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REF Holdings Limited

REF Holdings Limited

1631.HK
REF Holdings LimitedHK flagHong Kong Stock Exchange
1.40
HKD
+0.06
- -
358.41MMarket Cap
REF Holdings Limited
1631.HK
(Hong Kong Stock Exchange)

Recent

price

1.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.7
0.68
0.7
0.92
0.75
0.74
0.58
0.53
0.51
0.48
0.42
0.36
0.75
Revenue per Share
0.13
0.14
0.18
0.25
0.14
0.13
0.07
0.03
0.04
0.05
0.02
0.01
0.19
Basic EPS, GAAP
0.2
0.14
0.16
0.3
0.07
0.16
0.14
0.06
0.08
0.14
0.07
0.12
- -
Free Cash Flow per Basic Share
0.13
0.11
- -
- -
- -
- -
0.2
0.3
0.2
0.15
- -
- -
- -
Dividend per Share
0.06
0.09
0.25
0.5
0.65
0.78
0.65
0.38
0.23
0.12
0.15
0.16
0.36
Book Value per Share
0.06
0.29
0.41
0.67
0.81
0.94
0.8
0.54
0.38
0.28
0.3
0.32
0.52
Tangible Book Value per Share
192
209
256
256
256
256
256
256
256
256
256
256
256
Basic Weighted Avg Shares
134
142
178
236
192
190
147
135
130
124
106
92
193
Sales/Revenue/Turnover
23.59
25.04
30.82
32.51
20.94
21.18
17.87
12.64
10.57
10.24
6.69
3.79
29.87
Operating Margin (%)
1
1
- -
1
2
21
22
22
24
24
20
18
- -
Depreciation Expense
26
29
46
64
37
34
18
9
11
12
6
3
47
Net Income, GAAP
19.17
19.57
17.04
17.41
15.61
16.65
13.79
22.38
13.89
15.82
16.37
11.51
17.77
Effective Tax Rate (%)
19.06
20.14
25.61
27.25
19.1
17.61
12.38
6.39
8.61
9.44
5.33
3.22
24.56
Profit Margin (%)
9
60
105
167
195
215
191
104
65
56
57
58
131
Working Capital
- -
- -
- -
- -
- -
8
1
23
6
1
21
4
- -
LT Debt
11
60
106
170
207
241
208
139
99
73
80
83
133
Total Equity
- -
76.13
53.83
44.86
17.81
14.18
9.4
6.7
7.83
10.64
6.16
2.87
40.6
Return on Invested Capital (%)
- -
191.93
108.97
66.47
24.93
17.91
9.47
5.86
10.8
19.74
12.36
6.22
69.36
Return on Capital (%)
- -
191.93
108.97
66.47
24.92
18.37
9.99
6.52
14.27
26.12
16.51
7.56
69.35
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'16
Mar'17
Jun'17
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
256
- -
256
Market Capitalization
361
481
430

Working Capital

FRC

•

in mil. unless spec.
Dec'16
Mar'17
Jun'17
Total Current Assets
151
- -
192
Cash, Cash Equivalents & STI
111
- -
133
Accounts Receivable, Net
31
- -
49
Inventories
2
- -
3
Total Current Liabilities
46
- -
61
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.56%
-14.98%
3.87%
Free Cash Flow
23.71%
15.2%
80.47%
Net Income, GAAP
-11.45%
-23.51%
-47.52%
Sales/Revenue/Turnover
-2.86%
-8.85%
-13.22%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
124
2024
- -
- -
- -
- -
106
2025
- -
- -
- -
- -
92

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.05
2024
- -
- -
- -
- -
0.02
2025
- -
- -
- -
- -
0.01

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.15
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
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Business
REF Holdings Limited is a Cayman Islands-incorporated investment holding company principally engaged in the provision of financial printing services in Hong Kong. The company offers a comprehensive suite of financial printing services, including typesetting, proofreading, translation, editing, copywriting, creative design and concept development, printing, web submitting, media placement, and distribution; it specializes in producing listing documents and IPO prospectuses, financial reports, circulars, announcements, compliance documents, corporate brochures, marketing collaterals, and other corporate materials; additionally, it leases AGM and EGM conference rooms to clients. REF Holdings serves listed companies, financial institutions, and corporate clients primarily in the Hong Kong capital market, with all revenue generated locally and operations concentrated in Hong Kong, where it also maintains minor activities in the People's Republic of China. Founded in 2010 and headquartered at Units 5906-5912, 59th Floor, The Center, 99 Queen's Road Central, Hong Kong, the company is a subsidiary of Jumbo Ace Enterprises Limited, which is ultimately controlled by Mr. Lau Man Tak, the non-executive chairman. In recent developments, REF Holdings granted 25,600,000 share options on 6 September 2024 under its 2015 share option scheme to certain participants, marking the introduction of equity-settled share-based payments in 2024 administrative expenses; the subsidiary REF Financial Press Limited entered new lease agreements for office premises during 2024, increasing finance costs related to lease liabilities; the company relocated or renewed leases, contributing to right-of-use assets rising to HK$34.2 million as of 31 December 2024 and lease liabilities to HK$36.4 million by mid-2025; responding to the Hong Kong Stock Exchange's paperless listing reforms effective from late 2023 and expanded in January 2025, which mandate electronic shareholder communications and eliminate paper IPO application forms, the group enhanced non-printing revenue contributions to 49.7% of total revenue in 2024 amid a 14.3% overall revenue decline to HK$106.4 million.