Working Capital Efficiency
The data from Quater 3 in 2020 to Quater 3 in 2021 includes 3 quarters.

Liabilities on Revenue
Year 2020 Quarter 3: Liabilities on Revenue 38.49 (%).Trend:Decrease 60.7% than previous quarter
Year 2021 Quarter 2: Liabilities on Revenue 48.68 (%).Trend:Increase 26.47% than previous quarter
Year 2021 Quarter 3: Liabilities on Revenue 33.41 (%).Trend:Decrease 31.37% than previous quarter

Overall: decreasing (-13.2%). Fluctuation: **Neutral** (moderate variation).

Current assets on Revenue
Year 2020 Quarter 3: Current assets on Revenue 149.77 (%).Trend:Decrease 27.97% than previous quarter
Year 2021 Quarter 2: Current assets on Revenue 173.96 (%).Trend:Increase 16.15% than previous quarter
Year 2021 Quarter 3: Current assets on Revenue 123.88 (%).Trend:Decrease 28.79% than previous quarter

Overall: decreasing (-17.29%). Fluctuation: **Neutral** (moderate variation).


Cost Efficiency
The data from Quater 3 in 2020 to Quater 3 in 2021 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2020 Quarter 3: Ratio of Retained Earnings to Revenue 160.41 (%).Trend:Decrease 31.88% than previous quarter
Year 2021 Quarter 2: Ratio of Retained Earnings to Revenue 197.04 (%).Trend:Increase 22.84% than previous quarter
Year 2021 Quarter 3: Ratio of Retained Earnings to Revenue 150.53 (%).Trend:Decrease 23.6% than previous quarter

Overall: decreasing (-6.16%). Fluctuation: **Neutral** (moderate variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 17.16 (%).Trend:Decrease 9.35% than previous quarter
Year 2021 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 10.7 (%).Trend:Decrease 37.65% than previous quarter
Year 2021 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 11.38 (%).Trend:Increase 6.36% than previous quarter

Overall: decreasing (-33.68%). Fluctuation: **Neutral** (moderate variation).


Invest Efficiency
The data from Quater 3 in 2020 to Quater 3 in 2021 includes 3 quarters.

Retained Earning on Assets
Year 2020 Quarter 3: Retained Earning on Assets 60.58 (%).Trend:Decrease 1.8% than previous quarter
Year 2021 Quarter 2: Retained Earning on Assets 70.31 (%).Trend:Increase 16.06% than previous quarter
Year 2021 Quarter 3: Retained Earning on Assets 70.71 (%).Trend:Increase 0.57% than previous quarter

Overall: increasing (16.72%). Fluctuation: **Little** (low variation).

Earning Per Share
Year 2020 Quarter 3: Earning Per Share 21.83 (USD).Trend:Increase 57.39% than previous quarter
Year 2021 Quarter 2: Earning Per Share 40.06 (USD).Trend:Increase 83.51% than previous quarter
Year 2021 Quarter 3: Earning Per Share 55.42 (USD).Trend:Increase 38.34% than previous quarter

Overall: increasing (153.87%). Fluctuation: **Significant** (high variation).



Between Q3 2020 and Q3 2021, several key trends emerged.  Working capital efficiency metrics (liabilities and current assets on revenue) decreased. Cost efficiency, as measured by the ratio of retained earnings to revenue and the SG&A expense ratio, also declined.  However, investment efficiency improved, with significant growth in earnings per share and moderate growth in retained earnings on assets.