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Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.
REF Holdings's operating assets for the quarter that ended in Dec. 2025 was HK$54.78 Mil. REF Holdings's operating liabilities for the quarter that ended in Dec. 2025 was HK$18.61 Mil. REF Holdings's Total Assets for the quarter that ended in Jun. 2025 was HK$126.84 Mil. Therefore, REF Holdings's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.29.
REF Holdings Scaled Net Operating Assets Related Terms
REF Holdings Scaled Net Operating Assets Historical Data
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The historical data trend for REF Holdings's Scaled Net Operating Assets 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: Scaled Net Operating Assets Comparison
For the Specialty Business Services subindustry, REF Holdings's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Business Services Industry
For the Business Services industry and Industrials sector, REF Holdings's Scaled Net Operating Assets distribution charts can be found below:
* The bar in red indicates where REF Holdings's Scaled Net Operating Assets 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.
What does a Scaled Net Operating Assets of 0.29 mean?
REF Holdings (HKSE:01631) has a Scaled Net Operating Assets of 0.29 as of Dec. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on REF Holdings and its competitors.
Is REF Holdings' Scaled Net Operating Assets too high?
REF Holdings' current Scaled Net Operating Assets is 0.29. 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' Scaled Net Operating Assets compare to CTAS and CPRT?
REF Holdings' Scaled Net Operating Assets of 0.29 can be compared against companies in the Business Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Business Services company?
A good Scaled Net Operating Assets depends on the Business Services industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on REF Holdings and its competitors. REF Holdings's current Scaled Net Operating Assets is 0.29. 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 Scaled Net Operating Assets is 0.29. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For REF Holdings (HKSE:01631), the current Scaled Net Operating Assets is 0.29 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:
Scaled Net Operating Assets: 0.29
GF Value™: HK$0.23 vs. price of HK$1.37 (495.7% 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
Get the complete analysis for HKSE:01631
Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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