Bank of Xi'an Co (600928) Fair Value & Analysis

Financial Services · CN · Market cap 15.7B CNY

Below-average quality, screening 100% undervalued on our models.

What matters now

• The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
• The price is below even our cautious bear case (¥5.29). The market is more pessimistic than our downside scenario.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ¥2.94 – ¥4.75 · fair‑value band ¥5.29 – ¥8.83 · the ¥3.53 price screens below the ¥7.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Bank of Xi'an Co (600928) currently trades at ¥3.53, while our model-based Fair Value estimate is ¥7.06, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Bank of Xi'an Co generated revenue of 4.8B CNY at a net margin of 56.3%. Revenue grew 3.8% year over year. It earns a return on equity of 7.2%. Net debt stands at 66.8B CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥5.29 (bear case) to ¥8.83 (bull case); at ¥3.53, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 100%, 600928 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (¥7.75) versus Asset-Based (¥6.05). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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

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Peer Group

Banks - Regional · 1083 stocks

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.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.