China Publishing & Media Holdings' P/E remains below market median due to shrinking medium-term earnings. Shareholders accept low P/E, expecting no future earnings surprises. Current conditions may continue to limit share price.

The company's historical ROCE trend is uninspiring, and the increase in capital employed suggests funds aren't being deployed into high return investments. If these trends persist, the chances of it becoming a multi-bagger are low.

China Publishing & Media Holdings' income growth lags despite ROE being slightly above industry average. Even with consistent dividends and a high retention rate, the limited earnings growth raises concerns regarding the company's business performance.

Despite increased investment, the stagnation in returns on capital doesn't signify growth in efficiency. The company must enhance underlying trends for sustainable growth, despite impressive shareholder returns. There are 4 warning signs for China Publishing & Media Holdings investors.