The declining trend in Hangzhou Oxygen Plant GroupLtd's ROCE is concerning. Despite market optimism due to significant returns over the past five years, underlying trends need to improve for higher expectations.

Despite forecast of higher growth, Hangzhou Oxygen's stocks trade at a low P/E ratio due to potential risks or unstable projected earnings. Earnings improvement needed before investors' decisions.

The trend of shrinking returns despite reinvestment in the business by Hangzhou Oxygen Plant Group Ltd is concerning. Given these underlying trends, the likelihood of it being a multi-bagger from here isn't high.