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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. Vietnam Manufacturing and Export Processing (Holdings)'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.14%.
TPE:9110's ROC (Joel Greenblatt) % is ranked better than 85.34% of 1330
companies
in the Vehicles & Parts industry
Industry Median: 12.045
vs TPE:9110: 32.50
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.
TPE:9110 vs BC, PII, THO: ROC (Joel Greenblatt) % Comparison
For the Recreational Vehicles subindustry, Vietnam Manufacturing and Export Processing (Holdings)'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.
Vietnam Manufacturing and Export Processing (Holdings) ROC (Joel Greenblatt) % vs Vehicles & Parts Industry
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 four times the quarterly (Mar. 2026) 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 8.14% mean?
Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) has a ROC (Joel Greenblatt) % of 8.14% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Vietnam Manufacturing and Export Processing (Holdings) and its competitors. According to the industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #195 out of 1330 companies in the Vehicles & Parts industry, placing it in the top 14.7%.
Is Vietnam Manufacturing and Export Processing (Holdings)'s ROC (Joel Greenblatt) % too high?
Vietnam Manufacturing and Export Processing (Holdings)'s current ROC (Joel Greenblatt) % is 8.14%. The Vehicles & Parts industry median ROC (Joel Greenblatt) % is 12.05. Vietnam Manufacturing and Export Processing (Holdings)'s value of 8.14% is 32.4% below this industry median. Based on the distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #195 out of 1330 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Vietnam Manufacturing and Export Processing (Holdings) has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vietnam Manufacturing and Export Processing (Holdings)'s ROC (Joel Greenblatt) % compare to BC and PII?
According to the Vehicles & Parts industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #195 out of 1330 companies for ROC (Joel Greenblatt) %. This places Vietnam Manufacturing and Export Processing (Holdings) in the top 15% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 12.05. Vietnam Manufacturing and Export Processing (Holdings)'s value of 8.14% is 32.4% below this benchmark. 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 Vehicles & Parts company?
The median ROC (Joel Greenblatt) % among Vehicles & Parts companies is 12.05, based on 1,330 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. Vietnam Manufacturing and Export Processing (Holdings)'s current ROC (Joel Greenblatt) % of 8.14% is 32.4% below the industry median. 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 Vietnam Manufacturing and Export Processing (Holdings) and its competitors. For the Vehicles & Parts industry, the median ROC (Joel Greenblatt) % is 12.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vietnam Manufacturing and Export Processing (Holdings)'s current ROC (Joel Greenblatt) % is 8.14%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vietnam Manufacturing and Export Processing (Holdings) stock overvalued right now?
Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$5.21, compared to a current price of NT$3.15 — trading 39.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 8.14% and 32.4% below the Vehicles & Parts industry median of 12.05. Vietnam Manufacturing and Export Processing (Holdings)'s overall GF Score™ is 54/100 with 3 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 Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110), the current ROC (Joel Greenblatt) % is 8.14% as of Mar. 2026. 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 Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Overvalued in 2026?
Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) stock appears to be undervalued.
The current stock price of NT$3.15 is trading 39.5% below its estimated GF Value™ of NT$5.21.
GuruFocus considers Vietnam Manufacturing and Export Processing (Holdings) to be Significantly Undervalued.
Key valuation signals for TPE:9110:
ROC (Joel Greenblatt) %: 8.14%
GF Value™: NT$5.21 vs. price of NT$3.15 (39.5% below fair value)
Industry Position: 32.4% below the Vehicles & Parts median (#195 of 1330)
No single metric tells the full story. See the TPE:9110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vietnam Manufacturing and Export Processing (Holdings) Business Description
Vietnam Manufacturing and Export Processing (Holdings) Ltd is engaged in manufacturing and sales of motorbikes, and related spare parts and engines. Its segments include Manufacturing and sale of motorbikes segment that includes motorbikes manufactured for the Vietnamese market and exports it to other countries including Malaysia, the Philippines, Thailand, Italy, Greece, United Arab Emirates and Singapore; and Manufacturing; and Sale of spare parts and engines segment manufactures engines for use in the group's motorbikes, while the group also exports engines to third parties. It manufactures parts for use in repair servicing and product assembly. Geographically, it operates in Vietnam, Malaysia, Philippines, United Arab Emirates, Greece, Thailand, Italy, Singapore, and Other Countries.
54GF Score
Get the complete analysis for TPE:9110
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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