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  2. •

    Commercial services

  3. •

    Commercial printing/Forms
REF Holdings Limited

REF Holdings Limited

HHKEX:1631
1.18
HKD
-0.07
(-5.60%)
390.14MMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.7
0.68
0.7
0.92
0.75
0.74
0.58
0.53
0.51
0.48
0.42
0.36
- -
Basic EPS, GAAP
0.13
0.14
0.18
0.25
0.14
0.13
0.07
0.03
0.04
0.05
0.02
0.01
- -
Free Cash Flow per Basic Share
0.2
0.14
0.16
0.3
0.07
0.16
0.14
0.06
0.08
0.14
0.07
0.12
- -
Dividend per Share
0.13
0.11
- -
- -
- -
- -
0.2
0.3
0.2
0.15
- -
- -
- -
Book Value per Share
0.04
0.24
0.41
0.67
0.81
0.94
0.81
0.54
0.39
0.28
0.31
0.32
0.35
Tangible Book Value per Share
0.04
0.24
0.41
0.67
0.81
0.94
0.8
0.54
0.38
0.28
0.3
0.32
0.35
Basic Weighted Avg Shares
192
209
256
256
256
256
256
256
256
256
256
256
261
Sales/Revenue/Turnover
134
142
178
236
192
190
147
135
130
124
106
92
- -
Operating Margin (%)
23.59
25.04
30.82
32.51
20.94
21.18
17.87
12.64
10.57
10.24
6.69
3.79
- -
Depreciation Expense
1
1
- -
1
2
21
22
22
24
24
20
18
- -
Net Income, GAAP
26
29
46
64
37
34
18
9
11
12
6
3
- -
Effective Tax Rate (%)
19.17
19.57
17.04
17.41
15.61
16.65
13.79
22.38
13.89
15.82
16.37
11.51
- -
Profit Margin (%)
19.06
20.14
25.61
27.25
19.1
17.61
12.38
6.39
8.61
9.44
5.33
3.22
- -
Working Capital
9
60
105
167
195
215
191
104
65
56
57
58
89
LT Debt
- -
- -
- -
- -
- -
8
1
23
6
1
21
4
1
Total Equity
11
60
106
170
207
241
208
139
99
73
80
83
109
Return on Invested Capital (%)
- -
76.13
53.83
44.86
17.81
14.08
8.63
5.49
7.81
10.65
6.07
2.87
- -
Return on Capital (%)
- -
80.64
54.9
46.62
19.48
14.8
7.86
4.65
7.89
11.84
7.12
3.86
- -
Return on Common Equity (%)
- -
80.64
54.9
46.62
19.47
14.99
8.15
4.97
9.35
13.61
7.44
3.66
- -

Capital Structure

HKD

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
ST Debt
16
18
15
LT Borrowings
- -
- -
- -
LT Finance Leases
13
4
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
256
256
307
Market Capitalization
128
131
390

Working Capital

HKD

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
Total Current Assets
90
93
148
Cash, Cash Equivalents & STI
53
69
99
Accounts Receivable, Net
33
22
39
Inventories
- -
- -
- -
Total Current Liabilities
28
35
59
Payables & Accruals
- -
- -
- -
ST Debt
16
18
15
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

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
- -
- -
- -

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
106
2025
- -
- -
92
2026
- -
- -
- -

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.02
2025
- -
- -
0.01
2026
- -
- -
- -

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
- -
2025
- -
- -
- -
2026
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Jia Yin Fan
Full Time Employees
118
Sector
Commercial services
Industry
Commercial printing/Forms
Address
The Center Hong Kong Hong Kong
IPO Date
Sep 25, 2015
Website
refholdings.com.hk
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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.