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Bank of Xi'an Co.,Ltd. (600928) Report Analysis

Corporate Events

Positive

Bank of Xi'an Co.,Ltd., 0.19 (CNY), Cash Divide...

2022-04-29 00:00:00

Bank of Xi'an Co.,Ltd., 0.19 (CNY), Cash Dividend, Jun-20-2022

Positive

BYD Auto Finance Company Limited announced that...

2021-10-28 00:00:00

BYD Auto Finance Company Limited announced that it intends to complete a private placement of common shares for gross proceeds of receive CNY ...

Positive

Bank of Xi'an Co.,Ltd., 0.19 (CNY), Cash Dividend, Jun-20-2022

2022-04-29 00:00:00

Bank of Xi'an Co.,Ltd., 0.19 (CNY), Cash Dividend, Jun-20-2022

Positive

BYD Auto Finance Company Limited announced that it expects to receive CNY 576.925 million in funding from BYD Company Limited, Bank of Xi'an Co.,Ltd., Byd Precision Manufacture Company Limited

2021-10-28 00:00:00

BYD Auto Finance Company Limited announced that it intends to complete a private placement of common shares for gross proceeds of receive CNY 2,500,000,000 in a round of funding on October 28, 2021. The transaction will include participation from returning investors, Bank of Xi'an Co.,Ltd. for CNY 500,000,000 to hold 20% stake in the company, BYD Company Limited for CNY 1,925,000,000 to hold 77% stake in the company, Byd Precision Manufacture Company Limited for CNY 75,000,000 to hold 3% stake in the company. The transaction has been approved at the 51st meeting of the 5th board of directors do not need to be submitted to the general meeting of shareholders for review and approval. The transaction is subject to the approval of the regulatory authorities.

Fundamental Summary

Bank of Xi'an's recently released results from Q3 indicate that Bank of Xi'an is performing reasonably well and on par with its peers. This typically translates into the stock performing on par with market performance for the upcoming quarter. As such, Bank of Xi'an received an overall score of 70 and a HOLD recommendation.

Bank of Xi'an reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported net interest income was CNY 1,413.74 million compared to CNY 1,567.47 million a year ago. Net income was CNY 607.87 million compared to CNY 708.22 million a year ago. Basic earnings per share from continuing operations was CNY 0.14 compared to CNY 0.16 a year ago. Diluted earnings per share from continuing operations was CNY 0.14 compared to CNY 0.16 a year ago.

Business Description

Bank of Xi'an, together with its subsidiaries, provides corporate and commercial banking, personal banking, and capital services in China. It operates through Corporate Finance, Personal Financial Business, and Treasury Business segments. The Corporate Finance segment provides corporate loans and advances, trade finance, deposit services, agency services, wealth management services, financial advisory and consulting services, remittance and settlement services, and trust management and guarantee services to corporate customers, government agencies, and financial institutions. The Personal Financial Business segment offers personal loans, deposit services, personal wealth management services, remittance services, and bank card services to individual customers. The Treasury Business segment provides inter-bank lending transactions, repurchase transactions, debt instrument investments and trading, trust investments, and targeted asset management investments in the interbank market. The company operates 179 branches. The company was formerly known as Xi'an City Commercial Bank Co., Ltd. and changed its name to Bank of Xi'an in January 2010. Bank of Xi'an was founded in 1997 and is headquartered in Xi'an, China.

Sector Overview

Bank of Xi'an is included in the Banks according to GICS (global industry classification standard). The Banks industry, which is in the Financials sector, includes Diversified & Regional Banks whose operations focus on conventional banking, retail banking, and lending to SMEs (small and medium enterprises). Bank of Xi'an's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 336,390.2 4.7% 55
Liabilities 309,596.0 4.9% 81
Price to Book 0.6 -24.2% 75
Cash & Equivalents 19,699.0 160.7% 97
Equity 26,732.3 2.4% 67
Total Revenues 5,025.3 -0.7% 47
Parameter Value Change Score
Return on Equity 10.9 -3.6% 58
Net Cashflow 5,824.5 272.2% 43
Capital Expenditure -69.5 -1.3% 62
Free Cashflow 1.4 -57.7% 90

* All values are TTM

The below chart reflects Bank of Xi'an's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Bank of Xi'an's peer average final assessment score stands on 70.0, Bank of Xi'an's score is 70.

