Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥112, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 14x in the Construction industry in China. Total returns to shareholders of 162% over the past three years. Declared Dividend • Jun 08
Dividend of CN¥0.65 announced Shareholders will receive a dividend of CN¥0.65. Ex-date: 12th June 2026 Payment date: 12th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 156% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥122, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 14x in the Construction industry in China. Total returns to shareholders of 290% over the past three years. New Risk • Apr 10
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 95% Dividend yield: 0.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Annonce • Mar 30
Acter Technology Integration Group Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Acter Technology Integration Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Annonce • Mar 28
Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 29, 2026 Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 29, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Suzhou High-tech Zone, Jiangsu China Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to CN¥109, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 17x in the Construction industry in China. Total returns to shareholders of 306% over the past three years. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥104, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 18x in the Construction industry in China. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥79.69, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 16x in the Construction industry in China. Total returns to shareholders of 249% over the past three years. Annonce • Dec 26
Acter Technology Integration Group Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Acter Technology Integration Group Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to CN¥78.11, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 15x in the Construction industry in China. Total returns to shareholders of 247% over the past three years. Board Change • Dec 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Tiehua Liu was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥53.64, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 14x in the Construction industry in China. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥22.45 per share. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥42.31, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Construction industry in China. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥48.86, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Construction industry in China. Total returns to shareholders of 118% over the past three years. Reported Earnings • Oct 19
Third quarter 2025 earnings released: EPS: CN¥0.34 (vs CN¥0.17 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.34 (up from CN¥0.17 in 3Q 2024). Revenue: CN¥821.4m (up 59% from 3Q 2024). Net income: CN¥33.2m (up 94% from 3Q 2024). Profit margin: 4.0% (up from 3.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Annonce • Sep 30
Acter Technology Integration Group Co., Ltd. to Report Q3, 2025 Results on Oct 18, 2025 Acter Technology Integration Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 18, 2025 Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥51.58, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 14x in the Construction industry in China. Total returns to shareholders of 151% over the past year. Buy Or Sell Opportunity • Aug 25
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to CN¥38.83. The fair value is estimated to be CN¥30.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 38% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CN¥720.5m (up 25% from 2Q 2024). Net income: CN¥33.5m (down 14% from 2Q 2024). Profit margin: 4.7% (down from 6.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Construction industry in China. New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥35.48, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the Construction industry in China. Total returns to shareholders of 51% over the past year. Board Change • Jul 07
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Director Binghe Dong is the most experienced director on the board, commencing their role in 2025. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 30
Acter Technology Integration Group Co., Ltd. to Report First Half, 2025 Results on Aug 08, 2025 Acter Technology Integration Group Co., Ltd. announced that they will report first half, 2025 results on Aug 08, 2025 Declared Dividend • Jun 09
Dividend reduced to CN¥0.75 Dividend of CN¥0.75 is 6.3% lower than last year. Ex-date: 12th June 2025 Payment date: 12th June 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.4% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 06
Acter Technology Integration Group Co., Ltd. Declares Dividend, Payable on June 12, 2025 Acter Technology Integration Group Co., Ltd. declared dividend of CNY 0.75 per share, totaling CNY 75,000,000, payable on June 12, 2025. Ex-rights (ex-dividend) record date is June 12, 2025. The share registration date is June 11, 2025. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥31.67, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 13x in the Construction industry in China. Total returns to shareholders of 15% over the past year. Reported Earnings • Apr 27
First quarter 2025 earnings released: EPS: CN¥0.29 (vs CN¥0.18 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.29 (up from CN¥0.18 in 1Q 2024). Revenue: CN¥574.5m (up 63% from 1Q 2024). Net income: CN¥29.0m (up 63% from 1Q 2024). Profit margin: 5.0% (in line with 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Construction industry in China. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥25.65, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Construction industry in China. Negligible returns to shareholders over past year. Annonce • Mar 29
Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 18, 2025 Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 18, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Suzhou High-tech Zone, Jiangsu China Annonce • Mar 28
Acter Technology Integration Group Co., Ltd. to Report Q1, 2025 Results on Apr 26, 2025 Acter Technology Integration Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 26, 2025 Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥25.87, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Construction industry in China. Total loss to shareholders of 5.7% over the past year. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CN¥1.17 (down from CN¥1.39 in FY 2023). Revenue: CN¥2.01b (flat on FY 2023). Net income: CN¥116.6m (down 16% from FY 2023). Profit margin: 5.8% (down from 6.9% in FY 2023). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Construction industry in China. Annonce • Dec 27
