural gearing for many years. The market-capitalisation limit
was also increased from $3bn to $5bn and the mandate broadened to
include Australasia and Japan. The first indications are the
changes have been helpful, judging by the strong results reported
for the latest financial year.
The portfolio at the end of the financial year displays
attractive characteristics which could be promising for future
returns. While the valuation of the portfolio has risen somewhat on
last year, the team forecast earnings growth of 21.5% a year over
the next two years on their portfolio companies. We note SST
performed very well after the past two global crises as the quality
style outperformed.
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