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REF Holdings Limited (HK:1631)
:1631
Hong Kong Market

REF Holdings Limited (1631) AI Stock Analysis

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HK

REF Holdings Limited

(1631)

Rating:69Neutral
Price Target:
HK$0.50
▲(0.00%Upside)
REF Holdings Limited's stock score is primarily influenced by its strong technical outlook and robust balance sheet, offset by declining financial performance and high valuation. The absence of dividend yield and recent earnings call data further limits the overall attractiveness of the stock.

REF Holdings Limited (1631) vs. iShares MSCI Hong Kong ETF (EWH)

REF Holdings Limited Business Overview & Revenue Model

Company DescriptionREF 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 distribution of listing documents, financial reports, compliance documents, and other documents. The company was founded in 2010 and is headquartered in Central, Hong Kong. REF Holdings Limited is a subsidiary of Jumbo Ace Enterprises Limited.
How the Company Makes MoneyREF Holdings Limited generates revenue through its financial printing services. The company provides comprehensive solutions that cater to the needs of corporations, investment banks, and law firms, particularly those involved in initial public offerings (IPOs), mergers and acquisitions (M&A), and other financial transactions requiring detailed documentation. The key revenue streams come from the printing and distribution of these documents, as well as ancillary services such as design and translation. REF Holdings Limited may also benefit from strategic partnerships with financial institutions and other service providers that drive business to their printing services.

REF Holdings Limited Financial Statement Overview

Summary
REF Holdings Limited displays a mixed financial position. While profitability metrics have weakened over recent years, the company's balance sheet remains solid with low leverage and high equity ratios. Cash flow metrics highlight healthy cash generation, despite recent declines. Continued focus on revenue growth and operational efficiency will be crucial for future stability.
Income Statement
65
Positive
The company shows a declining trend in revenue over the past three years, with a notable revenue decrease of about 14.3% from 2020 to 2024. Gross profit margin has decreased from 47% in 2019 to approximately 52.7% in 2024, indicating cost management challenges. Net profit margin decreased from 17.6% in 2019 to 5.3% in 2024. EBITDA margin also fell from 33% in 2020 to 9.3% in 2024, showing reduced operational efficiency.
Balance Sheet
75
Positive
The company's debt-to-equity ratio remains low, reflecting manageable leverage with a decrease from 0.04 in 2020 to 0.46 in 2024. The equity ratio is strong at 63.5% in 2024, indicating solid equity funding. However, total assets have been decreasing, signaling potential risks to long-term growth.
Cash Flow
70
Positive
Operating cash flow has been positive, albeit showing volatility with a significant drop from 2023 to 2024. Free cash flow is positive, though it decreased significantly in 2024 compared to previous years. The operating cash flow to net income ratio is favorable, indicating healthy cash generation relative to net income.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue106.36M124.04M129.71M135.08M147.50M
Gross Profit56.07M63.25M66.23M72.20M69.46M
EBITDA28.91M38.02M38.76M34.13M50.52M
Net Income5.67M11.71M11.16M8.63M18.27M
Balance Sheet
Total Assets125.50M104.22M147.80M210.37M260.53M
Cash, Cash Equivalents and Short-Term Investments55.75M55.09M77.32M128.99M209.22M
Total Debt36.42M8.54M25.46M41.64M10.47M
Total Liabilities45.77M31.47M48.38M70.91M52.90M
Stockholders Equity79.73M72.75M99.42M139.46M207.63M
Cash Flow
Free Cash Flow16.69M36.03M20.91M15.59M26.40M
Operating Cash Flow16.96M36.17M21.53M29.10M26.43M
Investing Cash Flow19.38M42.50M-58.78M5.50M217.66M
Financing Cash Flow-17.27M-59.82M-72.96M-93.52M-71.61M

REF Holdings Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.50
Price Trends
50DMA
0.49
Positive
100DMA
0.35
Positive
200DMA
0.28
Positive
Market Momentum
MACD
0.02
Negative
RSI
83.24
Negative
STOCH
100.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1631, the sentiment is Positive. The current price of 0.5 is above the 20-day moving average (MA) of 0.48, above the 50-day MA of 0.49, and above the 200-day MA of 0.28, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 83.24 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1631.

REF Holdings Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
69
Neutral
HK$128.00M30.327.44%-14.25%-51.75%
65
Neutral
HK$87.60M16.98-1.47%-14.57%-72.26%
65
Neutral
$10.65B15.525.51%1.92%2.72%-26.34%
58
Neutral
HK$172.80M12.123.04%11.11%-26.49%-16.57%
56
Neutral
HK$57.20M-2.70%-0.14%72.86%
56
Neutral
HK$29.60M16.823.02%-9.59%
51
Neutral
HK$115.00M-23.68%-30.12%-208.11%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:1631
REF Holdings Limited
0.67
0.47
235.00%
HK:1841
A.Plus Group Holdings Limited
0.22
0.01
4.76%
HK:1884
eprint Group Ltd.
0.10
-0.04
-28.57%
HK:1975
Sun Hing Printing Holdings Limited
0.36
0.06
20.00%
HK:8419
AV Promotions Holdings Limited
0.07
0.01
16.67%
HK:8450
EDICO Holdings Limited
0.12
0.07
140.00%

REF Holdings Limited Corporate Events

REF Holdings Limited Strengthens Nomination Committee with New Appointment
Jun 30, 2025

REF Holdings Limited, a company incorporated in the Cayman Islands, has announced the appointment of Ms. Fan Jia Yin as a member of its nomination committee, effective 30 June 2025. This strategic appointment aims to strengthen the company’s leadership structure, with Ms. Fan joining three independent non-executive directors in the committee. The board expressed its warm welcome to Ms. Fan, indicating a positive outlook for the company’s governance and decision-making processes.

REF Holdings Limited Announces Board Restructuring
Jun 30, 2025

REF Holdings Limited has announced changes to its board of directors, effective June 30, 2025. The board comprises a non-executive director, an executive director, and three independent non-executive directors. The company has also established three committees: Audit, Remuneration, and Nomination, with specific directors assigned to each. These changes in the board and committee structures may impact the company’s governance and strategic direction.

REF Holdings Limited Updates Nomination Committee Terms
Jun 30, 2025

REF Holdings Limited has announced updates to the terms of reference for its Nomination Committee, which is responsible for identifying and nominating qualified individuals for the company’s board of directors. The amendments, effective from June 30, 2025, aim to enhance the diversity and effectiveness of the board by including a member of a different gender and ensuring a majority of independent non-executive directors. These changes are expected to strengthen the company’s governance structure and align with its corporate strategy, potentially impacting its market positioning and stakeholder interests.

REF Holdings Limited Successfully Passes All Resolutions at 2025 AGM
May 2, 2025

REF Holdings Limited, a company incorporated in the Cayman Islands, announced that all proposed ordinary resolutions were passed by shareholders at the Annual General Meeting held on May 2, 2025. The resolutions included the adoption of financial statements, re-election of directors, and granting of mandates for share issuance and repurchase. This successful passing of resolutions indicates strong shareholder support and positions the company for continued strategic actions in the upcoming year.

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.Date of analysis: Jun 27, 2025