Joint Stock Company Kaspi.kz (KSPI)
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Exchange
NASDAQ
Type
Technology
Sector
Super-app ecosystem and fintech services
Market Cap
$17.0B
Market sentiment
Sentiment has improved on clear e-commerce acceleration and better monetisation plus a stronger funding profile via the oversubscribed bond and a credit rating upgrade, though near-term margin pressure remains from high deposit rates and Hepsiburada consolidation.
Why HOLD ?
Hold: strong growth and new catalysts (dividend proposal, improved funding) are balanced by EBITDA/profit growth lagging revenue growth and ongoing margin headwinds from Kazakhstan rates and Hepsiburada integration in the near term.
- Maintain the current position; consider adding only if funding costs stabilise and the path to Hepsiburada breakeven in 2026 is reaffirmed in H1/Q2 results.
We're already tracking Joint Stock Company Kaspi.kz — here are the latest events we've registered
Recent News
- On 11 May 2026 Kaspi.kz released Q1 2026 (unaudited IFRS): revenue KZT 1.1tn (+31% YoY) and adjusted EBITDA KZT 368bn (+9% YoY), while net income was KZT 252bn (-1% YoY). E-commerce GMV grew ~41% YoY (constant currency, pro-forma) and monetisation improved (ads/delivery +73% YoY; take-rate 15.8%). The company reiterated FY2026 guidance (GMV ~20%, TPV ~15%, EBITDA ~5%) and targets Hepsiburada reaching EBITDA breakeven during 2026. In April it completed an oversubscribed $600m senior notes issuance (2031) and Tencent/CEO plus institutions increased ownership; the board also proposed a quarterly dividend of KZT 850 per ADS (subject to approval).
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3 Aug 2026 — Q2 2026 / H1 report (deeper investor discussion)
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What you get
A complete express analysis — not just a signal. Delivered as a webpage in your account.
- Signal: BUY / HOLD / SELL — with clear reasoning
- Sentiment score 1–10 based on news, reports, and market data
- Risk score 1–10 (dilution, jurisdiction, execution)
- Bull case: 3–5 specific points with evidence (e.g. "Oversold after panic-reaction to security news, opening a technical bounce setup")
- Bear case: 3–5 specific risks (e.g. "Extreme uncertainty around the security situation in Sinaloa after tragic events")
- Upcoming catalysts with dates
- Sources: news, filings, market data, and investor forums
- Assessment of dilution risk
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The information on this page does not constitute investment advice. AI-generated analyses may contain errors. Always conduct your own research before making investment decisions. Firelda.ai is not responsible for any potential losses.