Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. China Merchants Commercial REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -3,354.67%.
The historical rank and industry rank for China Merchants Commercial REIT's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:5C3'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -6347.11 Med: 1977.75 Max: 315104.33
Current: -6296.69
During the past 10 years, China Merchants Commercial REIT's highest ROC (Joel Greenblatt) % was 315104.33%. The lowest was -6347.11%. And the median was 1977.75%.
FRA:5C3's ROC (Joel Greenblatt) % is ranked worse than 99.49% of 584
companies
in the REITs industry
Industry Median: 178.7
vs FRA:5C3: -6296.69
China Merchants Commercial REIT (FRA:5C3) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
China Merchants Commercial REIT ROC (Joel Greenblatt) % Chart
FRA:5C3 vs BXP, ARE, VNO: ROC (Joel Greenblatt) % Comparison
For the REIT - Office subindustry, China Merchants Commercial REIT's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
China Merchants Commercial REIT ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, China Merchants Commercial REIT's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where China Merchants Commercial REIT's ROC (Joel Greenblatt) % falls into.
China Merchants Commercial REIT ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of -3,354.67% mean?
China Merchants Commercial REIT (FRA:5C3) has a ROC (Joel Greenblatt) % of -3,354.67% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on China Merchants Commercial REIT and its competitors. According to the industry distribution chart, China Merchants Commercial REIT ranks #581 out of 584 companies in the REITs industry, placing it in the top 99.5%.
Is China Merchants Commercial REIT's ROC (Joel Greenblatt) % too high?
China Merchants Commercial REIT's current ROC (Joel Greenblatt) % is -3,354.67%. Based on the distribution chart, China Merchants Commercial REIT ranks #581 out of 584 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, China Merchants Commercial REIT has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does China Merchants Commercial REIT's ROC (Joel Greenblatt) % compare to BXP and ARE?
According to the REITs industry distribution chart, China Merchants Commercial REIT ranks #581 out of 584 companies for ROC (Joel Greenblatt) %. This places China Merchants Commercial REIT in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 178.70. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 178.70, based on 584 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on China Merchants Commercial REIT and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 178.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Merchants Commercial REIT's current ROC (Joel Greenblatt) % is -3,354.67%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Merchants Commercial REIT stock overvalued right now?
China Merchants Commercial REIT (FRA:5C3) has a current ROC (Joel Greenblatt) % of -3,354.67%. The stock's GF Value™ is €0.11, compared to a current price of €0.10 — trading 6.4% below its estimated fair value. The current ROC (Joel Greenblatt) % is -3,354.67%. China Merchants Commercial REIT's overall GF Score™ is 70/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For China Merchants Commercial REIT (FRA:5C3), the current ROC (Joel Greenblatt) % is -3,354.67% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is China Merchants Commercial REIT (FRA:5C3) Overvalued in 2026?
Based on GuruFocus' analysis, China Merchants Commercial REIT stock appears to be undervalued.
The current stock price of €0.10 is trading 6.4% below its estimated GF Value™ of €0.11.
Key valuation signals for FRA:5C3:
ROC (Joel Greenblatt) %: -3,354.67%
GF Value™: €0.11 vs. price of €0.10 (6.4% below fair value)
No single metric tells the full story. See the FRA:5C3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Merchants Commercial REIT Business Description
China Merchants Commercial REIT and its subsidiaries are engaged in the property investment. The operating business segments of the company are office buildings and shopping center. Its properties include New Times Plaza, Cyberport Building, Technology Building, Garden City Shopping Centre ,Onward Science And Trade Center and Technology Building 2 among others.
70GF Score
Get the complete analysis for FRA:5C3
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:5C3 has been successfully added to your 
