Latest news with #Kaspi
Yahoo
3 days ago
- Business
- Yahoo
Alipay+ partners with Kaspi.kz for cross-border QR payments in Kazakhstan
Alipay+, Ant International's global wallet gateway, and a super app in Kazakhstan, have collaborated to roll out international cross-border QR payment acceptance in Kazakhstan. The move enables 12+ Alipay+-supported payment application users to conduct transactions using Kaspi QR. The partnership, which initially focused on facilitating mobile payments for users travelling abroad since April 2024, has now expanded to include domestic QR code payments. Alipay+ connects a network of 1.7 billion user accounts from 36 international payment partners, providing access to over 100 million merchants in 70 markets worldwide. Edward Yue, general manager for SEA, South Asia and ANZ at Ant International, said: 'We're very excited to be strengthening our partnership with for both inbound and outbound cross-border mobile payments that benefits Kazakhstani travellers and businesses. 'We have seen great momentum in Kazakhstanis using their app across our global Alipay+ merchants, and now we're building on the rich local ecosystem offered via Kaspi QR to connect our global partners to local businesses.' operates a dual Super App model, offering the Super App for consumers and the Kaspi Pay Super App for merchants. These platforms enable users to engage with various services, including payments, a marketplace, and fintech solutions. CEO and co-founder Mikhail Lomtadze stated: 'Since last year, in partnership with Alipay+, Kazakhstanis began to pay in some of their favourite travel destinations using the super app. 'Now, we're taking our partnership one step further. Guests visiting Kazakhstan can now pay via Kaspi QR using their Alipay+ enabled e-wallets or bank apps.' acquired a 65.41% stake in Hepsiburada, one of Türkiye's top e-commerce companies, in January 2025. The company has been publicly traded on Nasdaq since January 2024. "Alipay+ partners with for cross-border QR payments in Kazakhstan " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-08-2025
- Business
- Yahoo
Joint Stock Company Kaspi.kz (KSPI): A Bull Case Theory
We came across a bullish thesis on Joint Stock Company on Peter's Substack by Peter Thomason. In this article, we will summarize the bulls' thesis on KSPI. Joint Stock Company share was trading at $85.00 as of July 25th. KSPI's trailing P/E was 8.21 according to Yahoo Finance. Photo by Clay Banks on Unsplash Kaspi (KSPI), the first Kazakh company to list on U.S. exchanges, is described as one of the most asymmetrical opportunities among large caps, offering a rare value play in a market priced for perfection. Originally a troubled Kazakh bank, Kaspi transformed under CEO Mikheil Lomtadze and Chairman Vyacheslav Kim into a dominant 'super app,' combining services akin to Amazon, Visa, Venmo, and more. It now commands 95%+ monthly usage among Kazakhstan's adults, with customer engagement and economic value per user compounding over time. The business rests on a capital-light, highly profitable model, delivering 30%+ annual revenue growth, profit margins of 37–48%, and extraordinary returns on equity of 54–96%, while maintaining conservative leverage. Management, with 40% ownership, is deeply aligned with shareholders and has a long history of prioritizing customer trust — from staying open during the 2014 currency crisis to closing profitable services that didn't meet customer satisfaction standards. Kaspi's radical customer obsession drives network effects and resilience, creating a durable moat and sticky user base. Expansion into Turkey provides upside optionality, but the investment case does not rely on it; the core Kazakhstan operations alone could grow earnings 2–4x through increased value per user and scaling of newer services like e-grocery and food delivery. Trading at just 7.7x trailing and 6.8x forward earnings with a PEG ratio of 0.5, Kaspi is priced for negative growth despite consistent execution and a culture of integrity, presenting an exceptional long-term opportunity with significant potential rerating for patient investors. Previously, we covered a on Joint Stock Company (KSPI) by Antoni Nabzdyk in May 2025, highlighting its dominant super app ecosystem, sticky engagement, and asymmetric upside despite geopolitical risks. The stock has depreciated about 6% since then due to market weakness, but the thesis holds. Peter Thomason shares a similar view, emphasizing Kaspi's exceptional returns, network effects, and Turkey expansion optionality. Joint Stock Company is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held KSPI at the end of the first quarter which was 27 in the previous quarter. While we acknowledge the potential of KSPI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Kaspi.kz JSC (KSPI) Q1 2025 Earnings Call Highlights: Strong Revenue Growth Amid Macro Challenges
