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REF Holdings Limited logo

REF Holdings Limited

1631.HK

HKSEIndustrialsSpecialty Business Services

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Latest quote

HK$1.38

HK$0.00 · 0.00%

Aug 21, 3:08 PM HKT

1631.HK company overview

Historical prices · Market data may be delayed.

Company profile

Company website

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, physical printing, web-based submission, strategic media placement, and efficient distribution. The firm's services are essential for various critical documents, such as listing prospectuses, financial reports, regulatory compliance filings, and other corporate communications. Established in 2010, the company's headquarters are situated in Central, Hong Kong, and it functions as a subsidiary of Jumbo Ace Enterprises Limited.

Industry
Specialty Business Services
Sector
Industrials
Headquarters
HK
CEO
Jia Yin Fan
Listed since
Sep 25, 2015
Employees
118

Market position

52-week range

Current HK$1.38

Open
HK$1.38
Previous close
HK$1.38
Volume
30K
0.04× average
Average volume
791.29K
Average daily volume
Market cap
423.94M HKD
Beta
0.83
Market reference 1
50-day average
HK$1.3422
+2.82% above average
200-day average
HK$0.7846
+75.90% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
84.41M HKD
P/E (TTM)
160.47×
P/B (TTM)
4.25×
P/S (TTM)
4.59×
EV / EBITDA
16.31×
Earnings yield
2.28%
Free cash flow yield
24.33%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
50.51%
Operating margin
3.79%
Net margin
2.41%
Return on equity
3.59%
Return on assets
2.41%
Return on invested capital
2.91%

Financial health

Debt / equity
0.27×
Current ratio
2.66×
Altman Z-score
7.98
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends58%38%18%-2%Gross margin, FY2021: 53.45%Gross margin, FY2022: 51.06%Gross margin, FY2023: 50.99%Gross margin, FY2024: 52.72%Gross margin, FY2025: 50.51%Operating margin, FY2021: 12.64%Operating margin, FY2022: 8.72%Operating margin, FY2023: 10.24%Operating margin, FY2024: 6.69%Operating margin, FY2025: 3.79%Net margin, FY2021: 6.39%Net margin, FY2022: 8.61%Net margin, FY2023: 9.44%Net margin, FY2024: 5.33%Net margin, FY2025: 3.22%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 53.45%. Gross margin FY2022 51.06%. Gross margin FY2023 50.99%. Gross margin FY2024 52.72%. Gross margin FY2025 50.51%. Operating margin FY2021 12.64%. Operating margin FY2022 8.72%. Operating margin FY2023 10.24%. Operating margin FY2024 6.69%. Operating margin FY2025 3.79%. Net margin FY2021 6.39%. Net margin FY2022 8.61%. Net margin FY2023 9.44%. Net margin FY2024 5.33%. Net margin FY2025 3.22%.

Income trends

Revenue

92.3M HKD-13.22%

Operating income

3.5M HKD-50.79%

Net income

2.98M HKD-47.52%
Income trends across reported periods148.29M HKD95.45M HKD42.61M HKD−10.24M HKDRevenue, FY2021: 135.08M HKDRevenue, FY2022: 129.71M HKDRevenue, FY2023: 124.04M HKDRevenue, FY2024: 106.36M HKDRevenue, FY2025: 92.3M HKDOperating income, FY2021: 17.08M HKDOperating income, FY2022: 11.31M HKDOperating income, FY2023: 12.7M HKDOperating income, FY2024: 7.12M HKDOperating income, FY2025: 3.5M HKDNet income, FY2021: 8.63M HKDNet income, FY2022: 11.16M HKDNet income, FY2023: 11.71M HKDNet income, FY2024: 5.67M HKDNet income, FY2025: 2.98M HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 135.08M HKD. Revenue FY2022 129.71M HKD. Revenue FY2023 124.04M HKD. Revenue FY2024 106.36M HKD. Revenue FY2025 92.3M HKD. Operating income FY2021 17.08M HKD. Operating income FY2022 11.31M HKD. Operating income FY2023 12.7M HKD. Operating income FY2024 7.12M HKD. Operating income FY2025 3.5M HKD. Net income FY2021 8.63M HKD. Net income FY2022 11.16M HKD. Net income FY2023 11.71M HKD. Net income FY2024 5.67M HKD. Net income FY2025 2.98M HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue92.3M HKD106.36M HKD124.04M HKD129.71M HKD135.08M HKD
Cost of goods sold45.68M HKD50.29M HKD60.8M HKD63.48M HKD62.88M HKD
Gross profit46.62M HKD56.07M HKD63.25M HKD66.23M HKD72.2M HKD
Selling, general, and administrative43.12M HKD48.95M HKD50.54M HKD52.85M HKD55.72M HKD
Operating expenses43.12M HKD48.95M HKD50.54M HKD54.92M HKD55.13M HKD
Interest income1.65M HKD1.64M HKD1.82M HKD985K HKD747K HKD
Interest expense1.49M HKD1.66M HKD603K HKD1.07M HKD853K HKD
Depreciation and amortization1.68M HKD20.47M HKD23.5M HKD24.02M HKD22.16M HKD
Operating income3.5M HKD7.12M HKD12.7M HKD11.31M HKD17.08M HKD
Net income2.98M HKD5.67M HKD11.71M HKD11.16M HKD8.63M HKD

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
-0.01

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.060.02-0.01-0.05Q1 '23Q2 '23Q3 '23Q1 '24Q2 '24Q3 '24Q1 '25Q4 '25
Q1 2023, reported Mar 2, 2023: actual 0.003, estimate —, surprise —, Comparison unavailable. Q2 2023, reported Jun 30, 2023: actual 0.02, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 19, 2023: actual 0.02, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 6, 2024: actual 0.003, estimate —, surprise —, Comparison unavailable. Q2 2024, reported Apr 17, 2024: actual 0.01, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 20, 2024: actual 0.01, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 6, 2025: actual 0.001, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 31, 2025: actual -0.006, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates40.51M33.68M26.84M20.01MQ1 '23Q2 '23Q3 '23Q1 '24Q2 '24Q3 '24Q1 '25Q4 '25
Q1 2023, reported Mar 2, 2023: actual 28.83M HKD, estimate —, surprise —, Comparison unavailable. Q2 2023, reported Jun 30, 2023: actual 37.78M HKD, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 19, 2023: actual 37.78M HKD, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 6, 2024: actual 24.25M HKD, estimate —, surprise —, Comparison unavailable. Q2 2024, reported Apr 17, 2024: actual 31.61M HKD, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 20, 2024: actual 31.61M HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 6, 2025: actual 21.57M HKD, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Dec 31, 2025: actual 38.95M HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.15

2023 complete year-25.0% since 2020

Corporate action history

Dividend

Ex-dividend Apr 18, 2023

HK$0.15

Annual

Record Apr 19, 2023 · Payment May 12, 2023

Dividend

Ex-dividend May 3, 2022

HK$0.20

Annual

Record May 4, 2022 · Payment May 13, 2022

Dividend

Ex-dividend Apr 28, 2021

HK$0.30

Special

Record Apr 29, 2021 · Payment May 6, 2021

Dividend

Ex-dividend Sep 7, 2020

HK$0.20

Special

Record Sep 8, 2020 · Payment Sep 15, 2020

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