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Upturn AI SWOT - About
KSPI 
Joint Stock Company Kaspi.kz (KSPI)
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Upturn Advisory Summary
10/15/2025: KSPI (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
8 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $111.46
1 Year Target Price $111.46
| 5 | Strong Buy |
| 2 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 17.48% | Avg. Invested days 51 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 10/15/2025 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 15.12B USD | Price to earnings Ratio 7.04 | 1Y Target Price 111.46 |
Price to earnings Ratio 7.04 | 1Y Target Price 111.46 | ||
Volume (30-day avg) 8 | Beta -0.06 | 52 Weeks Range 73.34 - 115.02 | Updated Date 10/15/2025 |
52 Weeks Range 73.34 - 115.02 | Updated Date 10/15/2025 | ||
Dividends yield (FY) 9.83% | Basic EPS (TTM) 10.57 |
Earnings Date
Report Date 2025-10-17 | When Before Market | Estimate 1649.36 | Actual - |
Profitability
Profit Margin 34.29% | Operating Margin (TTM) 56.25% |
Management Effectiveness
Return on Assets (TTM) 15.13% | Return on Equity (TTM) 67.68% |
Valuation
Trailing PE 7.04 | Forward PE - | Enterprise Value 12981849325 | Price to Sales(TTM) - |
Enterprise Value 12981849325 | Price to Sales(TTM) - | ||
Enterprise Value to Revenue 2.26 | Enterprise Value to EBITDA 4.95 | Shares Outstanding 190784522 | Shares Floating 78603223 |
Shares Outstanding 190784522 | Shares Floating 78603223 | ||
Percent Insiders 59.06 | Percent Institutions 42.84 |
Upturn AI SWOT
Joint Stock Company Kaspi.kz
Company Overview
History and Background
Kaspi.kz was founded in 2002 and evolved from a traditional bank into a leading technology company offering fintech, e-commerce, and payment solutions. A significant milestone was the creation of the Kaspi.kz Super App, integrating various services into one platform.
Core Business Areas
- Fintech: Provides financial services such as lending, payments, and personal finance management. The fintech segment leverages technology to enhance accessibility and efficiency.
- E-commerce: Operates the Kaspi.kz Marketplace, an online platform connecting buyers and sellers. It offers a wide range of products and services, facilitating online transactions.
- Payments: Offers a comprehensive payment ecosystem, including online and offline payment solutions. This segment facilitates secure and convenient transactions for consumers and merchants.
Leadership and Structure
The leadership team consists of experienced executives in technology, finance, and retail. The organizational structure is designed to support innovation and agility, with cross-functional teams focused on specific customer needs.
Top Products and Market Share
Key Offerings
- Kaspi Pay: Payment gateway that allows customers to pay for goods and services both online and offline using the Kaspi app. Market Share: A large segment of the Kazakhstan market. Competitors: Wooppay, Homebank.
- Kaspi Marketplace: Online marketplace connecting buyers and sellers in Kazakhstan. Market Share: Holds a significant market share within Kazakhstan's e-commerce sector. Competitors: OLX Kazakhstan, Sulpak.
- Consumer Lending: Offers personal loans and financing options to consumers. Holds a leading position in consumer lending market in Kazakhstan. Competitors: Halyk Bank, ForteBank.
Market Dynamics
Industry Overview
The fintech and e-commerce industries in Kazakhstan are experiencing rapid growth, driven by increasing internet penetration and smartphone adoption. The regulatory environment is evolving to support innovation while managing risks.
Positioning
Kaspi.kz is positioned as a super app offering a seamless integration of financial and retail services. Its competitive advantages include a large user base, strong brand recognition, and a data-driven approach.
Total Addressable Market (TAM)
The total addressable market for fintech and e-commerce in Kazakhstan is estimated to be in the billions of dollars. Kaspi.kz is well-positioned to capture a significant share of this market due to its established brand and integrated platform.
Upturn SWOT Analysis
Strengths
- Strong brand recognition
- Large user base
- Integrated platform
- Data-driven approach
- Strong financial performance
Weaknesses
- Concentration in Kazakhstan market
- Dependence on regulatory environment
- Cybersecurity risks
- Potential for increased competition
Opportunities
- Expansion into new markets
- Development of new products and services
- Strategic partnerships
- Increased internet penetration in Kazakhstan
Threats
- Increased competition from local and international players
- Changes in regulatory environment
- Economic downturn in Kazakhstan
- Cybersecurity threats
Competitors and Market Share
Key Competitors
- Halyk Bank (HSBK.KZ)
- JPMorgan Chase & Co. (JPM)
- Citigroup (C)
Competitive Landscape
Kaspi.kz's advantages include its integrated platform and strong brand recognition. Disadvantages include its concentration in the Kazakhstan market and potential for increased competition.
Major Acquisitions
Portmone.com
- Year: 2021
- Acquisition Price (USD millions): 23
- Strategic Rationale: Expanded Kaspi.kz's payment ecosystem and presence in Ukraine.
Growth Trajectory and Initiatives
Historical Growth: Kaspi.kz has experienced significant growth in recent years, driven by the increasing adoption of its super app and the expansion of its product offerings.
Future Projections: Analysts project continued growth for Kaspi.kz, driven by the increasing penetration of fintech and e-commerce in Kazakhstan. Further analysis required for numerical projections.
Recent Initiatives: Kaspi.kz has recently launched several strategic initiatives, including the expansion of its marketplace, the introduction of new financial products, and the strengthening of its cybersecurity infrastructure.
Summary
Kaspi.kz is a strong player in the Kazakhstan fintech and e-commerce market, leveraging its super app and large user base. Its growth is driven by increasing internet penetration and adoption of digital services. Challenges include reliance on the Kazakhstan market and increasing competition, requiring strategic expansion and innovation to maintain its leading position. Further financial analysis is required to solidify this overall evaluation.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Kaspi.kz Investor Relations
- Company Filings
- Industry Reports
- Analyst Reports
Disclaimers:
The information provided is for informational purposes only and should not be construed as financial advice. Market data and analyst estimates are subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Joint Stock Company Kaspi.kz
Exchange NASDAQ | Headquaters - | ||
IPO Launch date 2024-01-19 | Co-Founder, Executive Director, Chairman of the Management Board & CEO Mr. Mikheil N. Lomtadze | ||
Sector Technology | Industry Software - Infrastructure | Full time employees - | Website https://ir.kaspi.kz |
Full time employees - | Website https://ir.kaspi.kz | ||
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. It operates in three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
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