Despite high ROCE, Guangdong South New MediaLtd's declining trend and stagnant sales growth cast doubt on its multi-bagger potential. The company's reinvestment for growth hasn't yet boosted sales, and the flat total return to shareholders over the past three years is concerning.

The company's low P/E ratio is due to the market's expectation of limited future growth. Unless the company's earnings outlook improves, the low P/E ratio will continue to limit the share price.

Investors appear to anticipate limited future growth from Guangdong South New Media Co., Ltd. This is reflected in its low P/E ratio and comparatively slower growth outlook.

Given the falling trend of ROCE and lack of rise in sales despite increased capital investment, the company does not exhibit characteristics of potential multi-baggers. Investors seem to be skeptical about future trends picking up.