1. Hong Kong Stocks

  2. •

    Commercial services

  3. •

    Commercial printing/Forms
REF Holdings Limited

REF Holdings Limited

HHKEX:1631
1.24
HKD
+0.06
(+5.08%)
390.14MMarket Cap
REF Holdings Limited
HKEX:1631
(Hong Kong Exchange)

Recent

price

1.24

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
HKD
0.7
0.68
0.7
0.92
0.75
0.74
0.58
0.53
0.51
0.48
0.42
0.36
- -
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
- -
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
0.04
0.24
0.41
0.67
0.81
0.94
0.81
0.54
0.39
0.28
0.31
0.32
0.35
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
Tangible Book Value per Share
192
209
256
256
256
256
256
256
256
256
256
256
261
Basic Weighted Avg Shares
134
142
178
236
192
190
147
135
130
124
106
92
- -
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
- -
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
- -
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
- -
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
- -
Profit Margin (%)
9
60
105
167
195
215
191
104
65
56
57
58
89
Working Capital
- -
- -
- -
- -
- -
8
1
23
6
1
21
4
1
LT Debt
11
60
106
170
207
241
208
139
99
73
80
83
109
Total Equity
- -
76.13
53.83
44.86
17.81
14.08
8.63
5.49
7.81
10.65
6.07
2.87
- -
Return on Invested 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 Capital (%)
- -
80.64
54.9
46.62
19.47
14.99
8.15
4.97
9.35
13.61
7.44
3.66
- -
Return on Common Equity (%)

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
- -
- -
- -
Similar Companies
Professional Diversity Network, Inc. (NASDAQ:IPDN)
Manipal Payment and Identity Solutions Limited (NSE:MPIMANIPAL)
Bin Ulasim Ve Akilli Sehir Teknolojileri AS (BIST:BINBN)
TCPL Packaging Limited (NSE:TCPLPACK)
Prizma Pres Matbaacilik Yayincilik Sanayi ve Ticaret AS (BIST:PRZMA)
Warner Music Group Corp. (NASDAQ:WMG)
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.