Working Capital Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2022 Quarter 1: Liabilities on Revenue 81.52 (%).Trend:Increase 162.04% than previous quarter
Year 2022 Quarter 2: Liabilities on Revenue 37.36 (%).Trend:Decrease 54.17% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 23.84 (%).Trend:Decrease 36.19% than previous quarter

Overall: decreasing (-70.76%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2022 Quarter 1: Current assets on Revenue 315.06 (%).Trend:Increase 219.11% than previous quarter
Year 2022 Quarter 2: Current assets on Revenue 165.25 (%).Trend:Decrease 47.55% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 118.31 (%).Trend:Decrease 28.41% than previous quarter

Overall: decreasing (-62.45%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 1: Ratio of Retained Earnings to Revenue 246.17 (%).Trend:Increase 225.45% than previous quarter
Year 2022 Quarter 2: Ratio of Retained Earnings to Revenue 140.43 (%).Trend:Decrease 42.95% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue 100.68 (%).Trend:Decrease 28.31% than previous quarter

Overall: decreasing (-59.1%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 9.98 (%).Trend:Decrease 3.11% than previous quarter
Year 2022 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 10.87 (%).Trend:Increase 8.92% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 11.42 (%).Trend:Increase 5.06% than previous quarter

Overall: increasing (14.43%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2022 Quarter 1: Retained Earning on Assets 39.05 (%).Trend:Increase 10.25% than previous quarter
Year 2022 Quarter 2: Retained Earning on Assets 41.28 (%).Trend:Increase 5.71% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets 41.83 (%).Trend:Increase 1.33% than previous quarter

Overall: increasing (7.12%). Fluctuation: **Little** (low variation).

Earning Per Share
Year 2022 Quarter 1: Earning Per Share 1.62 (USD).Trend:Decrease 64.0% than previous quarter
Year 2022 Quarter 2: Earning Per Share 2.18 (USD).Trend:Increase 34.57% than previous quarter
Year 2023 Quarter 3: Earning Per Share 2.44 (USD).Trend:Increase 11.93% than previous quarter

Overall: increasing (50.62%). Fluctuation: **Neutral** (moderate variation).



Financial analysis from Q1 2022 to Q3 2023 shows a declining trend in working capital efficiency. Liabilities on revenue and current assets on revenue both decreased significantly. Cost efficiency also shows a general downward trend in the ratio of retained earnings to revenue. Conversely, Selling, General & Administrative (SG&A) Expense Ratio shows an increasing trend. Investment efficiency maintains a low-variation, increasing pattern. Earnings per share shows an overall increase, with fluctuations considered moderate.