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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Bank of Xi'An Co Ltd
600928 · SHGThe stock costs 50% less than our calculation considers fair.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
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
All 6 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
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Compare Bank of Xi'An Co Ltd with another stock
Price, fair value, quality and upside side by side.
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
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
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
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- PEG ratio by industry
- Revenue growth by industry
- Stock screener with 62 metrics
- Undervalued stocks: Chinese Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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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Frequently asked questions
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Key figures of Bank of Xi'An Co Ltd
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