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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
REF HoldingsHKSE:01631 50 Gross Margin % is 46.62% as of Dec. 2025, which is 9% below its 10-year median of 51.41. GuruFocus rates HKSE:01631 with a GF Score™ of 50/100 and a GF Value™ of HK$0.23 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,009 Business Services companies, REF Holdings ranks better than 70.96% on this metric.
The historical rank and industry rank for REF Holdings's Gross Margin % or its related term are showing as below:
HKSE:01631'
s Gross Margin % Range Over the Past 10 Years
Min: 47.09 Med: 51.41 Max: 56.02
Current: 50.51
During the past 12 years, the highestGross Margin % of REF Holdings was 56.02%. The lowest was 47.09%. And the median was 51.41%.
HKSE:01631's Gross Margin % is ranked better than 70.96% of 1009
companies
in the Business Services industry
Industry Median: 34.46
vs HKSE:01631: 50.51
REF Holdings had a gross margin of 46.62% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for REF Holdings was 0.90% per year.
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
REF Holdings had a gross margin of 46.62% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
REF Holdings Gross Margin % Related Terms
REF Holdings Gross Margin % Historical Data
* Premium members only.
The historical data trend for REF Holdings's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HKSE:01631 vs CTAS, CPRT, GPN: Gross Margin % Comparison
For the Specialty Business Services subindustry, REF Holdings's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
REF Holdings Gross Margin % vs Business Services Industry
For the Business Services industry and Industrials sector, REF Holdings's Gross Margin % distribution charts can be found below:
* The bar in red indicates where REF Holdings's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
REF Holdings (HKSE:01631) has a Gross Margin % of 46.62% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on REF Holdings and its competitors. This is near median its historical median of 51.41. Over the past decade, REF Holdings' Gross Margin % has ranged from 47.09 to 56.02. According to the industry distribution chart, REF Holdings ranks #293 out of 1009 companies in the Business Services industry, placing it in the top 29%.
Is REF Holdings' Gross Margin % too high?
REF Holdings' current Gross Margin % of 46.62% is near median its 10-year median of 51.41. Over the past 10 years, this metric has ranged from a low of 47.09 to a high of 56.02. The Business Services industry median Gross Margin % is 34.46. REF Holdings' value of 46.62% is 35.3% above this industry median. Based on the distribution chart, REF Holdings ranks #293 out of 1009 companies in the Business Services industry, which is above the industry midpoint. Overall, REF Holdings has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does REF Holdings' Gross Margin % compare to CTAS and CPRT?
According to the Business Services industry distribution chart, REF Holdings ranks #293 out of 1009 companies for Gross Margin %. This puts REF Holdings in the upper half of its industry. The industry median Gross Margin % is 34.46. REF Holdings' value of 46.62% is 35.3% above this benchmark. Historically, REF Holdings' own Gross Margin % has ranged from 47.09 to 56.02 over the past decade. While the company's 10-year median is 51.41 vs. the industry median of 34.46, REF Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Business Services company?
The median Gross Margin % among Business Services companies is 34.46, based on 1,009 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. REF Holdings's current Gross Margin % of 46.62% is 35.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on REF Holdings and its competitors. For the Business Services industry, the median Gross Margin % is 34.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. REF Holdings's current Gross Margin % is 46.62%, which is near median its own 10-year median of 51.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is REF Holdings stock overvalued right now?
Based on GuruFocus' analysis, REF Holdings (HKSE:01631) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.23, compared to a current price of HK$1.37 — trading 495.7% above its estimated fair value. The current Gross Margin % is 46.62%, which is near median its 10-year median of 51.41 and 35.3% above the Business Services industry median of 34.46. REF Holdings' overall GF Score™ is 50/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For REF Holdings (HKSE:01631), the current Gross Margin % is 46.62% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is REF Holdings (HKSE:01631) Overvalued in 2026?
Based on GuruFocus' analysis, REF Holdings stock appears to be overvalued.
The current stock price of HK$1.37 is trading 495.7% above its estimated GF Value™ of HK$0.23.
GuruFocus considers REF Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:01631:
Gross Margin %: 46.62% (near median its 10-year median of 51.41)
GF Value™: HK$0.23 vs. price of HK$1.37 (495.7% above fair value)
Industry Position: 35.3% above the Business Services median (#293 of 1009)
No single metric tells the full story. See the HKSE:01631 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 include typesetting, proofreading, translation, design, printing, web submission, media placement, and distribution. The services of the group can be categorized into printing, translation, and media placement. The company generates revenue from the provision of financial printing services and investment holdings.
50GF Score
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