YumChina (NYSE:YUMC)

[Snoopy]

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018e
Adjusted Normalised NPAT {A}	$284m	$254m	$372m	$474m	$591m	$630m
Shareholder Equity EOFY {B}	$2,344m	$1,945m	$1.979m	$2,443m	$2,859m	$2,873m
ROE {A}/{B}	12.1%	13.1%	18.8%	19.4%	20.7%	21.9%

Conclusion: Pass Test

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018
Adjusted Normalised NPAT {A}	$284m	$250m	$369m	$472m	$589m	$634m
Shareholder Equity EOFY {B}	$2,344m	$1,945m	$1.979m	$2,443m	$2,859m	$2,976m
ROE {A}/{B}	12.1%	12.9%	18.6%	19.3%	20.6%	21.3%

Conclusion: Pass Test

SNOOPY