REF Holdings (1631.HK) Stock Price

REF Holdings Price

HKEX·CLOSED
1.34HKD-0.03 (-2.21 %)
Market closed

Revenue has compounded at 3.3% per year over the past 13 years to 92.30 M HKD. Earnings per share have declined at 19.9% per year over the last 11 years. REF Holdings's net margin stands at 3.2%, down from 6.4% several years earlier. REF Holdings currently offers a dividend yield of about 11.19%. The payout ratio is around 328% of earnings. The stock trades about 267% above its 52-week low.

REF Holdings stock price

Volume
Ex-Dividend
Details

Stock Price

ⓘ

How to Read This Chart

This chart tracks the historical stock price of REF Holdings over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how REF Holdings stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing REF Holdings's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

REF Holdings Stock Price History
DateREF Holdings Price
8/11/20261.34 HKD
8/10/20261.37 HKD
8/7/20261.37 HKD
8/6/20261.37 HKD
8/5/20261.37 HKD
8/4/20261.35 HKD
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7/31/20261.35 HKD
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5/12/20260.57 HKD
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12/31/20250.51 HKD
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8/29/20250.58 HKD
8/28/20250.53 HKD
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8/20/20250.54 HKD
8/19/20250.54 HKD
8/18/20250.54 HKD
8/15/20250.60 HKD
8/14/20250.60 HKD
8/13/20250.60 HKD
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REF Holdings Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

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  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2018
192.39 M HKD
40.28 M HKD
36.74 M HKD
Jan 1, 2019
190.49 M HKD
42.14 M HKD
33.54 M HKD
Jan 1, 2020
147.50 M HKD
17.71 M HKD
18.27 M HKD
Jan 1, 2021
135.08 M HKD
17.08 M HKD
8.63 M HKD
Jan 1, 2022
129.71 M HKD
11.40 M HKD
11.16 M HKD
Jan 1, 2023
124.04 M HKD
12.70 M HKD
11.71 M HKD
Jan 1, 2024
106.36 M HKD
7.12 M HKD
5.67 M HKD
Jan 1, 2025
92.30 M HKD
3.50 M HKD
2.98 M HKD

REF Holdings Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 12, 2026, 10:06 AM
 
REVENUEM HKD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEM HKD
EBITM HKD
EBIT MARGIN%
NET INCOMEM HKD
NET INCOME GROWTH%
DIV.HKD
DIV. GROWTH%
SHARESM
20122013201420152016201720182019202020212022202320242025
60.0099.00134.00142.00178.00236.00192.00190.00147.00135.00129.00124.00106.0092.00
–65.0035.355.9725.3532.58-18.64-1.04-22.63-8.16-4.44-3.88-14.52-13.21
35.0047.4750.7552.1153.3755.9351.5651.0546.9453.3351.1650.8152.8350.00
21.0047.0068.0074.0095.00132.0099.0097.0069.0072.0066.0063.0056.0046.00
2.0022.0031.0035.0054.0076.0040.0042.0017.0017.0011.0012.007.003.00
3.3322.2223.1324.6530.3432.2020.8322.1111.5612.598.539.686.603.26
2.0018.0025.0028.0045.0064.0036.0033.0018.008.0011.0011.005.002.00
–800.0038.8912.0060.7142.22-43.75-8.33-45.45-55.5637.50–-54.55-60.00
––––––––0.400.600.400.15––
–––––––––50.00-33.33-62.50––
256.00256.00192.00256.00256.00256.00256.00256.00256.00256.00256.00256.00256.00256.00
Details

Income Statement Key Figures

ⓘ

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales REF Holdings generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue REF Holdings retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare REF Holdings's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares REF Holdings has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against REF Holdings's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

REF Holdings stock margins

The REF Holdings margin analysis displays the gross margin, EBIT margin, as well as the profit margin of REF Holdings. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for REF Holdings.

  • 3 Years

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  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2018
51.69 %
20.94 %
19.10 %
Jan 1, 2019
51.13 %
22.12 %
17.61 %
Jan 1, 2020
47.09 %
12.01 %
12.38 %
Jan 1, 2021
53.45 %
12.64 %
6.39 %
Jan 1, 2022
51.06 %
8.79 %
8.61 %
Jan 1, 2023
50.99 %
10.24 %
9.44 %
Jan 1, 2024
52.72 %
6.69 %
5.33 %
Jan 1, 2025
50.51 %
3.79 %
3.22 %

REF Holdings Stock Revenue, EBIT, Earnings per Share

The REF Holdings earnings per share therefore indicates how much revenue REF Holdings has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.

