Joint Stock Company Kaspi.kz KSPI
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The news check keeps the assessment current.
General analysis — not personal advice.
Existing position may be maintained at current valuation pending the Q2 report.
Mixed financial outcomes with solid growth but flat profits and ongoing high jurisdiction risk support the hold signal.
Investors focus on strong e-commerce growth and AI adoption while noting margin pressure from Turkey and funding costs.
HOLD is the call. Positive is the market mood. High risk means a lot can go wrong.
Latest change
- 10 Nov 2026 — The report shows revenue growth driven by e-commerce expansion but limited EBITDA growth following Turkish integration costs.
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Show all changes (3) — follow the company freeAbout the company
Kaspi.kz operates Kazakhstan's dominant super app with integrated payments, marketplace and consumer finance services. The company is expanding internationally through acquisitions in Turkey, including Hepsiburada and Rabobank A.Ş. Operations generate strong profitability and cash flow from the home market.
Bull case
Strong e-commerce growth, rapid AI adoption and proposed dividend increase support long-term potential.
Bear case
Margin pressure from Turkey integration, higher funding costs and jurisdiction risk limit profit growth.
Why this signal
Mixed financial outcomes with solid growth but flat profits and ongoing high jurisdiction risk support the hold signal.
Recent news
Kaspi.kz released Q3 and 9M results on November 9: revenue 1.1 trillion KZT (+18 % CC), adjusted EBITDA 408 bn (+1 %), net income 281 bn. Board proposed dividend of 1 000 KZT per ADS with EGM on December 9. Marketplace GMV growth revised down to ~12 %; stock closed at 89.47 USD.