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Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. REF Holdings's Revenue for the
six
months ended in Dec. 2025 was HK$38.95 Mil. REF Holdings's Total Assets for the quarter that ended in Dec. 2025 was HK$125.24 Mil. Therefore, REF Holdings's Asset Turnover for the quarter that ended in Dec. 2025 was 0.31.
Asset Turnover is linked to ROE % through Du Pont Formula. REF Holdings's annualizedROE % for the quarter that ended in Dec. 2025 was -3.60%. It is also linked to ROA % through Du Pont Formula. REF Holdings's annualizedROA % for the quarter that ended in Dec. 2025 was -2.40%.
Note:
The Net Income data used here is two times the semi-annual (Dec. 2025) net income data. The Revenue data used here is two times the semi-annual (Dec. 2025) revenue data.
* 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.
** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.
It is also linked to ROA % through Du Pont Formula:
REF Holdings's annulizedROA % for the quarter that ended in Dec. 2025 is
Note:
The Net Income data used here is two times the semi-annual (Dec. 2025) net income data. The Revenue data used here is two times the semi-annual (Dec. 2025) revenue data.
* 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.
Be Aware
In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.
Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.
REF Holdings Asset Turnover Related Terms
REF Holdings Asset Turnover Historical Data
* Premium members only.
The historical data trend for REF Holdings's Asset Turnover 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: Asset Turnover Comparison
For the Specialty Business Services subindustry, REF Holdings's Asset Turnover, along with its competitors' market caps and Asset Turnover 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 Asset Turnover vs Business Services Industry
For the Business Services industry and Industrials sector, REF Holdings's Asset Turnover distribution charts can be found below:
* The bar in red indicates where REF Holdings's Asset Turnover 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.
Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.
REF Holdings (HKSE:01631) has a Asset Turnover of 0.31 as of Dec. 2025. Asset turnover equals current-period sales over average total assets over the past two periods. View historical data on REF Holdings and its competitors.
Is REF Holdings' Asset Turnover too high?
REF Holdings' current Asset Turnover is 0.31. 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' Asset Turnover compare to CTAS and CPRT?
REF Holdings' Asset Turnover of 0.31 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 Asset Turnover for a Business Services company?
A good Asset Turnover depends on the Business Services industry context. However, Asset Turnover 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 Asset Turnover mean?
A high Asset Turnover can signal that a stock is expensive relative to its fundamentals. Asset turnover equals current-period sales over average total assets over the past two periods. View historical data on REF Holdings and its competitors. REF Holdings's current Asset Turnover is 0.31. 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 Asset Turnover is 0.31. 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 Asset Turnover calculated?
Asset Turnover is calculated from a company's financial statements. For REF Holdings (HKSE:01631), the current Asset Turnover is 0.31 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:
Asset Turnover: 0.31
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
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Asset Turnover is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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