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REF HoldingsHKSE:01631 50 Return-on-Tangible-Equity is -3.68% as of Dec. 2025. GuruFocus rates HKSE:01631 with a GF Score™ of 50/100 and a GF Value™ of HK$0.23 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,011 Business Services companies, REF Holdings ranks worse than 70.72% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. REF Holdings's annualized net income for the quarter that ended in Dec. 2025 was HK$-3.00 Mil. REF Holdings's average shareholder tangible equity for the quarter that ended in Dec. 2025 was HK$81.56 Mil. Therefore, REF Holdings's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was -3.68%.
The historical rank and industry rank for REF Holdings's Return-on-Tangible-Equity or its related term are showing as below:
HKSE:01631'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 3.71 Med: 11.72 Max: 54.9
Current: 3.71
During the past 12 years, REF Holdings's highest Return-on-Tangible-Equity was 54.90%. The lowest was 3.71%. And the median was 11.72%.
HKSE:01631's Return-on-Tangible-Equity is ranked worse than 70.72% of 1011
companies
in the Business Services industry
Industry Median: 10.99
vs HKSE:01631: 3.71
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
REF Holdings Return-on-Tangible-Equity Related Terms
REF Holdings Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for REF Holdings's Return-on-Tangible-Equity 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: Return-on-Tangible-Equity Comparison
For the Specialty Business Services subindustry, REF Holdings's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Business Services Industry
For the Business Services industry and Industrials sector, REF Holdings's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where REF Holdings's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is two times the semi-annual (Dec. 2025) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of -3.68% mean?
REF Holdings (HKSE:01631) has a Return-on-Tangible-Equity of -3.68% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on REF Holdings and its competitors. Over the past decade, REF Holdings' Return-on-Tangible-Equity has ranged from 3.71 to 54.90. According to the industry distribution chart, REF Holdings ranks #715 out of 1011 companies in the Business Services industry, placing it in the top 70.7%.
Is REF Holdings' Return-on-Tangible-Equity too high?
REF Holdings' current Return-on-Tangible-Equity is -3.68%. Over the past 10 years, this metric has ranged from a low of 3.71 to a high of 54.90. Based on the distribution chart, REF Holdings ranks #715 out of 1011 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' Return-on-Tangible-Equity compare to CTAS and CPRT?
According to the Business Services industry distribution chart, REF Holdings ranks #715 out of 1011 companies for Return-on-Tangible-Equity. This places REF Holdings in the lower half of its industry. The industry median Return-on-Tangible-Equity is 10.99. Historically, REF Holdings' own Return-on-Tangible-Equity has ranged from 3.71 to 54.90 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Business Services company?
The median Return-on-Tangible-Equity among Business Services companies is 10.99, based on 1,011 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on REF Holdings and its competitors. For the Business Services industry, the median Return-on-Tangible-Equity is 10.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. REF Holdings's current Return-on-Tangible-Equity is -3.68%. 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$1.38 — trading 500% above its estimated fair value. The current Return-on-Tangible-Equity is -3.68%. REF Holdings' overall GF Score™ is 50/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For REF Holdings (HKSE:01631), the current Return-on-Tangible-Equity is -3.68% 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$1.38 is trading 500% above its estimated GF Value™ of HK$0.23.
GuruFocus considers REF Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:01631:
Return-on-Tangible-Equity: -3.68%
GF Value™: HK$0.23 vs. price of HK$1.38 (500% above fair value)
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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Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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