REF Holdings Limited (HK:1631)
:1631
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REF Holdings Limited
(1631)
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Rating:56Neutral
Price Target:
HK$0.49
▲(7.39% Upside)
Action:ReiteratedDate:03/31/26
The score is held back primarily by multi-year revenue decline and sharp margin/ROE deterioration, despite strong free cash flow and improving leverage. Technicals are neutral-to-soft with limited trend strength, and valuation is a key headwind due to the high P/E and no stated dividend yield.
Positive Factors
Strong cash generation
Consistent and sizable operating cash flow and near-equivalent free cash flow in 2025 provide durable liquidity and self-funding capacity. This reduces dependence on external capital, supports debt reduction or targeted reinvestment, and cushions the business against revenue cyclicality over months.
Negative Factors
Multi-year revenue decline
A sustained fall in revenue over multiple years materially reduces scale and erodes operating leverage. This trend constrains growth opportunities, limits pricing leverage, and makes fixed-cost absorption harder, raising the structural challenge of restoring sustainable top-line momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent and sizable operating cash flow and near-equivalent free cash flow in 2025 provide durable liquidity and self-funding capacity. This reduces dependence on external capital, supports debt reduction or targeted reinvestment, and cushions the business against revenue cyclicality over months.
Read all positive factors
REF Holdings Limited (1631) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$122.88M
Dividend YieldN/A
Average Volume (3M)163.00K
Price to Earnings (P/E)43.9
Beta (1Y)0.68
Revenue Growth-13.63%
EPS Growth-30.26%
CountryHK
Employees115
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding256,000,000
10 Day Avg. Volume85,500
30 Day Avg. Volume163,000
Financial Highlights & Ratios
PEG Ratio-0.92
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, an investment holding company, provides financial printing services in Hong Kong. It offers financial printing services comprising typesetting, proofreading, translation, design, printing, web submitting, media placement, and...
How the Company Makes Money
null...
REF Holdings Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 92.30M | 106.36M | 124.04M | 129.71M | 135.08M |
| Gross Profit | 46.62M | 56.07M | 63.25M | 66.23M | 72.20M |
| EBITDA | 21.41M | 28.91M | 38.02M | 38.04M | 34.13M |
| Net Income | 2.98M | 5.67M | 11.71M | 11.16M | 8.63M |
Balance Sheet | |||||
| Total Assets | 123.65M | 125.50M | 104.22M | 147.80M | 210.37M |
| Cash, Cash Equivalents and Short-Term Investments | 68.86M | 55.75M | 55.09M | 77.32M | 128.99M |
| Total Debt | 22.22M | 36.42M | 8.54M | 25.46M | 41.64M |
| Total Liabilities | 40.83M | 45.77M | 31.47M | 48.38M | 70.91M |
| Stockholders Equity | 82.81M | 79.73M | 72.75M | 99.42M | 139.46M |
Cash Flow | |||||
| Free Cash Flow | 31.77M | 16.69M | 36.03M | 20.91M | 15.59M |
| Operating Cash Flow | 32.01M | 16.96M | 36.17M | 21.53M | 29.10M |
| Investing Cash Flow | -365.00K | 19.38M | 42.50M | -58.78M | 5.50M |
| Financing Cash Flow | -18.55M | -17.27M | -59.82M | -72.96M | -93.52M |
REF Holdings Limited Technical Analysis
Neutral
0.46
Price Trends
0.48
Positive
0.46
Positive
0.48
Negative
Market Momentum
<0.01
Positive
50.44
Neutral
14.29
Positive
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 0.48, below the 50-day MA of 0.48, and below the 200-day MA of 0.48, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.44 is Neutral, neither overbought nor oversold. The STOCH value of 14.29 is Positive, 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$182.40M | 7.19 | -23.30% | 8.60% | -26.30% | -617.37% | |
57 Neutral | HK$29.60M | 9.73 | 3.02% | ― | -6.40% | ― | |
56 Neutral | HK$122.88M | 43.89 | 3.82% | ― | -13.63% | -30.26% | |
53 Neutral | HK$92.00M | 2.94 | -9.07% | ― | -14.40% | -180.62% | |
48 Neutral | HK$129.00M | -10.14 | -27.75% | ― | -30.12% | -208.11% | |
46 Neutral | HK$59.95M | 184.81 | 0.37% | ― | -10.78% | ― |
* Industrials Sector Average
HK:1631
REF Holdings Limited
0.48
0.32
200.00%
HK:1841
A.Plus Group Holdings Limited
0.23
-0.02
-8.00%
HK:1884
eprint Group Ltd.
0.11
<0.01
9.00%
HK:1975
Sun Hing Printing Holdings Limited
0.38
0.09
31.03%
HK:8419
AV Promotions Holdings Limited
0.07
-0.01
-14.94%
HK:8450
EDICO Holdings Limited
0.13
0.04
46.59%
REF Holdings Limited Corporate Events
REF Holdings Corrects Clerical Errors in 2026 AGM Circular
Mar 27, 2026
REF Holdings Limited has issued a clarification regarding its 2026 annual general meeting documentation, after identifying clerical errors in the AGM circular dated 27 March 2026. The company stated that one ordinary resolution and an associated n...
REF Holdings Sets 2026 AGM to Approve Results, Board Changes and Share Issue Mandate
Mar 26, 2026
REF Holdings Limited has called its annual general meeting for 6 May 2026 in Hong Kong, where shareholders will vote on adopting the audited financial statements for the year ended 31 December 2025 and receive reports from the board and independen...
REF Holdings profit nearly halves in 2025 on weaker revenue
Mar 5, 2026
REF Holdings Limited reported a decline in revenue to HK$92.3 million for the year ended 31 December 2025, down from HK$106.4 million a year earlier, with gross profit falling to HK$46.6 million. Net profit attributable to shareholders nearly halv...
REF Holdings moves to update corporate rules for hybrid meetings and treasury share regime
Mar 5, 2026
REF Holdings Limited plans to overhaul its constitutional documents, proposing amendments to its existing memorandum and articles of association to align with updated Hong Kong Listing Rules and Cayman Islands laws. The revisions focus on enabling...
REF Holdings flags up to 50% profit slump and sets date for 2025 results
Feb 19, 2026
REF Holdings Limited has warned shareholders that profit attributable to owners for the year ended 31 December 2025 is expected to fall by about 40% to 50% from roughly HK$5.7 million a year earlier. The decline is mainly driven by lower revenue, ...
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.