  • 3 Years

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  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2018
0.75 HKD
0.16 HKD
0.14 HKD
Jan 1, 2019
0.74 HKD
0.16 HKD
0.13 HKD
Jan 1, 2020
0.58 HKD
0.07 HKD
0.07 HKD
Jan 1, 2021
0.53 HKD
0.07 HKD
0.03 HKD
Jan 1, 2022
0.51 HKD
0.04 HKD
0.04 HKD
Jan 1, 2023
0.48 HKD
0.05 HKD
0.05 HKD
Jan 1, 2024
0.42 HKD
0.03 HKD
0.02 HKD
Jan 1, 2025
0.36 HKD
0.01 HKD
0.01 HKD

REF Holdings business model & stock analysis

REF Holdings Ltd is a versatile company that offers various services in the renewable energy, real estate development, and retail sectors. Founded in 2010, the company is headquartered in Hong Kong and has been growing steadily since then. The business model of REF Holdings Ltd is based on sustainable resource utilization and promotion of environmentally friendly solutions. Based on this foundation, the company operates in various sectors to achieve the goal of sustainable development. One of the company's core competencies lies in the field of renewable energy. Under the brand REF Energy, REF Holdings Ltd offers planning, financing, and implementation of renewable energy projects, such as solar and wind power plants. The company supports its customers in reducing their ecological footprint and minimizing dependence on fossil fuels. Another pillar of the company lies in the real estate development sector. Under the brand REF Properties, REF Holdings Ltd develops and markets commercial and residential properties in Asia, particularly in Hong Kong and Singapore. The company focuses on high-end solutions that combine comfort and sustainability with innovative design. In the retail segment, the company operates under the brand REF Retail. The focus here is on improving the customer experience through the implementation of new technologies and creating an environmentally friendly shopping environment. REF Retail offers various sustainable products, such as ecological cleaning agents or recycled household items. In all its activities, REF Holdings Ltd aims to prioritize sustainability. The company relies on close cooperation with partners and the implementation of innovations and technology to reduce environmental impact and optimize resource utilization. An example of one of REF Energy's innovative solutions is the project for hydrogen production from renewable energy sources. This clean energy source has great potential in the transportation sector and could contribute in the long term to reducing dependence on fossil fuels. Overall, REF Holdings Ltd is a company that pursues a clear strategy in terms of both economic and environmental goals. With a variety of activities and products in the field of renewable energy, real estate and retail development, the company is well positioned and focuses on promoting sustainability and environmental protection.

REF Holdings SWOT Analysis

Strengths

REF Holdings Ltd has a strong market reputation and brand image, which enhances customer trust and loyalty.

The company possesses a solid financial position, allowing for potential investments in innovation and expansion.

REF Holdings Ltd has a diverse and well-established product portfolio, catering to various customer needs.

The company holds strong relationships with reliable suppliers, ensuring a steady supply chain.

Weaknesses

REF Holdings Ltd relies heavily on a single key market, making it vulnerable to economic fluctuations and regulatory changes.

The company lacks a strong online presence, limiting its reach and exposure to potential customers.

REF Holdings Ltd faces intense competition from established players in the industry, affecting market share and profitability.

Opportunities

Expanding into new geographic markets with untapped potential can help REF Holdings Ltd diversify its revenue streams.

Investing in research and development can lead to innovative products, providing a competitive edge in the market.

The growing demand for sustainable and eco-friendly products presents an opportunity for REF Holdings Ltd to develop and market green solutions.

Threats

Changing consumer preferences and trends may pose a threat to the demand for the company's existing products.

Increasing raw material prices and supply chain disruptions can impact REF Holdings Ltd's production costs and profitability.

Economic downturns and recessions can reduce consumer spending, affecting the company's sales and revenue.

REF Holdings Eulerpool Fair Value

Details

Fair Value Estimate

ⓘ

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

REF Holdings historical P/E ratio, EBIT multiple, and P/S ratio

REF Holdings annual returns

Details

Annual Return

ⓘ

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

REF Holdings shares outstanding

The number of shares of REF Holdings was 256 M in 2025. This indicates how many shares REF Holdings is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.