Revenue Growth: 21% year-on-year increase. Net Income Growth: 16% year-on-year increase. Payments Revenue Growth: 16% year-on-year increase. Marketplace Revenue Growth: 33% year-on-year increase. Fintech Revenue Growth: 18% year-on-year increase. Gross Merchandise Volume (GMV) Growth: 20% year-on-year increase. Fintech Origination Volume Growth: 17% year-on-year increase. e-Grocery GMV Growth: 64% year-on-year increase. e-Grocery Purchases Growth: 66% year-on-year increase. Eurobond Issuance: EUR650 million at 6.250% due in 2030. Interest Rate on New Deposits: Up to 18% for three-month maturity. Cost of Risk: Increased to 0.6% from 0.5% due to macro provisioning. Take Rate for Payments: 1.13%. Take Rate for e-Commerce: 12.5%. Take Rate for m-Commerce: Increased by 20 bps. Kaspi Travel GMV Growth: 22% year-on-year increase. Kaspi Travel Take Rate: Increased to 5.3% from 4.5%. Guidance for GMV Growth: Adjusted to 15% to 20% from 25% to 30%. Impact of Smartphone Registration: Temporary impact on demand, reducing GMV growth by 7 percentage points. Loan-to-Deposit Ratio: High, with a focus on growing the deposit base. Warning! GuruFocus has detected 3 Warning Signs with KSPI. Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JSC (NASDAQ:KSPI) reported strong revenue growth of 21% and net income growth of 16% year-over-year for the first quarter of 2025. The company's e-grocery business is expanding rapidly, with GMV up 64% and purchases up 66% year-over-year. JSC (NASDAQ:KSPI) successfully raised EUR 650 million through its first Eurobond issuance, strengthening its financial position. The company launched new high-interest deposit products, attracting 84,000 consumers and KZT 379 billion in deposits. JSC (NASDAQ:KSPI) is planning international expansion, including a strategic investment in Turkey with the acquisition of Rabobank. The introduction of smartphone registration requirements in Kazakhstan negatively impacted demand, affecting GMV growth. High interest rates in Kazakhstan are a significant drag on earnings, increasing funding costs for the company. The Kazakh government is expected to introduce a 10% tax on revenue from investments, impacting net income. Macro uncertainty, including lower oil prices and currency volatility, could affect high-ticket discretionary transactions. The company's guidance for GMV growth was revised down to 15%-20% from the previous 25%-30% due to smartphone registration and macroeconomic factors. Q: Can you expand on the macro uncertainty in Kazakhstan and its impact on your operations? Also, how do the recent boycotts in Turkey affect your short-term outlook there? A: The macro uncertainty in Kazakhstan is primarily driven by lower oil prices, which can slow GDP growth, and currency volatility due to fluctuating commodity prices. This can lead to inflation and higher interest rates, impacting earnings. However, payment trends remain resilient. In Turkey, the boycotts have not changed our long-term outlook. Our focus remains on delivering high-quality products and services. (David Ferguson, Managing Director, Head of Investor Relations; Mikhail Lomtadze, CEO) Q: Could you elaborate on the smartphone registration issue in Kazakhstan and its impact on your numbers? A: The new regulation requires smartphones to be registered with authorities, leading to increased prices and a temporary drop in demand. This affected our numbers in March and will likely continue into Q2. However, we expect demand to normalize in the second half of the year. The normalized e-commerce growth rate, excluding this impact, would be around 30%. (David Ferguson, Managing Director, Head of Investor Relations) Q: How does the Rabobank acquisition fit into your strategy in Turkey, and what are your plans for the fintech platform there? A: We are in the process of obtaining approval for the Rabobank acquisition, which will provide us with a banking license to launch fintech products in Turkey. We see significant opportunities in digital and online services and plan to introduce fintech products once we have regulatory approval. (Mikhail Lomtadze, CEO) Q: Can you discuss the impact of higher deposit rates on your funding costs and how you plan to manage this? A: We expect an increase in funding costs by 100 to 150 basis points this year due to higher deposit rates. Our strategy is to offer attractive deposit products to consumers, which will drive more transactions and provide funding for lending. This approach aligns with our long-term strategy of leveraging deposits to enhance our marketplace. (David Ferguson, Managing Director, Head of Investor Relations) Q: What is the outlook for your payment platform, and how are macro factors affecting it? A: Our payment platform continues to grow, driven by cashless transactions and innovations like B2B payments. While macro factors like higher interest rates pose challenges, our payment business remains robust, with ongoing innovations supporting growth. We expect gradual take rate attrition as lower take rate services grow faster. (Mikhail Lomtadze, CEO; David Ferguson, Managing Director, Head of Investor Relations) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Joint Stock Company Kaspi.kz (KSPI): A Bull Case Theory
