REF Holdings Limited (1631) AI Stock Analysis

• Market Cap: HK$99.84M
• Dividend Yield: N/A
• Average Volume (3M): 163.00K
• Price to Earnings (P/E): 20.6
• Beta (1Y): 0.74
• Revenue Growth: -13.63%
• EPS Growth: -30.26%
• Country: HK
• Employees: 115
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): 0.02
• Shares Outstanding: 256,000,000
• 10 Day Avg. Volume: 85,500
• 30 Day Avg. Volume: 163,000
• PEG Ratio: -0.19
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.53
• P/FCF Ratio: 3.36
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 60 Neutral
• Price Target: HK$0.50 ▲(31.58% Upside)

The overall stock score of 60 reflects the company's strong cash flow and balance sheet, offset by declining revenue and bearish technical indicators. The moderate valuation suggests limited upside potential without a dividend yield to attract income investors.

REF Holdings Limited Business Overview & Revenue Model

Company Description

REF Holdings Limited (1631) is a diversified investment holding company based in Hong Kong, primarily engaged in the business of financial services, property investment, and trading of various commodities. The company aims to leverage opportunities across multiple sectors to enhance its portfolio, focusing on strategic investments and sustainable growth. Its core offerings include asset management, investment advisory, and real estate development, catering to both individual and institutional clients.

How the Company Makes Money

REF Holdings Limited generates revenue through several key streams. The primary source of income is derived from its financial services division, which includes management fees from funds it manages and advisory fees for investment consultations. Additionally, the company earns revenue from property investments through rental income and capital gains from the sale of real estate assets. Trading activities in commodities also contribute to its earnings, driven by market demand and price fluctuations. Significant partnerships with financial institutions and real estate developers enhance its market presence and provide access to lucrative investment opportunities, further supporting its revenue generation.

REF Holdings Limited Financial Statement Overview

Summary

REF Holdings Limited displays a mixed financial position. Profitability metrics have weakened over recent years, with declining revenue and margins. However, the balance sheet remains solid with low leverage and high equity ratios. Cash flow metrics highlight healthy cash generation, despite recent declines.

Income Statement

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	96.48M	106.36M	124.04M	129.71M	135.08M	147.50M
Gross Profit	50.17M	56.07M	63.25M	66.23M	72.20M	69.46M
EBITDA	8.68M	28.91M	38.02M	38.04M	34.13M	43.77M
Net Income	4.84M	5.67M	11.71M	11.16M	8.63M	18.27M
Balance Sheet
Total Assets	126.83M	125.50M	104.22M	147.80M	210.37M	260.53M
Cash, Cash Equivalents and Short-Term Investments	52.97M	55.75M	55.09M	77.32M	128.99M	209.22M
Total Debt	28.70M	36.42M	8.54M	25.46M	41.64M	10.47M
Total Liabilities	42.57M	45.77M	31.47M	48.38M	70.91M	52.90M
Stockholders Equity	84.26M	79.73M	72.75M	99.42M	139.46M	207.63M
Cash Flow
Free Cash Flow	31.01M	16.69M	36.03M	20.91M	15.59M	26.40M
Operating Cash Flow	31.53M	16.96M	36.17M	21.53M	29.10M	26.43M
Investing Cash Flow	45.06M	19.38M	42.50M	-58.78M	5.50M	217.66M
Financing Cash Flow	-28.52M	-17.27M	-59.82M	-72.96M	-93.52M	-71.61M

REF Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

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 0.38 is below the 20-day moving average (MA) of 0.40, below the 50-day MA of 0.47, and below the 200-day MA of 0.40, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 28.71 is Positive, neither overbought nor oversold. The STOCH value of -9.63 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1975	63 Neutral	HK$182.40M	―	-20.83%	9.21%	-26.30%	-617.37%
1631	60 Neutral	HK$99.84M	20.63	5.97%	―	-13.63%	-30.26%
1841	53 Neutral	HK$88.00M	―	-1.47%	―	-21.77%	-118.60%
8419	52 Neutral	HK$31.20M	16.96	3.05%	―	-6.40%	―
1884	51 Neutral	HK$68.20M	―	-2.70%	―	-7.49%	25.83%
8450	46 Neutral	HK$100.00M	―	-23.68%	―	-30.12%	-208.11%

REF Holdings Limited Corporate Events

REF Holdings Limited Reports Interim Results for First Half of 2025

REF Holdings Limited announced its unaudited condensed consolidated results for the six months ending June 30, 2025. The company reported a decline in revenue from HK$63,221,000 in 2024 to HK$53,346,000 in 2025, with a corresponding decrease in gross profit. Despite the drop in revenue, the company managed to maintain profitability, with a profit attributable to owners of HK$4,477,000, down from HK$5,302,000 in the previous year. The announcement highlights a stable financial position with total assets less current liabilities standing at HK$98,449,000, indicating resilience amidst challenging market conditions.

The most recent analyst rating on (HK:1631) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on REF Holdings Limited stock, see the HK:1631 Stock Forecast page.

REF Holdings Limited Schedules Board Meeting for Interim Results

REF Holdings Limited has announced that its board of directors will convene on August 22, 2025, to approve the unaudited interim results for the first half of the year and consider an interim dividend. This meeting is significant as it may impact the company’s financial strategy and shareholder returns.