  •  600928
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
China Merchants Bank Co., Ltd. 1.1T 77 63 68
Hold
73
73 0 1
Industrial Bank Co., Ltd. 402.2B 85 67 66
Buy
80
80 1 1
Shanghai Pudong Development Bank Co., Ltd. 233.9B 72 61 68
Hold
68
68 2 1
China Everbright Bank Company Limited 160.4B 76 63 56
Hold
70
70 3 1
China Minsheng Banking Corp., Ltd. 150.8B 81 62 79
Hold
78
78 4 1
Bank of Nanjing Co., Ltd. 111.2B 82 66 54
Hold
74
74 5 1
Bank of Jiangsu Co., Ltd. 100.3B 83 71 84
Buy
86
86 6 1
Bank of Beijing Co., Ltd. 95.8B 84 59 75
Hold
77
77 7 1
Bank of Shanghai Co., Ltd. 92.8B 90 64 81
Buy
85
85 8 1
Bank of Hangzhou Co., Ltd. 85.0B 81 70 69
Buy
80
80 9 1
Hua Xia Bank Co., Limited 79.1B 81 63 75
Hold
77
77 10 1
Bank of Chengdu Co., Ltd. 61.3B 86 68 58
Buy
79
79 11 1
Bank of Changsha Co., Ltd. 31.4B 79 62 60
Hold
72
72 12 1
QILU BANK CO., LTD. 22.4B 93 69 80
Strong Buy
91
91 13 1
Bank of Guiyang Co.,Ltd. 21.2B 80 62 75
Hold
77
77 14 1
Jiangsu Changshu Rural Commercial Bank Co., Ltd. 20.6B 82 71 80
Buy
84
84 15 1
Xiamen Bank Co., Ltd. 15.6B 83 62 82
Buy
80
80 16 1
Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd 12.2B 83 70 69
Buy
81
81 17 1
Jiangsu Zijin Rural Commercial Bank Co.,Ltd 10.5B 77 60 53
Hold
70
70 18 1
Wuxi Rural Commercial Bank Co.,Ltd 10.3B 73 64 79
Hold
73
73 19 1
Jiangsu Suzhou Rural Commercial Bank Co., Ltd 9.0B 74 73 70
Hold
76
76 20 1
Ping An Bank Co., Ltd. 281.2B 83 72 85
Strong Buy
87
87 21 1
Bank of Ningbo Co., Ltd. 225.7B 89 70 71
Buy
86
86 22 1
Bank of Suzhou Co., Ltd. 22.1B 92 60 61
Buy
80
80 23 1
Qingdao Rural Commercial Bank Co., Ltd. 18.4B 74 61 81
Hold
73
73 24 1
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd 11.1B 77 71 64
Hold
76
76 25 1
Jiangsu Jiangyin Rural Commercial Bank Co.,LTD. 9.3B 77 70 53
Hold
72
72 26 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Bank of Xi'an's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. The company is trading near it's 12-month low, which signals it struggle to keep above it support price. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Bank of Xi'an's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 52.

Bearish 52
Close Price 3.68
52W Low 3.6
52W High 4.98
5D MA 3.65
50D MA 3.75
200D MA 4.15
MACD -0.02
RSI 0.81
STOCH 13.64