We came across a bullish thesis on Joint Stock Company (KSPI) on Substack by Antoni Nabzdyk. In this article, we will summarize the bulls' thesis on KSPI. Joint Stock Company (KSPI)'s share was trading at $90.86 as of May 7th. KSPI's trailing P/E was 8.69 according to Yahoo Finance. A businesswoman using her mobile device to shop on a ecommerce platform. (KSPI) is one of the most fascinating and underappreciated fintech stories in the global market today, offering a compelling case as a dominant super app in Kazakhstan. With an ecosystem that includes marketplace commerce, digital payments, lending, deposits, travel bookings, postomat delivery, and even access to government services—all within a single mobile app—Kaspi has embedded itself deeply into the daily lives of its users. Its mobile-first strategy, eschewing desktop development entirely, enables it to remain agile and rapidly deploy updates, leveraging end-to-end automation and sophisticated testing infrastructure. This focused mobile experience is central to its sticky user engagement and continued upselling opportunities, similar to how Apple retains its customers through ecosystem lock-in. The app serves both consumers and merchants through differentiated offerings and captures vast volumes of user data, which power AI-driven personalization features akin to Amazon's recommendation engine or Duolingo's user engagement experiments. Kaspi's Payments and Marketplace segments generate the highest profit margins, while the E-grocery segment is a lower-margin initiative but strategically valuable in expanding its ecosystem. Its investment into free delivery via a national network of postomats has significantly increased app usage and customer satisfaction, proving the company's strategic foresight. Financially, Kaspi is extremely sound, with a healthy balance sheet, prudent debt management, and strong profitability metrics. Its gross, operating, and profit margins are enviable and consistently improving, showcasing operational excellence and scalability. Compared to regional and global peers, Kaspi stands out with superior efficiency metrics, which should not be overlooked by investors. The company's dominant position in Kazakhstan gives it monopoly-like market power, particularly in the fintech and e-commerce verticals. With high monthly active users and virtually unmatched customer loyalty, it would be difficult for new entrants—even global players like Amazon—to make significant inroads without a disruptive strategy. Even if Kaspi were to lose market share in one vertical, its multi-pronged platform ensures resiliency through diversification, giving it a clear structural advantage in a relatively insulated market. That said, investors must consider the inherent risks of investing in emerging markets. Kaspi's filings explicitly mention geopolitical risks, terrorism, natural disasters, and other regional instabilities as material risks to operations. Kazakhstan's proximity to Russia and lack of NATO protection could present black swan geopolitical risks, although none are imminent today. Valuation scenarios further support Kaspi as a potentially undervalued growth asset. Assuming no revenue growth, the intrinsic value still sits significantly above current market prices. Modest revenue growth of 4% places the fair value around KZT 237,38, while more optimistic assumptions (15% revenue CAGR) suggest valuations north of KZT 602,05. Even conservative models like the Benjamin Graham approach imply a fair valuation between KZT 314,18 and 546,13 reinforcing the asymmetric risk/reward setup. stands out as a financially strong and highly profitable company operating within a rapidly expanding digital economy. Despite its impressive track record and ongoing growth, investors must weigh geopolitical concerns—particularly Kazakhstan's proximity to Russia and its reliance on Russian energy—when evaluating the opportunity. Although Kazakhstan is not a NATO member and maintains complex historical ties with Russia, it remains an independent nation with its own governance. While the geopolitical context raises valid concerns, strong fundamentals and growth potential continue to make it an attractive opportunity for investors who are comfortable navigating the risks inherent in emerging markets. Joint Stock Company (KSPI) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held KSPI at the end of the fourth quarter which was 26 in the previous quarter. While we acknowledge the risk and potential of KSPI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than KSPI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
03-04-2025
- Business
- Yahoo
Joint Stock Company Kaspi.kz (KSPI): A Bull Case Theory
We came across a bullish thesis on Joint Stock Company (KSPI) on Substack by Easy Trader. In this article, we will summarize the bulls' thesis on KSPI. Joint Stock Company (KSPI)'s share was trading at $94.54 as of April 2nd. KSPI's trailing P/E was 8.82 according to Yahoo Finance. People using the Cash App paying for goods and services, highlighting the impact the of the company's payment tools. has emerged as Kazakhstan's dominant fintech powerhouse, integrating digital payments, e-commerce, and financial services into a single super app. With $5.3 billion in revenue in 2024—growing 28% year-over-year—and a net margin of 42%, the company remains highly profitable and undervalued at a $20 billion market cap. Kaspi's dual-platform model, consisting of the Super App for consumers and the Kaspi Pay Super