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Bank of Xi'An Co Ltd (600928) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Bank of Xi'An Co Ltd stock ¥7.48, price ¥3.77, upside +98.4%, quality 43 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CN · ISIN CNE100003JB8

BO Bank of Xi'An Co Ltd logo Thin data Nov 6, 2026

Bank of Xi'An Co Ltd

600928 · SHG
Cheap, value-trap risk

The stock costs 50% less than our calculation considers fair.

Fair value ¥7.48 · Strongly undervalued (50%)
Highly profitable · 57.0% net margin (TTM)
2.7% dividend yield · Low payout
Even on cautious assumptions the value is 91% above the price (¥7.21).
Quality 43/100
Mixed vs. peers (6/11)
Moderate moat 59/100 · thin data
Weak Growth (revenue 5y −7.0 %/yr in CNY)
Thin data
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥4.54 ¥2.94 Fair Value ¥7.48 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range ¥2.94 – ¥4.54 · fair‑value band ¥7.21 – ¥8.97 · the ¥3.77 price screens below the ¥7.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Bank of Xi'an Co.,Ltd., together with its subsidiaries, provides banking products and services in China. It operates through Corporate Banking, Personal Banking Business, Treasury Operations, and Other segments.

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The Corporate Finance segment provides corporate deposit, loans and advances, trade financing, bond underwriting services, agency, settlement and clearing, commitments and guarantee services, etc. to corporate clients, government agencies and financial institutions.

The Personal Banking Business segment offers personal loans, personal credit cards, personal deposits, personal financial services, remittance services, and bank card services to individual customers.

The Treasury Operations segment provides inter-bank lending transactions, repurchase transactions, debt instrument investments, equity instrument investment, fund investment, trust investment, asset management plan investment, etc., as well as purchases and sells transactions in the interbank market.

This segment also manages the issuance of debt securities. The company was formerly known as Xi'an City Commercial Bank Co., Ltd. and changed its name to Bank of Xi'an Co.,Ltd. in January 2010. Bank of Xi'an Co.,Ltd. was incorporated in 1997 and is headquartered in Xi'an, China.

Stock analysis

Bank of Xi'An Co Ltd (600928) currently trades at ¥3.77, while our model-based Fair Value estimate is ¥7.48, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ¥10.19 per share, and 4 of the 6 models we run sit above the ¥3.77 price.

Bear case: the Dividend Discount group reads lowest at ¥2.35, and 2 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: ¥7.21 (bear) to ¥8.97 (bull), the price of ¥3.77 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Bank of Xi'An Co Ltd reported revenue of 9.8B CNY in FY2025 versus 15.1B CNY in FY2021, a compound −10.3%/yr. Reported net income was 2.6B CNY in FY2025, compounding −1.4%/yr from FY2021.

Key figures

Market cap 16.8B CNY (≈ $2.5B) Mid · P/E ratio 6.4 · P/S ratio 3.56 · EPS (TTM) ¥0.5900 · Dividend yield 2.7% · Net margin 57.0% · Return on equity 6.6% · Return on assets (EBIT) 0.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 98%, 600928 screens cheaper than that median.

Fair Value models

Bear ¥7.21 Fair Value ¥7.48 Bull ¥8.97
Price ¥3.77 · Upside +98.4%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.4188 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income ¥7.24 ¥7.51 ¥8.22 76
Gordon GGM ¥1.28 ¥2.63 ¥4.12 66
DDM Multi-Stage ¥1.28 ¥2.06 ¥2.76 66
All 6 models by family
Dividend Discount
Gordon GGM ¥1.28 ¥2.63 ¥4.12 66
DDM Multi-Stage ¥1.28 ¥2.06 ¥2.76 66
Multiples
P/E Multiple ¥5.81 ¥7.75 ¥9.69 63
P/B Multiple ¥9.46 ¥12.62 ¥15.77 55
Asset-Based
NCAV (Graham) ¥4.51 ¥6.04 ¥9.01 51
Economic Profit
Residual Income ¥7.24 ¥7.51 ¥8.22 76

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Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 58
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 20
Debt, balance sheet and risk of trouble
Investment 65
Does it invest with discipline instead of growing at any price?
Low Volatility 90
How calm the share price moves, does not count
Price momentum 36
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 38
Distance to the 52-week high, does not count
New shares 78
Buys back shares or issues new ones?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−46.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.0%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.8%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.8% vs 0.5%, steady
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 13%
Pace: the 5-year rate starts in 2020 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside +98.4% · Top 25%
Profitability
Return on equity (12 months) 6.6% · Bottom 25%
Return on assets 0.5% · Bottom 25%
Net margin (12 months) 57.0% · Top 25%
Operating margin (12 months) 57.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −6.7% · Bottom 25%
Dividend yield (12 months) 2.7% · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 6.4× · Cheapest 25%
P/B 0.42× · Cheapest 25%
P/S (12 months) 3.56× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)26 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)53 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs 600928
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs 600928
BNP Paribas SA BNP €91.93 €106.01 +15% vs 600928
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs 600928
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs 600928
UniCredit S.p.A UCG €76.80 €50.44 −34% vs 600928
Mizuho Financial Group MFG $9.40 $5.90 −37% vs 600928
DBS Group D05 69.72 SGD 40.39 SGD −42% vs 600928
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs 600928
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs 600928

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Bank of Xi'An Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Bank of Xi'An Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600928

