Deep Analysis Report on Shaanxi International Trust A (000563)’s Participation in Chang’an Bank’s Capital Increase Transaction

Based on professional data obtained from Jinling AI, this report conducts a systematic analysis of this related party transaction.

• Investment Amount
  : No more than 800 million yuan
• Shares Obtained
  : No more than 209 million shares
• Subscription Price per Share
  : Approximately 3.83 yuan/share
• Transaction Nature
  : Related party transaction (due to Director Zhao Zhongqi holding positions in both companies)
• Compliance
  : Has avoided voting as required, no need to submit to shareholders’ meeting for review, does not constitute a major asset restructuring

: The 800 million yuan investment accounts for of Shaanxi International Trust A’s total market capitalization of 17.9 billion yuan [0], which is a medium-sized strategic investment. It has limited impact on the company’s overall financial status but holds strategic significance.

[0]:

Indicator	Value	Evaluation
Current Stock Price	3.50 yuan	-
Total Market Capitalization	17.9 billion yuan	-
PE Ratio (TTM)	12.58x	At the industry median level
PB Ratio (TTM)	0.96x	Below 1x, indicating undervalued stock price
Return on Equity (ROE)	7.79%	Lower than the banking industry average
Net Profit Margin	40.88%	Strong profitability
Beta Coefficient	0.69	Low volatility, strong defensive nature

:

• Subscription Price per Share:
  3.83 yuan/share
• Estimated Shares Obtained: Up to 209 million shares
• Total Investment Amount: No more than 800 million yuan

:

• Typical PB Ratio for City Commercial Banks:
  0.5-0.8x
• Typical PE Ratio for City Commercial Banks:
  4-6x
• Typical ROE for City Commercial Banks:
  10-13%

:

• Left Upper Chart: The 800 million yuan investment accounts for 4.47% of the company’s total assets, which will not significantly affect liquidity.
• Right Upper Chart: The impact of different ROE assumptions on the overall ROE of Shaanxi International Trust.
• Left Lower Chart: PB ratio of 0.96x is significantly lower than the industry average of 1.2x, indicating undervaluation.
• Right Lower Chart: Annualized returns and dividend yields under three scenarios.

[0]:

Scenario	Assumed ROE	Annualized Investment Return	ROE Improvement for Shaanxi International Trust	New ROE Level
Conservative	8%	64 million yuan	+0.36 percentage points	8.15%
Baseline	11%	88 million yuan	+0.49 percentage points	8.28%
Optimistic	14%	112 million yuan	+0.63 percentage points	8.42%

(Baseline scenario, ROE=11%):

• Typical Dividend Payout Ratio for Bank Stocks: 30%
• Expected Annual Dividend Income:
  26 million yuan
• Dividend Yield:
  3.30%

:

• Limited Direct Impact
  : The 800 million yuan investment accounts for 4.47% of the market capitalization, which will not significantly change valuation multiples.
• Market Sentiment
  : May attract short-term attention due to related party transactions, but overall impact is neutral.
• Liquidity Impact
  : The 800 million yuan capital occupation has little impact on the company’s overall liquidity.

:

• If Chang’an Bank’s ROE >10%
  : Will improve the overall ROE of Shaanxi International Trust and enhance profitability.
• Synergistic Effects
  : Regional financial cooperation may generate additional value (fund custody, asset management, customer sharing).
• Asset Structure Optimization
  : Increase high-quality financial equity assets and improve asset quality.

:

• Current PB ratio is 0.96x; if the investment successfully drives ROE to 8.5%+
• PB ratio is expected to rise to the range of 1.0-1.1x
• Potential upside space for stock price:
  4-15%

:

1. Valuation Safety Margin
   : PB <1, stock price is below net asset value per share [0], providing downside protection for investment.
2. ROE Improvement Potential
   : Current ROE of Shaanxi International Trust is 7.79%, expected ROE of Chang’an Bank is 10-14% [0], which is expected to improve overall ROE by 0.4-0.6 percentage points.
3. Stable Dividend Income
   : Expected annual dividend yield of 3.3% (baseline scenario), providing continuous cash flow.
4. Strategic Synergy Value
   : Regional financial resource integration and business synergy (custody, asset management, customer sharing).
5. Low Volatility Characteristics
   : Beta coefficient of 0.69, strong defensive nature [0], suitable for stable investors.

:

1. Industry Cycle Risk
   : The banking industry faces pressure from narrowing interest spreads and asset quality risks during economic downturns.
2. Related Transaction Governance Risk
   : May trigger corporate governance concerns; need to pay attention to information disclosure transparency.
3. Capital Opportunity Cost Risk
   : 800 million yuan used for bank equity investment may affect the main business or investment in other high-return projects.
4. Regional Economic Risk
   : Chang’an Bank’s main business is in Shaanxi; regional economic fluctuations directly affect its performance.
5. Valuation Repair Risk
   : If market sentiment remains depressed, PB <1 may persist for a long time.

[0]:

• Trend: Sideways consolidation, no clear direction.
• MACD: No crossover, slightly bullish.
• KDJ: Slightly bearish.
• RSI: Normal range.
• Support Level: 3.42 yuan.
• Resistance Level:3.48 yuan.
• Beta:0.69 (low volatility).

:

• Short-term: High-low trading in the range of 3.42-3.48 yuan.
• Mid-to-long-term: Pay attention to breakthrough signals and wait for a clear trend.

This transaction has a

impact on the valuation and investment value of Shaanxi International Trust A, mainly reflected in:

1. Limited Financial Impact
   : The 800 million yuan investment accounts for 4.47% of the market capitalization, which will not significantly change the company’s financial structure [0].
2. Outstanding Strategic Value
   : Enhances regional financial layout and generates potential synergistic effects.
3. Obvious Valuation Advantage
   : PB ratio of 0.96x indicates undervalued stock price and existence of safety margin [0].
4. Improved Profitability
   : If Chang’an Bank’s ROE reaches 11%, it can increase Shaanxi International Trust’s ROE by about 0.5 percentage points [0].
5. Stable Dividend Income
   : Expected annual dividend yield of 3.3% provides continuous cash flow [0].

:
:

• ✓ Stable value investors
• ✓ Long-term investors focusing on dividend income
• ✓ Investors optimistic about regional financial development

:

• ✗ Aggressive investors pursuing high growth
• ✗ Short-term traders
• ✗ Investors sensitive to related party transactions

:

1. Existing Shareholders
   :
   Continue to Hold
   • Current valuation has safety margin
   • Pay attention to subsequent financial disclosure of Chang’an Bank
   • Hold for mid-to-long term to wait for value regression

2. Potential Investors
   :
   Build Positions in Batches
   • Recommended price range:3.42-3.48 yuan
   • Buy in batches to reduce average cost
   • Set stop-loss level:3.35 yuan

3. Key Focus Indicators
   :
   • Chang’an Bank’s ROE level and dividend policy
   • Trend of overall ROE change of Shaanxi International Trust
   • PB valuation repair situation
   • Regional economic development status

:

• The banking industry faces pressure from narrowing interest spreads and asset quality risks.
• Related party transactions require attention to governance transparency.
• Short-term stock price may fluctuate due to market sentiment.
• Investment decisions should be made cautiously based on individual risk tolerance.

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[0] Jinling AI Data - Company Overview, Financial Data, Technical Analysis, Market Data of Shaanxi International Trust A (000563.SZ)
[1] Technical Analysis Chart - K-line Chart and Technical Indicators of Shaanxi International Trust A
[2] Comprehensive Analysis Chart - Multi-dimensional Analysis of Shaanxi International Trust A’s Investment in Chang’an Bank