Latest news with #Kaspi.kz
Yahoo
12-05-2025
- Business
- Yahoo
Kaspi.kz 1Q 2025 Financial Results
ALMATY, Kazakhstan, May 12, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company (' 'we') (Nasdaq:KSPI) which operates the 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. 1Q 2025 Revenue up 21% year-over-year ('YoY'), net income up 16% YoY. This and all references below exclude Türkiye unless otherwise stated. Customer engagement strong with Monthly Transactions per Active Consumer reaching 75. In Payments, operational gearing once again resulted in profit growth ahead of revenue growth. Payments TPV and transactions up 23% and 17% YoY, respectively. Payments revenue and net income up 16% and 21% YoY, respectively. Marketplace Platform revenue growth continued to significantly outpace GMV growth. Purchases up 36% YoY. Revenue up 33% YoY versus 20% GMV growth, with revenue boosted by the growth of Kaspi Delivery, Kaspi Advertising and Classifieds. Within Marketplace, e-Grocery delivered the standout performance, with GMV up 64% YoY. Marketplace net income up 19% YoY. Fintech Platform TFV growth up 17% YoY, with robust origination trends during the first quarter. Fintech revenue growth up 18% YoY on the back of healthy origination levels in 2H 2024. Higher than expected interest rates required us to increase macro-provisioning, resulting in 0.6% of Cost of Risk in 1Q 2025 versus 0.5% in the same period in 2024. Underlying customer credit quality trends remain healthy and unchanged. Net income growth up 8% YoY, reflecting the impact of additional macro-provisioning during the quarter. Higher than expected interest rates are now expected to lead to higher deposit costs for the remainder of this year. Transaction to acquire 65.41% of Hepsiburada closed in January 2025. Initial $600 million cash payment made with a further $526.9 million due no later than 6 months post-closing. Top-line trends at Hepsiburada were impacted by politically driven consumption boycotts. Profitability was also impacted by investment in early stage lending products. Overall consolidated net loss of KZT6 billion is minor in the context of bottom-line. $650 million 6.250% Five-Year Eurobond successfully placed. Funds raised are expected to enable us to support our expansion plans in Türkiye. With a highly cash generative business in Kazakhstan and investment grade credit ratings from both Fitch and Moody's, we now have greater financial resources and flexibility as we seek to grow our business and enhance shareholder value over the medium-term. Fast initial execution in Türkiye with agreement to acquire Rabobank A.Ş. With a banking license we would be able to launch deposit products and fund other financial services. Transaction subject to regulatory approval. Expected to close in 2H 2025. In March new requirements to register imported smartphones were introduced in Kazakhstan. This temporarily reduced demand on our Marketplace and resulted in around 7% lower e-Commerce GMV growth during the first quarter. Weaker demand for smartphones is likely to remain a near-term theme, while increased macro-economic uncertainty in recent weeks gives us slightly less visibility around demand for some large ticket, discretionary Marketplace categories including cars and consumer electronics. Interest rate hikes are expected to make deposit costs higher and we believe a new 10% tax on revenue coming from investments in government securities is likely to be introduced this year. Taking the above into account, we expect excluding Türkiye to deliver around 15% consolidated net income growth YoY in 2025. This is a more conservative outlook than our previous guidance of around 20%, but still points to another year of decent bottom-line growth. If elevated deposit rates eventually moderate, this would be an important tailwind to our earnings growth, and we believe Hepsiburada and Türkiye is a significant medium-term opportunity for us. Click on, or paste the following link into your web browser, to view the full For further information David Ferguson, +44 7427 751 275Error 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
South China Morning Post
05-05-2025
- Business
- South China Morning Post
Alipay and WeChat Pay see booming inbound spending in China during Labour Day holiday
Early figures from China's two dominant mobile payment services, Alipay and WeChat Pay, showed strong inbound travel spending during the country's five-day Labour Day holiday. Advertisement Alipay, a unit under Ant Group , said in a statement on Monday that both the number of transactions and total spending by inbound travellers across 13 e-wallets in its network – including those from Hong Kong, Macau, Singapore, Pakistan and South Korea – doubled in the May 1 to 5 period from a year ago. It attributed the growth to China's updated tax refund and visa-free policies. Ant is the fintech affiliate of Alibaba Group Holding , owner of the South China Morning Post. The use of multiple mobile wallets from companies across Asia is enabled by Alipay+, a payment network that allows small and medium-sized businesses to accept electronic payments from international travellers. Ant's own AlipayHK topped the list for total spending, followed by Malaysia's Touch 'n Go e-Wallet and Kazakhstan's according to Alipay data. The number of transactions through WeChat , the messaging and mobile payments super app operated by Tencent Holdings , from foreign users in mainland China nearly tripled in the first three days of the holiday. Preliminary numbers for the full five-day holiday show the total transaction volume of Hong Kong WeChat Pay users doubled compared with a year ago, the company said. The number of transactions made with WeChat Pay by Chinese tourists travelling abroad increased 37 per cent year on year, according to Tencent. Advertisement The data reflected efforts by Chinese tech firms to facilitate cross-border travel as Beijing moves to boost inbound tourism and consumption amid economic headwinds.