Frequently asked questions

Is Bank of Xi'An Co Ltd (600928) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ¥7.48 versus a price of ¥3.77, about +98% upside (undervalued).
What is the fair value of 600928?
Our model-based fair value for Bank of Xi'An Co Ltd is ¥7.48 (as of Nov 6, 2026), built from audited fundamentals. The current price: ¥3.77.
What is the quality score of 600928?
Bank of Xi'An Co Ltd has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bank of Xi'An Co Ltd (600928)?
Our model-based price target is the fair value of ¥7.48 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario ¥7.21, optimistic scenario ¥8.97. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank of Xi'An Co Ltd stock forecast for 2026?
Our models put fair value at ¥7.48, about +98% upside versus a price of ¥3.77 (undervalued). Cautious scenario ¥7.21, optimistic scenario ¥8.97. The calculation is refreshed regularly with new filings.
What is the revenue of Bank of Xi'An Co Ltd (600928)?
Bank of Xi'An Co Ltd reported trailing-twelve-month revenue of about 4.7B CNY (latest available figure, as of Nov 6, 2026).
Does Bank of Xi'An Co Ltd pay a dividend?
Bank of Xi'An Co Ltd currently shows a dividend yield of 2.65% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Bank of Xi'An Co Ltd (600928) and when is the ex-dividend date?
Bank of Xi'An Co Ltd pays a dividend of ¥0.1 per share a year, a dividend yield of 2.7%. The last ex-dividend date was Jul 10, 2026. The payout ratio is 16.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Bank of Xi'An Co Ltd (600928)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank of Xi'An Co Ltd it is ¥7.48 per share (as of Nov 6, 2026), against a price of ¥3.77. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Bank of Xi'An Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 600928 trades below its calculated fair value: price ¥3.77, fair value ¥7.48, a gap of about +98% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 600928?
No. The price is what the market pays today (¥3.77); the fair value is what the company's own numbers justify (¥7.48). For Bank of Xi'An Co Ltd the two are ¥3.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank of Xi'An Co Ltd worth?
The market values Bank of Xi'An Co Ltd at about 16.8B CNY (market capitalisation, as of Nov 6, 2026). Per share that is ¥3.77; our models calculate a fair value of ¥7.48 per share.
What do the bullish and bearish scenarios say about 600928?
Our models span a range for Bank of Xi'An Co Ltd: cautious scenario ¥7.21, base ¥7.48, optimistic ¥8.97 per share (as of Nov 6, 2026, price ¥3.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600928?
Bank of Xi'An Co Ltd trades at a price-to-earnings ratio of 6.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥7.48 is built from several models across several years. Other multiples: P/B 0.4, P/S 3.6.
How solid is the balance sheet of Bank of Xi'An Co Ltd (600928)?
Balance-sheet figures for Bank of Xi'An Co Ltd (as of Nov 6, 2026): return on equity 6.6%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 600928 from its 52-week high?
Bank of Xi'An Co Ltd trades at ¥3.77, about 9% below its 52-week high of ¥4.14 and 15% above the low of ¥3.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥7.48 is for.
Which stocks are comparable to Bank of Xi'An Co Ltd?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bank of Xi'An Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price ¥3.77, calculated fair value ¥7.48 (+98%), Quality Score 43/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 600928 calculated?
We run Bank of Xi'An Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥7.48 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Bank of Xi'An Co Ltd currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bank of Xi'An Co Ltd (600928)?
The closing price on Nov 6, 2026 was ¥3.77. Our model-based fair value is ¥7.48, about +98% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank of Xi'An Co Ltd right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (¥7.21). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bank of Xi'An Co Ltd (600928) come from?
Earnings per share at Bank of Xi'An Co Ltd grew −0.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.4 %, EBIT margin −9.4 %, tax rate +3.5 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Bank of Xi'An Co Ltd

How large is the market capitalisation of Bank of Xi'An Co Ltd (600928)?
The market capitalisation of Bank of Xi'An Co Ltd is 16.8B CNY (≈ $2.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bank of Xi'An Co Ltd (600928)?
The price-to-sales ratio of Bank of Xi'An Co Ltd is 3.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bank of Xi'An Co Ltd (600928)?
Earnings per share at Bank of Xi'An Co Ltd are ¥0.5900 (price ÷ EPS = P/E 6.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank of Xi'An Co Ltd (600928)?
The dividend yield of Bank of Xi'An Co Ltd is 2.7% (payout 16.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bank of Xi'An Co Ltd (600928)?
The net margin of Bank of Xi'An Co Ltd is 57.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bank of Xi'An Co Ltd (600928)?
The return on equity (ROE) of Bank of Xi'An Co Ltd is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bank of Xi'An Co Ltd (600928)?
On an EBIT basis the return on assets of Bank of Xi'An Co Ltd is 0.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bank of Xi'An Co Ltd (600928)?
The operating margin of Bank of Xi'An Co Ltd is 57.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank of Xi'An Co Ltd (600928)?
Revenue at Bank of Xi'An Co Ltd is growing −6.7% versus a year earlier (3y avg −13.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bank of Xi'An Co Ltd (600928)?
Earnings per share at Bank of Xi'An Co Ltd are growing −18.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bank of Xi'An Co Ltd (600928) generate?
The free cash flow of Bank of Xi'An Co Ltd is −13.9B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Bank of Xi'An Co Ltd (600928) carry?
The net debt of Bank of Xi'An Co Ltd is 66.8B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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