Kaspi.kz JSCKSPI
KSPI
About: Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.
Employees: 9,637
0
Funds holding %
of 7,429 funds
–
Analysts bullish %
Fund manager confidence
Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)
5% more repeat investments, than reductions
Existing positions increased: 63 | Existing positions reduced: 60
5% less call options, than puts
Call options by funds: $2.5M | Put options by funds: $2.65M
10.33% less ownership
Funds ownership: 46.65% [Q1] → 36.32% (-10.33%) [Q2]
14% less funds holding in top 10
Funds holding in top 10: 21 [Q1] → 18 (-3) [Q2]
16% less funds holding
Funds holding: 189 [Q1] → 159 (-30) [Q2]
25% less capital invested
Capital invested by funds: $8.23B [Q1] → $6.15B (-$2.08B) [Q2]
63% less first-time investments, than exits
New positions opened: 15 | Existing positions closed: 41
Research analyst outlook
1 Wall Street Analyst provided 1 year price targets over the past 3 months
Low target
$96
4%
upside
Avg. target
$96
4%
upside
High target
$96
4%
upside
1 analyst rating
0 positive
0%
1 neutral
100%
0 negative
0%
JP Morgan Reginald Smith | 4%upside $96 | Neutral Downgraded | 20 Aug 2025 |
Financial journalist opinion
Based on 4 articles about KSPI published over the past 30 days
Neutral
Business Wire
1 week ago
Alipay+ and Kaspi.kz Enhance International Payment Acceptance in Kazakhstan
SINGAPORE--(BUSINESS WIRE)--Alipay+, Ant International's global wallet gateway, and Kaspi.kz, the leading super app in Kazakhstan, have enabled international cross-border QR payment acceptance in Kazakhstan. Users of 12 Alipay+-enabled payment apps can scan-to-pay via Kaspi QR, which has the largest nationwide merchant coverage, from shopping, F&B and attractions, to convenience stores, medical services and even stores in smaller villages and towns. Kazakhstan becomes the first country in C.
Neutral
Seeking Alpha
2 weeks ago
Kaspi's Business Continues To Grow Despite Inflation Woes
Kaspi delivered strong Q2 results, with robust revenue growth in Kazakhstan despite inflation and high-interest rates, reaffirming a positive full-year outlook. The company's core fintech and e-commerce businesses remain dominant in Kazakhstan, with significant deposit growth and expansion in e-grocery, positioning it for future margin improvement. Kaspi's expansion into Turkey via Hepsiburada and the Rabobank deal presents both high potential and considerable risk, requiring patience and close monitoring.
Neutral
Seeking Alpha
3 weeks ago
Joint Stock Company Kaspi.kz (KSPI) Q2 2025 Earnings Call Transcript
Joint Stock Company Kaspi.kz (NASDAQ:KSPI ) Q2 2025 Earnings Conference Call August 4, 2025 8:00 AM ET Company Participants David Ferguson - Head of Investor Relations Mikheil N. Lomtadze - Co-Founder, Executive Director, Chairman of the Management Board & CEO Conference Call Participants Cihan Saraoglu - HSBC Global Investment Research Darrin David Peller - Wolfe Research, LLC Gabor Kemeny - Unidentified Company Reginald Lawrence Smith - JPMorgan Chase & Co, Research Division Operator Hello, everybody, and welcome to Kaspi.kz Second Quarter and First Half 2025 Financial Results.
Neutral
GlobeNewsWire
3 weeks ago
Kaspi.kz 2Q & 1H 2025 Financial Results
ALMATY, Kazakhstan, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 66.35% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2025 (“2Q & 1H 2025”).
Positive
Seeking Alpha
2 months ago
Kaspi's Growth Looks Promising With Banking Acquisition In Turkey
Kaspi.kz remains a strong buy, with robust growth, low P/E, and a high dividend yield despite recent share price weakness and a Q1 miss. The Q1 miss was driven by a temporary smartphone registration issue in Kazakhstan, not by company execution, and growth in core segments remains strong. Kaspi's expansion into Turkey via Hepsiburada and a Rabobank subsidiary sets the stage for significant long-term growth in a much larger market.
Positive
Seeking Alpha
2 months ago
Kaspi: A Long-Term Compounder Navigating A Year Of Noise
Kaspi.kz (NASDAQ: KSPI) reported a 21% rise in Q1 2025 revenue and a 16% increase in net income. Still, management lowered its full-year guidance due to emerging headwinds. Kaspi trades at approximately 8× forward earnings and around 5× adjusted core free cash flow, exceptionally low multiples given its growth profile and strong network effects. While geopolitical risk is a real factor, the primary bear cases regarding competition and market saturation appear overstated, as evidenced by Kaspi's dominant user engagement metrics, which are far superior.
Negative
Seeking Alpha
3 months ago
Kaspi: Smartphone Registering Rules Slow Online Activity
Smartphone registering rules hit online activity and knocked a few hundred bps off growth. Smartphones will get more expensive for Kazakhs, and volumes disrupted for now. They also had to provision for higher credit losses due to persistently high rates, continuing inflation and petro-macro concerns. This dinged their fintech business. But they are drawing in a lot of new funds with the deposit options for Kazakhs. Moreover, the growth is still continuing in their directly provided services, lifting take rates.
Neutral
Seeking Alpha
3 months ago
Joint Stock Company Kaspi.kz (KSPI) Q1 2025 Earnings Call Transcript
Joint Stock Company Kaspi.kz (OTC:KSPI) Q1 2025 Results Conference Call May 12, 2025 8:00 AM ET Company Participants David Ferguson - Managing Director Head of Investor Relations Mikheil Lomtadze - CEO and Co-Founder Yuri Didenko - Deputy CEO Tengiz Mosidze - Deputy CFO Conference Call Participants Ygal Arounian - Citi Darrin Peller - Wolfe Research Reggie Smith - JPMorgan Jamie Friedman - Susquehanna Gabor Kemeny - Autonomous Salman Ali - Fountainhead Partnership Operator Hello, and welcome everyone to the Kaspi.kz First Quarter 2025 Financial Results. [Operator Instructions] I will now hand you over to David Ferguson, Head of Investor Relations at Kaspi.kz to begin.
Neutral
GlobeNewsWire
3 months ago
Kaspi.kz 1Q 2025 Financial Results
ALMATY, Kazakhstan, May 12, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 65.41% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter ended 31 March 2025 (“1Q 2025”). 1Q 2025 Highlights Our results for the first quarter of the year were broadly as we expected them to be.
Positive
Seeking Alpha
4 months ago
Kaspi: A Strong Buy For Value Investors, While Dividend Investors Should Keep It On Close Watch
Kaspi is a compelling investment opportunity for those who don't mind exposure to Kazakhstan, as it's the country's dominant fintech service provider. Kaspi has demonstrated robust revenue and earnings growth with high margins despite having well below average valuation multiples. KSPI decided to cut its dividend for 2025, but its ability and motive to pay in the future remain high, so yield chasers should keep it on their watch list.
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