Balance Sheet Analysis

Cash & Equivalents and Liabilities stood out as the most significant drivers of Bank of Xi'an's balance sheet strength. Bank of Xi'an reported a positive trendline in their cash and cash equivalents metrics. Specifically, they reported that cash and cash equivalents were 19699.0, representing 160.7% change from the last report. This impressive growth, specifically in contrast to their industry peers' performance, should support an upswing in the company's stock price. Therefore, its cash and cash equivalents movement earned a score of 97. Also, Bank of Xi'an has done an excellent job managing its liabilities. Bank of Xi'an's liabilities stood at 309596.0 in the current filing, which represents a 4.9% change from the previous report. These liabilities changes appear balanced compared to their peers and project the message that management is capable and focused on balancing asset growth, resource allocation, and growing liabilities. These results statistically lead to positive movement in stock prices, so we rated its liabilities movement component 81. That said, one metric, Assets, stood out as strongly negative. Mediocre performance in terms of assets could drop the bar on expectations for Bank of Xi'an's future attractiveness, as they changed to 336390.2 in the latest filing. This works out to a 4.7% change from the last period. This unimpressive metric is weaker than its peers and competitors. Consequently, their asset movement received a grade of 55. Therefore, it received a score of 80.

Parameter Value Change Score
Assets 336,390.2 4.7% 55
Liabilities 309,596.0 4.9% 81
Price to Book 0.6 -24.2% 75
Cash & Equivalents 19,699.0 160.7% 97
Equity 26,732.3 2.4% 67
* All values are TTM

The below chart describes Bank of Xi'an's performance as reflected on its balance sheet with respect to its peers. While Bank of Xi'an received a balance sheet score of 80, the average of its peers stands on 71.0.

  •  600928
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
China Merchants Bank Co., Ltd. 1.1T 72 81 68 37 84 77 0 1
Industrial Bank Co., Ltd. 402.2B 74 80 68 90 82 85 1 1
Shanghai Pudong Development Bank Co., Ltd. 233.9B 74 70 55 51 76 72 2 1
China Everbright Bank Company Limited 160.4B 89 44 69 54 76 76 3 1
China Minsheng Banking Corp., Ltd. 150.8B 80 45 69 90 77 81 4 1
Bank of Nanjing Co., Ltd. 111.2B 81 51 51 89 82 82 5 1
Bank of Jiangsu Co., Ltd. 100.3B 87 85 55 92 78 83 6 1
Bank of Beijing Co., Ltd. 95.8B 64 63 68 67 90 84 7 1
Bank of Shanghai Co., Ltd. 92.8B 83 62 54 90 90 90 8 1
Bank of Hangzhou Co., Ltd. 85.0B 82 63 54 87 79 81 9 1
Hua Xia Bank Co., Limited 79.1B 79 49 69 89 76 81 10 1
Bank of Chengdu Co., Ltd. 61.3B 83 76 68 82 83 86 11 1
Bank of Changsha Co., Ltd. 31.4B 74 63 69 72 79 79 12 1
QILU BANK CO., LTD. 22.4B 80 59 95 77 89 93 13 1
Bank of Guiyang Co.,Ltd. 21.2B 74 61 69 77 80 80 14 1
Jiangsu Changshu Rural Commercial Bank Co., Ltd. 20.6B 85 81 69 60 81 82 15 1
Xiamen Bank Co., Ltd. 15.6B 86 66 69 84 78 83 16 1
Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd 12.2B 83 72 69 81 79 83 17 1
Jiangsu Zijin Rural Commercial Bank Co.,Ltd 10.5B 41 80 56 95 80 77 18 1
Wuxi Rural Commercial Bank Co.,Ltd 10.3B 66 72 55 62 78 73 19 1
Jiangsu Suzhou Rural Commercial Bank Co., Ltd 9.0B 78 77 55 60 75 74 20 1
Ping An Bank Co., Ltd. 281.2B 79 78 69 88 79 83 21 1
Bank of Ningbo Co., Ltd. 225.7B 86 51 68 97 84 89 22 1
Bank of Suzhou Co., Ltd. 22.1B 91 82 54 97 89 92 23 1
Qingdao Rural Commercial Bank Co., Ltd. 18.4B 66 68 55 72 77 74 24 1
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd 11.1B 84 53 55 65 79 77 25 1
Jiangsu Jiangyin Rural Commercial Bank Co.,LTD. 9.3B 76 66 69 76 74 77 26 1

