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REF HoldingsHKSE:01631 +0.38%50 Net Margin % is 6.14% as of Jun. 2026, which is 44% below its 10-year median of 10.91. GuruFocus rates HKSE:01631 with a GF Score™ of 50/100 and a GF Value™ of HK$0.25 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,067 Business Services companies, REF Holdings ranks worse than 62.98% on this metric.
Net margin is calculated as Net Income divided by its Revenue. REF Holdings's Net Income for the
six
months ended in Jun. 2026 was HK$3.38 Mil. REF Holdings's Revenue for the
six
months ended in Jun. 2026 was HK$54.93 Mil. Therefore, REF Holdings's net margin for the quarter that ended in Jun. 2026 was 6.14%.
The historical rank and industry rank for REF Holdings's Net Margin % or its related term are showing as below:
HKSE:01631'
s Net Margin % Range Over the Past 10 Years
Min: 2 Med: 10.91 Max: 27.25
Current: 2
HKSE:01631's Net Margin % is ranked worse than 62.98% of 1067
companies
in the Business Services industry
Industry Median: 4.02
vs HKSE:01631: 2.00
REF Holdings (HKSE:01631) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
REF Holdings Net Margin % Related Terms
REF Holdings Net Margin % Historical Data
* Premium members only.
The historical data trend for REF Holdings's Net 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: Net Margin % Comparison
For the Specialty Business Services subindustry, REF Holdings's Net Margin %, along with its competitors' market caps and Net 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 Net Margin % vs Business Services Industry
For the Business Services industry and Industrials sector, REF Holdings's Net Margin % distribution charts can be found below:
* The bar in red indicates where REF Holdings's Net 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.
REF Holdings (HKSE:01631) has a Net Margin % of 6.14% as of Jun. 2026. Net margin is the ratio of total net income to net sales. View historical data on REF Holdings and its competitors. This is 44% below median its historical median of 10.91. Over the past decade, REF Holdings' Net Margin % has ranged from 2.00 to 27.25. According to the industry distribution chart, REF Holdings ranks #672 out of 1067 companies in the Business Services industry, placing it in the top 63%.
Is REF Holdings' Net Margin % too high?
REF Holdings' current Net Margin % of 6.14% is 44% below median its 10-year median of 10.91. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 27.25. The Business Services industry median Net Margin % is 4.02. REF Holdings' value of 6.14% is 52.7% above this industry median. Based on the distribution chart, REF Holdings ranks #672 out of 1067 companies in the Business Services industry, which is below 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' Net Margin % compare to CTAS and CPRT?
According to the Business Services industry distribution chart, REF Holdings ranks #672 out of 1067 companies for Net Margin %. This places REF Holdings in the lower half of its industry. The industry median Net Margin % is 4.02. REF Holdings' value of 6.14% is 52.7% above this benchmark. Historically, REF Holdings' own Net Margin % has ranged from 2.00 to 27.25 over the past decade. While the company's 10-year median is 10.91 vs. the industry median of 4.02, 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 Net Margin % for a Business Services company?
The median Net Margin % among Business Services companies is 4.02, based on 1,067 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. REF Holdings's current Net Margin % of 6.14% is 52.7% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on REF Holdings and its competitors. For the Business Services industry, the median Net Margin % is 4.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. REF Holdings's current Net Margin % is 6.14%, which is 44% below median its own 10-year median of 10.91. 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$0.25, compared to a current price of HK$1.31 — trading 422% above its estimated fair value. The current Net Margin % is 6.14%, which is 44% below median its 10-year median of 10.91 and 52.7% above the Business Services industry median of 4.02. REF Holdings' overall GF Score™ is 50/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For REF Holdings (HKSE:01631), the current Net Margin % is 6.14% as of Jun. 2026. 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$1.31 is trading 422% above its estimated GF Value™ of HK$0.25.
GuruFocus considers REF Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:01631:
Net Margin %: 6.14% (44% below median its 10-year median of 10.91)
GF Value™: HK$0.25 vs. price of HK$1.31 (422% above fair value)
Industry Position: 52.7% above the Business Services median (#672 of 1067)
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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