Investors' optimism for China Satellite Communications, reflected in its high P/S ratio, may be misplaced given the company's recent lack of revenue growth and predicted industry growth. There's a risk of disappointment if the P/S falls in line with recent negative growth rates.

Investors' expectations for future outperformance could motivate the high P/S ratio. However, lack of revenue growth and decrease over three years may lead to shareholder disappointment if P/S ratio falls and business prospects don't significantly improve. Share price risk declining if medium-term conditions don't improve.

The declining ROCE trend and escalating capital employed with no sales growth are concerning for investors. This is not indicative of a potential multi-bagger stock, thus failing investors seeking such opportunities.