App for merchants, creates a seamless financial ecosystem embedded into Kazakhstan's daily economic activity. Its payments segment processes billions in transactions, its marketplace is the fastest-growing revenue driver, and its fintech arm leads consumer lending, making it an indispensable part of the country's financial infrastructure. Kaspi's journey began when Vyacheslav Kim transitioned his electronics retail business into banking with the acquisition of Kaspiskiy Bank in 2002. The company's transformation accelerated under CEO Mikhail Lomtadze, brought in by Baring Vostok in 2007. Kaspi shifted from traditional banking to a tech-driven platform, launching digital payments in 2012, an e-commerce marketplace in 2014, and a mobile super app in 2017. This evolution fueled rapid expansion, leading to its London IPO in 2020 and subsequent Nasdaq listing in 2024, increasing its visibility among global investors. Financially, Kaspi continues to deliver outstanding performance. In 2024, it processed $166 billion in transactions—seven times its 2019 volume—and returned $750 million to shareholders through dividends, demonstrating strong cash flow generation. With operating costs below 10% of revenue, Kaspi operates far more efficiently than global fintech peers. While dominating the Kazakhstani market, the company is actively expanding into new territories. Its planned acquisition of Uzbekistan's Humo, a state-backed payment system with 10 million users, signals its intent to replicate success beyond Kazakhstan. The recent purchase of Turkey's Hepsiburada positions Kaspi in a $172 billion retail market, four times larger than Kazakhstan's. Partnerships with Alipay+ and potential multi-language support further enhance cross-border expansion potential. However, Kaspi faces challenges. In September 2024, short-seller Culper Research accused the company of misleading investors about its Russian ties, triggering a 20% stock drop. Although Kazakhstan's regulator dismissed the claims, geopolitical uncertainty lingers. Market saturation is another concern, with rising loan rates and competition from local rivals like ForteBank. Additionally, Kazakhstan's economy remains closely linked to Russia, introducing macroeconomic risks. Despite these headwinds, Kaspi's brand loyalty, technological edge, and entrenched market position create formidable barriers to competition. The company's innovation has earned it two Harvard Business School case studies, emphasizing its trust-building efforts after a 2014 bank run. Its asset-light model, driven by a 1,200-person tech team, enables exceptional cash generation without the burden of physical banking infrastructure. As the first Kazakhstani company to list on Nasdaq, Kaspi stands as a pioneer in the global fintech space. A discounted cash flow (DCF) valuation suggests Kaspi is deeply undervalued. With projected 2024 free cash flow (FCF) of $2.05 billion, growing at 20% annually for five years, Kaspi is on track to generate $5.35 billion in FCF by 2029. Applying a conservative 3% terminal growth rate and discounting at 12% to account for emerging market risks, Kaspi's enterprise value reaches $48 billion. Adding its $1.2 billion in cash and negligible debt results in an equity value of $49.2 billion, or $246 per share—more than double its current price of around $100. A peer comparison further supports this undervaluation. Kaspi trades at just 8.5x 2024 earnings, significantly lower than fintech peers like PayPal (18x), MercadoLibre (57x), and Sea Limited (114x). Adjusting for growth, Kaspi's PEG ratio is just 0.34, implying a fair value range of $215 to $535 per share based on fintech industry multiples. Despite its stellar financials, the market discounts Kaspi due to geopolitical risks, liquidity concerns following its U.S. listing, and its 6% dividend yield, which some perceive as a signal of maturity rather than high growth. However, MercadoLibre once faced similar skepticism before its stock was rerated as execution proved successful. If Kaspi's international expansion, particularly its Hepsiburada acquisition, gains traction, its valuation gap could narrow significantly. Even a modest rerating to 40x FCF—similar to MercadoLibre—would imply an $86 billion valuation, or $430 per share. Kaspi presents a compelling investment opportunity. With strong growth, superior margins, and substantial free cash flow generation, the stock remains deeply undervalued despite its industry-leading position. For investors willing to look past short-term geopolitical concerns, Kaspi offers the rare chance to buy a high-quality, high-growth fintech at a fraction of its intrinsic value. If sentiment shifts and its expansion strategy succeeds, the stock could more than double, making it one of the most attractive investment opportunities in the fintech sector today. Joint Stock Company (KSPI) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held KSPI at the end of the fourth quarter which was 26 in the previous quarter. While we acknowledge the risk and potential of KSPI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than KSPI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. 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