Associated Press
05-03-2025
- Business
- Associated Press
Kaspi.kz receives investment grade rating from Moody's
ALMATY, Kazakhstan, March 05, 2025 (GLOBE NEWSWIRE) -- has received its second international credit rating. Moody's rates investment grade Baa3 with a stable outlook. The rating follows Fitch's investment BBB- credit rating and stable outlook, received in the second half of 2024. These rating are separate from Kaspi Bank, a component of Fintech Platform, which has been tracked by international rating agencies for many years. According to Moody's, the rating reflects diverse business profile, leading nationwide franchise and sound financials including profitability, capitalisation and liquidity. Among the key ratings drivers are: Diverse business model: Super App business model is unique in its ability to successfully combine leading & diverse franchises across payments, commerce and fintech. This supports good revenue generation and resilience through the economic cycle. Stellar profitability in excess of 40%, reflecting tight cost control and limited risk from loan losses. Low leverage, with almost all debt in the form of Kaspi Bank's deposit liabilities. Mikhail Lomtadze, CEO & co-founder of commented: 'This is the second credit rating received by in the past couple of months. Both Moody's and Fitch have recognised our diverse business model, leading market position, financial results track record and low leverage. As we embark on expansion into Türkiye with Hepsiburada we do this from a position of strength and are firmly on the front foot.' About mission is to improve people's lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Super App for consumers and Kaspi Pay Super App for merchants. Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users' everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network. The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission. In January 2025, we acquired a 65.41% stake in Hepsiburada, a leading e-commerce technology platform in Türkiye. Harvard Business School has written two case studies on which it continues to teach to its MBA students. has been listed on Nasdaq since January 2024.
Yahoo
26-02-2025
- Business
- Yahoo
Top Analysts Eye 30% Upside for Dividend Happy Tech Stock Kaspi.kz (KSPI)
Investors are hungry for the growth that top tech and e-commerce stocks offer, but many of these stocks trade at impractically high valuations, and few offer dividends. This makes (KSPI) a rarity in today's market—an overlooked revenue-rich tech stock with a cheap valuation and a dividend yield in excess of 7%. See what stocks are receiving Strong Buy ratings from top-rated analysts. Filter, analyze, and streamline your search for investment opportunities with TipRanks' Stock Screener. I'm bullish on shares of this underappreciated e-commerce player based on its attractive long-term growth potential, inexpensive valuation, and mouthwatering dividend angle. As an added bonus, Wall St. analysts covering the stock forecast a potential upside of over 30% over the next 12 months. Kaspi was founded in 2008 and is based in Almaty, Kazakhstan. The stock debuted in the U.S. last January with a listing on the Nasdaq that raised $1 billion and was valued at $17.5 billion. The company subsequently canceled its listing on the London Stock Exchange based on low liquidity and trading volumes. For the many investors who are not yet familiar with Kaspi, it is a 'super app' from Kazakhstan that provides users with a variety of services, including an e-commerce marketplace, payments, and fintech services such as buy now pay later (BNPL) banking, and lending. Customers can even renew their driver's licenses using the app. The company also operates hundreds of walk-in branches across Kazakhstan, offering services directly to customers as one of the nation's leading financial solutions providers. U.S. investors can think of Kaspi as a combination of Amazon (AMZN), PayPal (PYPL), and Affirm (AFRM) all rolled into one company. In many ways, Kaspi is similar to more high-profile international e-commerce players like MercadoLibre (MELI) and Sea Limited (SE), which provide customers with an all-encompassing suite of these services in their respective markets. Kaspi is firing on all cylinders, as each of its three business segments, payments, marketplace, and fintech, are growing revenue and net income by double-digits year-over-year. For example, during the most recent quarter, the payments segment posted 25% year-over-year revenue growth and a 25% year-over-year jump in net income; Marketplace reported a 43% increase in revenue and a 14% increase in net income, and Fintech recorded a 24% increase in revenue and a 15% gain in net income. All in all, it added up to consolidated 28% year-over-year revenue growth and 18% net income growth. Last month, Kaspi took a controlling interest in Turkish e-commerce leader Hepsiburada (HEPS) by acquiring a controlling interest of 40 million Class A and 173 million Class B shares for $1.1 billion. The move brings Kaspi into the lucrative Turkish market and dramatically expands the company's addressable market to 100 million people, a long-term goal of Kaspi management. For