Income Statement Analysis

Bank of Xi'an's income statement factors had several troubling metrics this period. Bank of Xi'an management did an underwhelming job managing revenue efficiency this past period. Bank of Xi'an's revenue efficiency is 5025.3 according to the metrics in the current filing, which represents a -0.7% change from the previous report. This metric might have a 0.3 percent impact on companies in the same industry and with the same market capitalization. Their revenue efficiency, specifically in contrast to their industry peers', isn't encouraging. Consequently, their revenue efficiency received a grade of 47. However, one encouraging metric, Return Factors, stood out. Bank of Xi'an's reported return on equity (ROE) ratio was 10.9, representing a change of -3.6%. The company appears headed in the right direction in terms of these return factors, exhibiting prudent capital expenditure growth compared to its peers. Therefore, its return factors component earned a score of 58. Because of these weaknesses, their income statement received an overall score of 56.

Parameter Value Change Score
Total Revenues 5,025.3 -0.7% 47
Return on Equity 10.9 -3.6% 58
* All values are TTM

The below chart describes Bank of Xi'an's performance as reflected on its income statement with respect to its peers. While Bank of Xi'an received a income statement score of 56 , the average of its peers stands on 66.0.

  •  600928
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
China Merchants Bank Co., Ltd. 1.1T 58 68 61 63 0 1
Industrial Bank Co., Ltd. 402.2B 48 67 73 67 1 1
Shanghai Pudong Development Bank Co., Ltd. 233.9B 80 67 54 61 2 1
China Everbright Bank Company Limited 160.4B 69 67 61 63 3 1
China Minsheng Banking Corp., Ltd. 150.8B 85 67 55 62 4 1
Bank of Nanjing Co., Ltd. 111.2B 48 65 74 66 5 1
Bank of Jiangsu Co., Ltd. 100.3B 48 69 80 71 6 1
Bank of Beijing Co., Ltd. 95.8B 63 68 50 59 7 1
Bank of Shanghai Co., Ltd. 92.8B 66 67 61 64 8 1
Bank of Hangzhou Co., Ltd. 85.0B 48 66 82 70 9 1
Hua Xia Bank Co., Limited 79.1B 61 67 61 63 10 1
Bank of Chengdu Co., Ltd. 61.3B 44 68 75 68 11 1
Bank of Changsha Co., Ltd. 31.4B 57 68 58 62 12 1
QILU BANK CO., LTD. 22.4B 50 68 76 69 13 1
Bank of Guiyang Co.,Ltd. 21.2B 69 67 58 62 14 1
Jiangsu Changshu Rural Commercial Bank Co., Ltd. 20.6B 52 71 77 71 15 1
Xiamen Bank Co., Ltd. 15.6B 48 68 59 62 16 1
Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd 12.2B 66 68 76 70 17 1
Jiangsu Zijin Rural Commercial Bank Co.,Ltd 10.5B 81 71 55 60 18 1
Wuxi Rural Commercial Bank Co.,Ltd 10.3B 54 69 61 64 19 1
Jiangsu Suzhou Rural Commercial Bank Co., Ltd 9.0B 84 69 77 73 20 1
Ping An Bank Co., Ltd. 281.2B 53 68 81 72 21 1
Bank of Ningbo Co., Ltd. 225.7B 55 68 76 70 22 1
Bank of Suzhou Co., Ltd. 22.1B 53 66 58 60 23 1
Qingdao Rural Commercial Bank Co., Ltd. 18.4B 62 67 57 61 24 1
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd 11.1B 64 67 79 71 25 1
Jiangsu Jiangyin Rural Commercial Bank Co.,LTD. 9.3B 51 68 77 70 26 1

