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REF Holdings Limited
(1631)
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Rating:60Neutral
Price Target:
HK$1.50
▲(226.09% Upside)
Action:Reiterated
Date:08/19/26
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.
Positive Factors
Strong Cash Generation
Strong operating and free cash flow provides internal funding for working capital and investment while supporting liquidity. Sustained cash conversion can improve financial resilience, although the latest cash flow should be monitored for working-capital effects.
Negative Factors
Multi-Year Revenue Decline
The persistent revenue contraction indicates weakening demand, customer losses, or reduced business scale rather than a one-period fluctuation. Continued decline can limit operating leverage, reduce market presence, and make it harder to absorb fixed costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Strong operating and free cash flow provides internal funding for working capital and investment while supporting liquidity. Sustained cash conversion can improve financial resilience, although the latest cash flow should be monitored for working-capital effects.
Read all positive factors
REF Holdings Limited (1631) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$400.90M
Dividend Yield36.59%
Average Volume (3M)93.83K
Price to Earnings (P/E)127.9
Beta (1Y)0.53
Revenue Growth-2.70%
EPS Growth-64.02%
CountryHK
Employees125
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.01
Shares Outstanding307,200,000
10 Day Avg. Volume30,000
30 Day Avg. Volume93,833
Financial Highlights & Ratios
PEG Ratio-0.93
Price to Book (P/B)1.58
Price to Sales (P/S)1.41
P/FCF Ratio4.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
REF Holdings Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
74
Positive
| 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 | 13.54M | 5.18M | 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
Neutral
0.46
Price Trends
1.35
Negative
1.22
Positive
0.84
Positive
Market Momentum
>-0.01
Positive
41.15
Neutral
24.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1631, the sentiment is Neutral. The current price of 0.46 is below the 20-day moving average (MA) of 1.34, below the 50-day MA of 1.35, and below the 200-day MA of 0.84, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.15 is Neutral, neither overbought nor oversold. The STOCH value of 24.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1631.
REF Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$344.08M | 12.06 | 9.67% | 4.35% | 4.00% | -31.04% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | HK$400.90M | 127.94 | 2.93% | 36.59% | -2.70% | -64.02% | |
59 Neutral | HK$61.60M | -22.86 | -1.20% | 3.53% | -6.24% | 56.25% | |
51 Neutral | HK$617.09M | -6.86 | -3.47% | 16.14% | 4.37% | -4.14% | |
50 Neutral | HK$144.71M | 87.20 | 15.23% | ― | 10.01% | 164.52% | |
44 Neutral | HK$235.20M | -2.90 | -23.30% | 9.28% | -3.83% | -698.65% |
* Industrials Sector Average
HK:1631
REF Holdings Limited
1.31
0.82
166.33%
HK:0450
Hung Hing Printing Group Limited
0.69
-0.16
-18.34%
HK:1540
Left Field Printing Group Ltd.
0.69
0.29
72.50%
HK:1884
eprint Group Ltd.
0.11
>-0.01
-2.61%
HK:1975
Sun Hing Printing Holdings Limited
0.52
0.18
54.19%
HK:8448
Universe Printshop Holdings Ltd.
1.43
1.22
597.56%
REF Holdings Limited Corporate Events
REF Holdings Seeks Share Issuance and Buy-back Mandate at September EGM
Aug 14, 2026
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...
REF Holdings Calls EGM to Approve Major Option Grants for Key Directors
Aug 14, 2026
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...
REF Holdings Sets Board Meeting to Approve Interim Results and Consider Dividend
Aug 11, 2026
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, ...
REF Holdings Clarifies Vesting Period for Long-Term Share Options
Aug 10, 2026
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 exerc...
REF Holdings Grants 10% Share Option Stake to Key Executives
Jul 3, 2026
REF Holdings Limited has granted share options under its newly adopted share option scheme to two senior figures in the group, representing a significant 10% of its issued share capital. The options, priced at HK$1.29 per share, allocate 16,720,00...
REF Holdings Wins Strong Shareholder Backing for New Share Option Scheme
Jun 29, 2026
REF Holdings Limited has secured shareholder approval for a new share option scheme at its extraordinary general meeting held on 29 June 2026 in Hong Kong. The ordinary resolution, covering the New Share Option Scheme and its mandate limit, was pa...
REF Holdings Calls June EGM to Approve New Share Option Scheme
Jun 9, 2026
REF Holdings Limited has called an extraordinary general meeting in Hong Kong on 29 June 2026 to seek shareholder approval for a new share option scheme. The board is asking investors to endorse the scheme’s rules and to authorise directors ...
REF Holdings Seeks Approval for New Share Option Scheme
Jun 9, 2026
REF Holdings Limited plans to introduce a new share option scheme, aligning it with Chapter 17 of Hong Kong’s listing rules to formalise equity-based incentives for eligible participants. The scheme is designed to recognise past and potentia...
REF Holdings Raises HK$22.71 Million in Share Placing to Fund Central Office Expansion
May 27, 2026
REF Holdings Limited has completed a placing of 51,200,000 new shares under its general mandate at HK$0.457 per share, raising net proceeds of approximately HK$22.71 million from at least six independent placees. No placee or its associates became...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.