The company's stable ROCE and increased capital employed suggest it is not investing in high return ventures. This lack of growth in returns despite increased investment does not inspire confidence in the company's future potential for high returns.

Investors' expectations of a fall in Jiangsu Asia-Pacific Light Alloy Technology's earnings may be causing its low P/E ratio. The predicted decrease in earnings for the next year and the recent drop in share price suggest that the share price is unlikely to rise significantly soon.

Despite an increase in capital investment in Jiangsu Asia-Pacific Light Alloy Technology, returns have not seen a corresponding growth. If these trends continue, it's unlikely to be a multi-bagger going forward despite strong past stock performance.