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REF Holdings Limited (1631) AI Stock Analysis
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REF Holdings Limited
(HKEX:1631)
The score is driven primarily by mixed financial performance—strong cash flow and improved leverage, but multi-year revenue decline and sharp margin/ROE compression. Technicals are moderately supportive with price above key moving averages and neutral momentum. Valuation is the main drag due to an extremely high P/E and no dividend yield provided.
REF Holdings Limited (1631) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 362.50M
- Dividend Yield
- ―
- Average Volume (3M)
- 85.19K
- Price to Earnings (P/E)
- 115.2
- Beta (1Y)
- 0.79
- Revenue Growth
- -2.70%
- EPS Growth
- -64.02%
- Country
- Hong Kong
- Employees
- 125
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Specialty Business Services
REF Holdings Limited Business Overview & Revenue Model
Company Description
REF Holdings Limited operates as an investment holding company, delivering a comprehensive suite of financial printing services throughout Hong Kong. These offerings include typesetting, meticulous proofreading, expert translation, creative design, p...
REF Holdings Limited Financial Statement Overview
Summary
Mixed fundamentals: cash generation is strong (2025 operating cash flow 32.0M; free cash flow 31.8M with +2.4% growth) and leverage is manageable (debt-to-equity 0.27, improved vs 0.46). Offsetting this, revenue has declined steadily from 2020–2025 (147.5M to 92.3M) and profitability weakened sharply (net margin down to 3.2% in 2025; EBIT margin 3.8%), driving a material drop in ROE (16.1% in 2023 to 3.6% in 2025).
Income Statement
54NeutralBalance Sheet
63PositiveCash Flow
74Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 121.34M | 92.30M | 106.36M | 124.04M | 129.71M | 135.08M |
| Gross Profit | 60.81M | 46.62M | 56.07M | 63.25M | 66.23M | 72.20M |
| EBITDA | 26.17M | 21.51M | 28.91M | 38.02M | 38.04M | 34.13M |
| Net Income | 2.81M | 2.98M | 5.67M | 11.71M | 11.16M | 8.63M |
Balance Sheet | ||||||
| Total Assets | 169.35M | 123.65M | 125.50M | 104.22M | 147.80M | 210.37M |
| Cash, Cash Equivalents and Short-Term Investments | 98.95M | 68.86M | 55.75M | 55.09M | 77.32M | 128.99M |
| Total Debt | 15.98M | 22.22M | 36.42M | 8.54M | 25.46M | 41.64M |
| Total Liabilities | 60.40M | 40.83M | 45.77M | 31.47M | 48.38M | 70.91M |
| Stockholders Equity | 108.95M | 82.81M | 79.73M | 72.75M | 99.42M | 139.46M |
Cash Flow | ||||||
| Free Cash Flow | 54.73M | 31.77M | 16.69M | 36.03M | 20.91M | 15.59M |
| Operating Cash Flow | 56.50M | 32.01M | 16.96M | 36.17M | 21.53M | 29.10M |
| Investing Cash Flow | -1.33M | -365.00K | 19.38M | 42.50M | -58.78M | 5.50M |
| Financing Cash Flow | -1.09M | -18.55M | -17.27M | -59.82M | -72.96M | -93.52M |
REF Holdings Limited Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1631, the sentiment is Negative. The current price of 1.18 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.31, and above the 200-day MA of 0.99, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 31.65 is Neutral, neither overbought nor oversold. The STOCH value of 39.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1631.
REF Holdings Limited Peers Comparison
Overall Rating
HK:154078.6Outperform
HK:197564Neutral- HK:163160Neutral
HK:188444Neutral
HK:844844Neutral
HK:045043Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:1540 | 79Outperform | HKD 276.76M | 9.13 | 10.05% | 3.16% | 4.00% | -31.04% |
| HK:1975 | 64Neutral | HKD 259.20M | 17.70 | 4.04% | 8.85% | 25.04% | ― |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| HK:1631 | 60Neutral | HKD 362.50M | 115.16 | 2.93% | ― | -2.70% | -64.02% |
| HK:1884 | 44Neutral | HKD 60.50M | -22.45 | -1.20% | ― | -6.24% | 56.25% |
| HK:8448 | 44Neutral | HKD 110.28M | 67.38 | 15.23% | ― | 10.01% | 164.52% |
| HK:0450 | 43Neutral | HKD 549.53M | -6.06 | -3.47% | 11.48% | 4.37% | -4.14% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:1631 | REF Holdings Limited | 1.18 | 0.76 | 180.95% | |
| HK:0450 | Hung Hing Printing Group Limited | 0.61 | -0.24 | -28.24% | |
| HK:1540 | Left Field Printing Group Ltd. | 0.56 | 0.32 | 134.18% | |
| HK:1884 | eprint Group Ltd. | 0.11 | -0.00 | -1.79% | |
| HK:1975 | Sun Hing Printing Holdings Limited | 0.54 | 0.19 | 55.17% | |
| HK:8448 | Universe Printshop Holdings Ltd. | 1.10 | 0.63 | 130.21% |
REF Holdings Limited Corporate Events
REF Holdings Wins Shareholder Approval to Refresh Share Issuance Mandate
Independent shareholders of REF Holdings Limited approved all resolutions at the 4 September 2026 extraordinary general meeting, following a poll conducted under Hong Kong listing requirements. The votes, with about 99.1% in favour for each resolutio...
REF Holdings’ Independent Shareholders Back Director Share Option Grants
Independent shareholders of REF Holdings Limited have approved two ordinary resolutions at an extraordinary general meeting held on 4 September 2026 in Hong Kong. The resolutions, passed by poll with more than 50% support, confirmed grants of share o...
REF Holdings posts higher revenue but lower interim profit on rising costs
REF Holdings Limited reported a modest increase in revenue to HK$54.9 million for the six months ended 30 June 2026, up from HK$53.3 million a year earlier, while gross profit remained essentially flat. Net profit attributable to shareholders decline...
REF Holdings Seeks Share Issuance and Buy-back Mandate at September EGM
REF Holdings Limited has called an extraordinary general meeting for 4 September 2026 in Hong Kong, seeking shareholder approval to renew a general mandate allowing its directors to allot, issue and deal with additional shares, as well as to grant co...
REF Holdings Calls EGM to Approve Major Option Grants for Key Directors
REF Holdings Limited, a Cayman Islands-incorporated issuer listed in Hong Kong, has called an extraordinary general meeting for 4 September 2026 at its principal offices in The Center, Queen’s Road Central. The company will temporarily close it...
REF Holdings Sets Board Meeting to Approve Interim Results and Consider Dividend
REF Holdings Limited has scheduled a board meeting for 21 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The board will also consider whether to recommend the payment of an interim dividend, a d...
REF Holdings Clarifies Vesting Period for Long-Term Share Options
REF Holdings Limited has issued a supplemental announcement clarifying details of a previously disclosed grant of share options. The company stated that the options will vest 12 months after the extraordinary general meeting date and will be exercisa...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Aug 19, 2026