context, Kazakhstan has a population of about 20 million versus Turkey's population of over 85 million, making this acquisition a game changer. There is obviously integration risk, and much work remains to ensure the acquisition is successful and provides synergies. Still, it is an exciting strategic maneuver that positions Kaspi for significantly more long-term growth. Despite this massive growth potential, Kaspi shares are remarkably cheap. In fact, they trade at just 7.6x forward earnings estimates, with consensus analyst estimates calling for the company to earn $13.41 per share in 2025. It's difficult to understate just how cheap this is—right now, the S&P 500 (SPX) trades for over 25 times earnings, more than three times Kaspi's valuation. Companies that I would consider comparable to Kaspi are mega-cap e-commerce stocks like Amazon, MercadoLibre, and Sea Limited (SE). These stocks also tie in elements of fintech and other businesses and trade at much higher valuations. Amazon, the largest of these comps (and the only one based in the U.S.), trades for 34.3x 2025 earnings estimates, nearly five times Kaspi's valuation. Meanwhile, other non-U.S. comparables also enjoy much richer valuations than Kaspi. Uruguay's MercadoLibre trades for an even higher 49.1x 2025 earnings estimates, while Singapore's Sea Limited trades for 35.2x estimates. These are all great businesses in their own right, but it seems unjustified that Kaspi trades at single-digit earnings multiple while these other e-commerce players trade at multiples far north of the broader market. I can think of the primary reason for Kaspi's undervaluation is that its home market, Kazakhstan, is off the beaten path for most investors. Furthermore, the company is not yet known to most investors; it only debuted in 2019. Additionally, the company had to grapple with a short report from a short-seller that alleged it had ties to Russia during its first year as a publicly traded company in the U.S., which likely hurt its momentum. However, Kaspi has refuted the claims from the report, saying that being the first Kazakh company to successfully list on the NASDAQ has 'obviously raised our profile' with short-sellers. At this point, nothing further has come from the short report, and the claims don't appear to have gained much traction six months later. The massive gap in valuations between Kaspi and its aforementioned peers illustrates how much potential upside lies ahead for Kaspi as it continues to grow and become more of a known entity to investors. Unlike many of its peers in the fintech and e-commerce space, Kaspi is a dividend stock with a massive yield. Shares currently yield 7.11%, which is hard to beat in today's market, especially a tech stock. This yield blows away that of the S&P 500, which currently yields just 1.3%, and easily beats that of 10-year treasury bonds, which currently yield 4.4%. Kaspi's closest comps, like the aforementioned Amazon, MercadoLibre, and Sea Limited, do not pay dividends at this point in time, further underscoring Kaspi's standing as a unique opportunity in the tech space. Turning to Wall Street, KSPI earns a Strong Buy consensus rating based on three Buys, zero Holds, and zero Sell ratings assigned in the past three months. The average analyst KSPI price target of $134.33 per share implies a 31% upside potential from current levels. I'm bullish on Kaspi, the emerging force in the international e-commerce space. Kaspi offers significant long-term growth potential in Kazakhstan and beyond, and it is the rare growth stock that trades at a low double-digit earnings multiple. Couple this inexpensive valuation with a 7% dividend yield, and Kaspi is a beautiful opportunity for long-term investors. Wall Street analysts are also supportive of the KSPI growth story and their northward price targets reaching for over 30% upside later this year. Given the confluence of factors, I think KSPI is a small but appreciative tech stock with a difference. Disclosure Sign in to access your portfolio
Associated Press
15-02-2025
- Business
- Associated Press
KSPI DEADLINE ALERT: ROSEN, A LONGSTANDING LAW FIRM, Encourages Joint Stock Company Kaspi.kz Investors to Secure Counsel Before Important February 18 Deadline in Securities Class Action First Filed by the Firm
New York, New York--(Newsfile Corp. - February 15, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Joint Stock Company (NASDAQ: KSPI) between January 19, 2024 and September 19, 2024, both dates inclusive (the 'Class Period'), of the important February 18, 2025 lead plaintiff deadline in the securities class action first filed by the Firm. SO WHAT: If you purchased securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) continued doing business with Russian entities, and also providing services to Russian citizens, after Russia's 2022 invasion of Ukraine, thereby exposing to the undisclosed risk of sanctions; (2) engaged in undisclosed related party transactions; (3) certain of executives have links to reputed criminals; and (4) as a result, defendants' statements about business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40 th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653
