REF Holdings Ltd provides financial printing which comprises cover printing of listing documents, financial reports, compliance documents, and other documents. The convenient financial printing services including typesetting, proofreading, translation, design, printing, web submitting, media placement and distribution. The services of the Group can be categorised into printing, translation and media placement. The majority of its revenue is earned through the Hong Kong market. It operates in one segment namely the provision of financial printing services.

Financial Strength

7/10

Name	Current	Vs Industry
Cash-To-Debt	1.09
Equity-to-Asset	0.55
Debt-to-Equity	0.58
Debt-to-EBITDA	1.42
Interest Coverage	8.41
Piotroski F-Score	8/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	3.79	Distress Grey Safe
Beneish M-Score	-3.68	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

2/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	-5.6
	3-Year EBITDA Growth Rate	-4.7
	3-Year EPS without NRI Growth Rate	265.2
	3-Year FCF Growth Rate	-0.2
	3-Year Book Growth Rate	-29.5

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	5.92
	9-Day RSI	18.96
	14-Day RSI	29.35
	6-1 Month Momentum %	-25.97
	12-1 Month Momentum %	-20

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.49
	Quick Ratio	2.49
	Cash Ratio	1.37
	Days Sales Outstanding	111.05
	Days Payable	22.45

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Dividend Growth Rate	-9.1
	Shareholder Yield %	-9.7

Profitability Rank

8/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	51.49
	Operating Margin %	6.66
	Net Margin %	6.2
	FCF Margin %	21.67
	ROE %	9.37
	ROA %	5.67
	ROIC %	10.39
	3-Year ROIIC %	62.89
	ROC (Joel Greenblatt) %	22.2
	ROCE %	10.63
	Years of Profitability over Past 10-Year	10

GF Value Rank

	Name	Current	Vs Industry		Vs History
	PE Ratio	0.05
	PE Ratio without NRI	0.05
	Shiller PE Ratio	0.21
	Price-to-Owner-Earnings	1.57
	PS Ratio	0.49
	PB Ratio	0.68
	Price-to-Tangible-Book	0.7
	Price-to-Free-Cash-Flow	2.21
	Price-to-Operating-Cash-Flow	2.21
	EV-to-EBIT	5.55
	EV-to-EBITDA	1.58
	EV-to-Revenue	0.45
	EV-to-FCF	2.21
	Price-to-Projected-FCF	0.14
	Price-to-Graham-Number	0.04
	Price-to-Net-Current-Asset-Value	2.33
	Earnings Yield (Greenblatt) %	18.02
	FCF Yield %	45.03
	Forward Rate of Return (Yacktman) %	42.1

GF Value: HK$0.43

HKSE:01631

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