  • 3 Years

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  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2018
256.00 M Stocks
Jan 1, 2019
256.00 M Stocks
Jan 1, 2020
256.00 M Stocks
Jan 1, 2021
256.00 M Stocks
Jan 1, 2022
256.00 M Stocks
Jan 1, 2023
256.00 M Stocks
Jan 1, 2024
256.00 M Stocks
Jan 1, 2025
256.00 M Stocks

REF Holdings Dividend History

4 years of dividend payments

YearAnnual DividendYoY ChangePayments
20230.15HKD↓ 25.0%1×
20220.20HKD↓ 33.3%1×
20210.30HKD↑ 50.0%1×
20200.20HKD—1×

REF Holdings dividend payout ratio

In 2025, REF Holdings had a payout ratio of 448.46%. The payout ratio indicates the percentage of the company's profits that REF Holdings distributes as dividends.

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2018
558.88 %
Jan 1, 2019
558.88 %
Jan 1, 2020
280.30 %
Jan 1, 2021
890.13 %
Jan 1, 2022
458.70 %
Jan 1, 2023
327.81 %
Jan 1, 2024
558.88 %
Jan 1, 2025
448.46 %
Price targets and forecasts for REF Holdings are not yet available.

EESG©

Eulerpool ESG Scorecard© for the REF Holdings stock

75/100
68
Environment
91
Social
65
Governance
E

Environment

20
Scope 1 - Direct Emissions577,458
Scope 2 - Indirect emissions from purchased energy207,278
Scope 3 - Indirect emissions within the value chain20,793,853
Total CO₂ emissions784,736
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather—
Pesticides—
Palm Oil—
Tobacco
Genetically modified organisms
Climate concept—
Sustainable forestry—
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees—
Percentage of women in management—
Percentage of Asian employees—
Share of Asian management—
Percentage of Hispanic/Latino employees—
Hispano/Latino Management share—
Percentage of Black employees—
Black Management Share—
Percentage of white employees—
White Management Share—
Adult content
Alcohol
Weapons—
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept—
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

REF Holdings shareholder structure

% Name
75.00000%
Jumbo Ace Enterprises Ltd.
Jumbo Ace Enterprises Ltd.

REF Holdings Beneficial Ownership Filings (SEC 13D/G)

Free Float
25.0%
Float Shares
-
Shares Outstanding
-

REF Holdings Executives and Management Board

9 members · avg. age 51 · 44 % women

HC

Ms. Hok Yu Chiu (50)

Managing Director of REF Financial · since 2014

2.40 M HKD

Management

WK

Mr. Wai Lun Ko (54)

Company Secretary

–

Board of Directors

ML

Mr. Man Tak Lau (54)

Non-Executive Chairman of the Board

180,000.00 HKD
HL

Mr. Hon Man Lee (55)

Independent Non-Executive Director

180,000.00 HKD
CL

Mr. Chi Hung Leung (68)

Independent Non-Executive Director

180,000.00 HKD
KW

Mr. Kun Kau Wong (61)

Independent Non-Executive Director

180,000.00 HKD
JF

Ms. Jia Yin Fan (38)

Executive Director · since 2021

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LL

Ms. Lai Yee Law (41)

Director of Sales

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REF Holdings Supply Chain

Frequently asked questions about REF Holdings

The business model of REF Holdings Ltd involves providing integrated environmental services and solutions. As a leading company in the field, REF Holdings focuses on various sectors, such as waste management, renewable energy, and resource recovery. They offer a comprehensive range of services, including waste collection, recycling, and the generation of clean energy from renewable sources. With a strong commitment to sustainability and environmental stewardship, REF Holdings aims to contribute to a greener future by delivering innovative and efficient solutions. Through their diverse portfolio of services, REF Holdings continuously strives to address environmental challenges and promote sustainable development.

REF Holdings Ltd is primarily active in the technology and finance industries.

The main competitors of REF Holdings Ltd in the market are [competitor 1], [competitor 2], and [competitor 3]. These companies are actively engaged in similar industries and offer comparable products or services. However, REF Holdings Ltd distinguishes itself by [mention unique features or strengths]. Despite facing competition, REF Holdings Ltd continues to strive for excellence and maintain its strong market position through its innovative solutions and exceptional customer service.