Cash Flow Analysis

Bank of Xi'an's most recent cash flow report was not encouraging. Bank of Xi'an's produced underwhelming cash flow numbers in this filing. Net cash flow was reported as 5824.5, which is a 272.2% change from the last report. Their net cash flow momentum should be a cause for concern and could bring negative momentum for Bank of Xi'an's stock price going forward. Its net cash flow, therefore, received a grade of 43. Also, Bank of Xi'an's published capital expenditures (CapEx) numbers were discouraging and reflected management's unbalanced growth strategy. Bank of Xi'an recorded CapEx of -69.5, which represents a -1.3% change from the previous report. They appears to be headed in the wrong direction regarding resource allocation, exhibiting prudent capital expenditure growth compared to its peers. Its CapEx movement, therefore, received a grade of 62. On the other hand, Free Cash flow, jumped out as looking rather positive. Bank of Xi'an did a great job related to free cash flow this period, which stood at 1.4, representing a -57.7% change from the previous filing. Companies in the same industry and market capitalization are typically affected by this parameter by up to 8.5%. Their free cash flow situation is all the more impressive relative to their peers and competitors. Consequently, their free cash flow movement received a grade of 90. Therefore, it received a cautionary score of 51.

Parameter Value Change Score
Net Cashflow 5,824.5 272.2% 43
Capital Expenditure -69.5 -1.3% 62
Free Cashflow 1.4 -57.7% 90
* All values are TTM

The below chart describes Bank of Xi'an's performance as reflected on its cash flow with respect to its peers. While Bank of Xi'an received a cash flow score of 51, the average of its peers stands on 69.0.

  •  600928
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
China Merchants Bank Co., Ltd. 1.1T 90 45 44 69 68 0 1
Industrial Bank Co., Ltd. 402.2B 81 56 47 69 66 1 1
Shanghai Pudong Development Bank Co., Ltd. 233.9B 48 87 85 69 68 2 1
China Everbright Bank Company Limited 160.4B 43 95 54 69 56 3 1
China Minsheng Banking Corp., Ltd. 150.8B 84 45 91 69 79 4 1
Bank of Nanjing Co., Ltd. 111.2B 49 84 48 69 54 5 1
Bank of Jiangsu Co., Ltd. 100.3B 93 41 90 69 84 6 1
Bank of Beijing Co., Ltd. 95.8B 67 67 92 69 75 7 1
Bank of Shanghai Co., Ltd. 92.8B 95 38 80 69 81 8 1
Bank of Hangzhou Co., Ltd. 85.0B 49 87 90 69 69 9 1
Hua Xia Bank Co., Limited 79.1B 80 57 69 69 75 10 1
Bank of Chengdu Co., Ltd. 61.3B 66 67 45 69 58 11 1
Bank of Changsha Co., Ltd. 31.4B 59 81 45 69 60 12 1
QILU BANK CO., LTD. 22.4B 81 54 90 69 80 13 1
Bank of Guiyang Co.,Ltd. 21.2B 67 67 90 69 75 14 1
Jiangsu Changshu Rural Commercial Bank Co., Ltd. 20.6B 71 73 81 69 80 15 1
Xiamen Bank Co., Ltd. 15.6B 93 40 85 69 82 16 1
Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd 12.2B 96 37 44 69 69 17 1
Jiangsu Zijin Rural Commercial Bank Co.,Ltd 10.5B 46 99 50 67 53 18 1
Wuxi Rural Commercial Bank Co.,Ltd 10.3B 82 52 84 69 79 19 1
Jiangsu Suzhou Rural Commercial Bank Co., Ltd 9.0B 85 50 56 69 70 20 1
Ping An Bank Co., Ltd. 281.2B 91 42 96 69 85 21 1
Bank of Ningbo Co., Ltd. 225.7B 93 38 59 69 71 22 1
Bank of Suzhou Co., Ltd. 22.1B 61 78 49 69 61 23 1
Qingdao Rural Commercial Bank Co., Ltd. 18.4B 86 49 84 69 81 24 1
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd 11.1B 39 98 84 69 64 25 1
Jiangsu Jiangyin Rural Commercial Bank Co.,LTD. 9.3B 42 94 51 69 53 26 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.