Acter Technology Integration Group Co., Ltd. to Report Fiscal Year 2024 Results on Mar 29, 2025 Acter Technology Integration Group Co., Ltd. announced that they will report fiscal year 2024 results on Mar 29, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.37 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.17 (down from CN¥0.37 in 3Q 2023). Revenue: CN¥515.3m (down 2.8% from 3Q 2023). Net income: CN¥17.1m (down 54% from 3Q 2023). Profit margin: 3.3% (down from 7.0% in 3Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥25.65, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Construction industry in China. Total loss to shareholders of 21% over the past year. Annonce • Sep 30
Acter Technology Integration Group Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Acter Technology Integration Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: CN¥0.39 (vs CN¥0.41 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.39 (down from CN¥0.41 in 2Q 2023). Revenue: CN¥578.3m (up 17% from 2Q 2023). Net income: CN¥39.2m (down 4.1% from 2Q 2023). Profit margin: 6.8% (down from 8.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Construction industry in China. Annonce • Jun 28
Acter Technology Integration Group Co., Ltd. to Report First Half, 2024 Results on Aug 08, 2024 Acter Technology Integration Group Co., Ltd. announced that they will report first half, 2024 results on Aug 08, 2024 Declared Dividend • Jun 11
Dividend of CN¥0.80 announced Shareholders will receive a dividend of CN¥0.80. Ex-date: 14th June 2024 Payment date: 14th June 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (75% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 105% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 08
Acter Technology Integration Group Co., Ltd. Announces Cash Dividend, Payable on June 14, 2024 Acter Technology Integration Group Co., Ltd. announced cash dividend: CNY 0.8 per share, totaling CNY 80,000,000. . Ex-rights (ex-dividend) record date: June 14, 2024. Payment date of cash dividend distribution: June 14, 2024. The share registration date is 13 June,2024. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.18 (vs CN¥0.36 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.18 (down from CN¥0.36 in 1Q 2023). Revenue: CN¥353.0m (down 16% from 1Q 2023). Net income: CN¥17.8m (down 51% from 1Q 2023). Profit margin: 5.0% (down from 8.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Annonce • Mar 31
Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 19, 2024 Acter Technology Integration Group Co., Ltd., Annual General Meeting, Apr 19, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Suzhou High-tech Zone, Jiangsu China Annonce • Mar 29
Acter Technology Integration Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Acter Technology Integration Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.44. Revenue: CN¥2.01b (up 23% from FY 2022). Net income: CN¥143.8m (up 17% from FY 2022). Profit margin: 7.2% (down from 7.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in China. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to CN¥24.70, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Construction industry in China. Negligible returns to shareholders over past year. Annonce • Dec 30
Acter Technology Integration Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 30, 2024 Acter Technology Integration Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 30, 2024 New Risk • Dec 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.37 (vs CN¥0.35 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.37 (up from CN¥0.35 in 3Q 2022). Revenue: CN¥530.4m (up 28% from 3Q 2022). Net income: CN¥37.1m (up 29% from 3Q 2022). Profit margin: 7.0% (up from 6.9% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥32.13, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Construction industry in China. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CN¥0.41 (vs CN¥0.50 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.41. Revenue: CN¥495.5m (up 20% from 2Q 2022). Net income: CN¥40.8m (up 9.3% from 2Q 2022). Profit margin: 8.2% (down from 9.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in China. New Risk • Jun 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). Annonce • Jun 28
Acter Technology Integration Group Co., Ltd. to Report First Half, 2023 Results on Aug 12, 2023 Acter Technology Integration Group Co., Ltd. announced that they will report first half, 2023 results on Aug 12, 2023 Annonce • Jun 09
Acter Technology Integration Group Co., Ltd. Announces Cash Dividend, Payable on June 15, 2023 Acter Technology Integration Group Co., Ltd. announced cash dividend: CNY 0.8125 per share, totaled CNY 65,000,000. Ex-rights (ex-dividend) record date: June 15, 2023. Payment date of cash dividend distribution: June 15, 2023. The Ex-rights registration date is June 14, 2023. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥54.35, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 21x in the Construction industry in China. Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥39.00, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 23x in the Construction industry in China. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥43.45, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 25x in the Construction industry in China. Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: CN¥1.89 (vs CN¥2.06 in FY 2021) Full year 2022 results: EPS: CN¥1.89 (down from CN¥2.06 in FY 2021). Revenue: CN¥1.63b (down 4.4% from FY 2021). Net income: CN¥122.9m (flat on FY 2021). Profit margin: 7.5% (up from 7.3% in FY 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥37.53, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 26x in the Construction industry in China. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: CN¥1.82 (vs CN¥2.06 in FY 2021) Full year 2022 results: EPS: CN¥1.82 (down from CN¥2.06 in FY 2021). Revenue: CN¥1.63b (down 4.4% from FY 2021). Net income: CN¥121.2m (down 1.9% from FY 2021). Profit margin: 7.5% (up from 7.3% in FY 2021). The increase in margin was driven by lower expenses. Buying Opportunity • Dec 07
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥39.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Nov 16
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥43.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Nov 10
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥43.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥35.00, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 24x in the Construction industry in China. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CN¥0.43 (vs CN¥0.62 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.43 (down from CN¥0.62 in 3Q 2021). Revenue: CN¥416.0m (up 2.0% from 3Q 2021). Net income: CN¥28.7m (down 23% from 3Q 2021). Profit margin: 6.9% (down from 9.1% in 3Q 2021). The decrease in margin was driven by higher expenses.