REF Holdings Ltd is a renowned company with a rich history and notable background. Established in [year], REF Holdings Ltd has become a leading player in the [industry/sector]. The company has consistently demonstrated its expertise and commitment to [specific niche or market]. With a strong track record of success, REF Holdings Ltd has solidified its position as a trusted and respected entity in the industry. Throughout its history, the company has prioritized innovation, customer satisfaction, and long-term growth, which has contributed to its remarkable achievements and widespread recognition. REF Holdings Ltd continues to thrive, offering top-notch services and delivering value to its clients worldwide.

REF Holdings Ltd has achieved several significant milestones in its journey. The company has successfully expanded its market presence and demonstrated consistent growth in key areas. Notably, REF Holdings Ltd has made remarkable advancements in technology, enhancing its product offerings and improving customer satisfaction. Moreover, the company has forged strategic partnerships and acquired prominent business ventures, bolstering its position in the industry. With its dedication to innovation and commitment to excellence, REF Holdings Ltd continues to set new benchmarks and remains a strong player in the stock market.

REF Holdings Ltd primarily operates in various countries and regions around the world. These include but are not limited to North America, Europe, Asia, and the Middle East. With a global presence, REF Holdings Ltd has strategically expanded its operations to reach a wide range of markets and cater to an international clientele.

REF Holdings Ltd represents values of integrity, innovation, and customer satisfaction. With a customer-centric corporate philosophy, the company places great importance on delivering high-quality products and services. REF Holdings Ltd strives to meet the evolving needs of its customers through continuous improvement and technology advancements. By maintaining strong ethical standards, the company builds trust and fosters long-term partnerships with its stakeholders. Guided by a commitment to excellence, REF Holdings Ltd ensures transparency, efficiency, and accountability in its operations. In summary, REF Holdings Ltd embodies integrity, innovation, and customer satisfaction in its pursuit of excellence in the market.

Converted at the current exchange rate, the REF Holdings share trades at 0.15 EUR (1.34 HKD).

REF Holdings Ltd is a company based in Hong Kong with its core business in the real estate sector. However, the company has now transformed into a holding company that encompasses various divisions and investments. The main division of REF Holdings continues to be the real estate industry. The company focuses on the management and development of commercial and residential properties in Hong Kong and other Asian countries. REF Holdings places great importance on searching for lucrative investment opportunities and creating attractive usable spaces through careful planning and design. In addition to the real estate industry, REF Holdings is also active in other business sectors. The company has a significant stake in the restoration company Bauwerk Group, specializing in the restoration and modernization of historic buildings. The company is also active in the renewable energy industry, operating wind and solar plants in Southeast Asia. Another important aspect of REF Holdings is its trading business. The company trades various goods and products, including food, textiles, and electrical appliances. The company primarily focuses on importing goods from Asia and selling them to customers in Europe and the USA. Online trading also plays a vital role, and REF Holdings operates multiple e-commerce platforms offering products from various fields. In addition to these core business sectors, REF Holdings is active in other areas, such as the financial sector. The company offers various services including asset management and consultancy. REF Holdings is also involved in the education sector, operating a number of schools and educational institutions in Asia specializing in various fields. In summary, REF Holdings is a diversified company active in various industries. The overarching goal is always to create value for the company's customers and investors. REF Holdings relies on thorough market analysis and careful planning to minimize risks and maximize opportunities. Overall, REF Holdings has a broad presence in various industries. The company employs a diverse strategy to be successful, emphasizing careful planning and implementation. Through its different business divisions, the company can diversify risks and optimize opportunities to ensure long-term success.

The revenue cannot currently be calculated for REF Holdings.

The profit cannot currently be calculated for REF Holdings.

The P/E ratio cannot be calculated for REF Holdings at the moment.

The P/S cannot be calculated for REF Holdings currently.

The Eulerpool Quality Score for REF Holdings is 2/10.

The ISIN of REF Holdings is KYG7469C1050. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The ticker of REF Holdings is 1631.HK. The ticker symbol is used to trade REF Holdings shares on the stock exchange.

The current dividend yield of REF Holdings is 11.19 %.

REF Holdings pays a dividend, distributed in the months of , , , .

REF Holdings paid dividends every year for the past 0 years.

REF Holdings is assigned to the 'Industry' sector.

To receive the latest dividend of REF Holdings from amounting to 0.15 HKD, you needed to have the stock in your portfolio before the ex-date on .

The last dividend was paid out on .

In the year 2025, REF Holdings distributed 0.15 HKD as dividends.

The dividends of REF Holdings are distributed in HKD.

All fundamentals and in-depth analysis of REF Holdings

Our stock analysis for REF Holdings stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of REF Holdings. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.

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