REF Holdings Limited (HK:1631)
:1631
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REF Holdings Limited
(1631)
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Rating:62Neutral
Price Target:
HK$2.00
▲(334.78% Upside)
Action:Reiterated
Date:05/19/26
The score is primarily driven by mixed financial performance: strong cash generation and improving leverage are offset by sustained revenue contraction and materially weaker profitability/returns. Technicals add support via strong positive momentum (price well above moving averages and positive MACD), while valuation is a drag due to a negative P/E and no dividend yield data.
Positive Factors
Cash generation
Consistently strong operating and free cash flow in 2025 (32.0M and 31.8M) provides durable liquidity to fund operations, capex, or debt reduction. Solid cash conversion historically means management has real cash flexibility to smooth cycles and support strategic investments.
Negative Factors
Persistent revenue decline
Multi-year top-line contraction shrinks the scale of the business, reducing fixed-cost absorption and limiting reinvestment capacity. Structural revenue loss or market-share erosion over several years makes turning profits and restoring growth more difficult without strategic product or market changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistently strong operating and free cash flow in 2025 (32.0M and 31.8M) provides durable liquidity to fund operations, capex, or debt reduction. Solid cash conversion historically means management has real cash flexibility to smooth cycles and support strategic investments.
Read all positive factors
REF Holdings Limited (1631) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$424.96M
Dividend YieldN/A
Average Volume (3M)163.00K
Price to Earnings (P/E)43.9
Beta (1Y)0.62
Revenue Growth-13.22%
EPS Growth-47.51%
CountryHK
Employees115
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.02
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 | 5.18M | 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
Positive
0.46
Price Trends
0.59
Positive
0.54
Positive
0.50
Positive
Market Momentum
0.23
Negative
84.26
Negative
85.06
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 0.46 is below the 20-day moving average (MA) of 0.75, below the 50-day MA of 0.59, and below the 200-day MA of 0.50, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 84.26 is Negative, neither overbought nor oversold. The STOCH value of 85.06 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$201.96M | 7.60 | 8.42% | 18.18% | -3.56% | -16.74% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$424.96M | 43.89 | 3.82% | ― | -13.22% | -47.51% | |
62 Neutral | HK$211.20M | 7.19 | -23.30% | 8.60% | -3.83% | -698.65% | |
54 Neutral | HK$155.69M | 4.19 | 10.09% | ― | -6.56% | ― | |
48 Neutral | HK$729.70M | -10.57 | -2.27% | 13.04% | -7.73% | -82.01% | |
46 Neutral | HK$56.65M | 184.91 | 0.37% | ― | -10.78% | ― |
* Industrials Sector Average
HK:1631
REF Holdings Limited
1.66
1.16
232.00%
HK:0450
Hung Hing Printing Group Limited
0.81
-0.11
-12.15%
HK:1540
Left Field Printing Group Ltd.
0.41
0.02
4.92%
HK:1884
eprint Group Ltd.
0.10
>-0.01
-6.36%
HK:1975
Sun Hing Printing Holdings Limited
0.44
0.11
34.97%
HK:8448
Universe Printshop Holdings Ltd.
1.56
1.34
622.22%
REF Holdings Limited Corporate Events
REF Holdings plans HK$23.4 million share placing to fund financial printing expansion
May 12, 2026
REF Holdings Limited has entered into a placing agreement with Kingston Securities to issue up to 51.2 million new shares under its general mandate at HK$0.457 per share to at least six independent professional or institutional investors. The plac...
REF Holdings Wins Strong Shareholder Backing at 2026 AGM
May 6, 2026
REF Holdings Limited reported that all ordinary and special resolutions proposed at its 2026 annual general meeting were approved by shareholders via poll. The adopted resolutions covered the approval of the 2025 audited financial statements, re-e...
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...
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.