Winner Medical's low P/E ratio is due to its predicted drop in earnings. Investors are accepting this low P/E, acknowledging that future earnings may not be positive. If profitability doesn't improve, the P/E could fall further.

Concerns rise as Winner Medical's Return On Capital Employed (ROCE) shows a declining trend. Despite reinvestment, returns are shrinking making investors skeptical about future improvement. A multi-bagger may be found elsewhere.