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Upturn AI SWOT - About
KSPI 
Joint Stock Company Kaspi.kz (KSPI)
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Upturn Advisory Summary
08/28/2025: KSPI (1-star) has a low Upturn Star Rating. Not recommended to BUY.
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 $112.52
1 Year Target Price $112.52
| 5 | Strong Buy |
| 2 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 25.63% | Avg. Invested days 50 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 08/28/2025 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 17.74B USD | Price to earnings Ratio 8.72 | 1Y Target Price 112.52 |
Price to earnings Ratio 8.72 | 1Y Target Price 112.52 | ||
Volume (30-day avg) 8 | Beta -0.04 | 52 Weeks Range 75.90 - 127.97 | Updated Date 08/29/2025 |
52 Weeks Range 75.90 - 127.97 | Updated Date 08/29/2025 | ||
Dividends yield (FY) 7.90% | Basic EPS (TTM) 10.66 |
Earnings Date
Report Date 2025-08-04 | When Before Market | Estimate 1434.66 | Actual 1367 |
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 8.72 | Forward PE - | Enterprise Value 14594591039 | Price to Sales(TTM) 0.01 |
Enterprise Value 14594591039 | Price to Sales(TTM) 0.01 | ||
Enterprise Value to Revenue 2.5 | Enterprise Value to EBITDA 5.47 | Shares Outstanding 190784992 | Shares Floating 78603223 |
Shares Outstanding 190784992 | Shares Floating 78603223 | ||
Percent Insiders 59.06 | Percent Institutions 43.28 |
Upturn AI SWOT
Joint Stock Company Kaspi.kz
Company Overview
History and Background
Kaspi.kz was founded in 2008, evolving from a bank to a leading fintech platform in Kazakhstan. It underwent a significant transformation focusing on payments, marketplace, and fintech services. The company went public via an IPO in 2020 and an IPO for its American Depository Shares (ADS) on Nasdaq in January of 2024.
Core Business Areas
- Payments Platform: Enables consumers and merchants to make and accept online and offline payments, including P2P transfers and QR code payments.
- Marketplace Platform: Provides a digital marketplace where consumers can buy and sell goods and services, connecting them with merchants.
- Fintech Platform: Offers a range of financial services, including consumer lending, BNPL, deposit products, and insurance.
Leadership and Structure
Mikhail Lomtadze serves as the CEO. The organizational structure is designed to support the platform's three core segments, with dedicated teams focused on technology, product development, and customer service. Key figures include Board members from Baring Vostok and Goldman Sachs.
Top Products and Market Share
Key Offerings
- Super App: Kaspi.kz's Super App is the main driver of sales and usage. It had 13.5 million monthly active users in Q3 2023. Competitors include traditional banks apps and international fintech players.
- Payments Platform: Kaspi Pay accounts for a significant portion of Kazakhstan's digital payment market. Competitors include Halyk Bank and other payment processors.
- E-Commerce Marketplace: A leading e-commerce platform in Kazakhstan. Competitors include Wildberries, Ozon, and local marketplaces.
- BNPL (Buy Now, Pay Later): Kaspi's BNPL product is used widely across the country. Competitors include traditional banks offering installment loans.
Market Dynamics
Industry Overview
The Kazakh fintech market is experiencing rapid growth, driven by increasing internet penetration, mobile usage, and government initiatives to promote digital payments. The E-Commerce sector is also showing healthy growth.
Positioning
Kaspi.kz is the dominant player in Kazakhstan's fintech ecosystem, holding a significant market share in payments, e-commerce, and lending. Its competitive advantages include its strong brand recognition, large user base, and integrated platform.
Total Addressable Market (TAM)
The total addressable market is estimated to be in the billions of dollars, encompassing the entire Kazakh financial services and e-commerce sectors. Kaspi.kz is well-positioned to capture a significant portion of this TAM.
Upturn SWOT Analysis
Strengths
- Dominant market position in Kazakhstan
- Strong brand recognition and customer loyalty
- Integrated platform offering diverse services
- High mobile penetration
- Successful IPO history (LSE, NASDAQ)
Weaknesses
- Concentration in a single geographic market (Kazakhstan)
- Exposure to regulatory risks
- Dependence on mobile penetration and internet access
- Limited International presence
- Potential for cybersecurity threats
Opportunities
- Expansion into adjacent markets (e.g., Central Asia)
- Development of new financial products and services
- Increased penetration of digital payments
- Partnerships with global technology companies
- Leveraging data analytics for improved risk management
Threats
- Increased competition from local and international players
- Changes in regulatory landscape
- Economic downturn in Kazakhstan
- Geopolitical risks
- Technological disruptions
Competitors and Market Share
Key Competitors
- HDBK.KZ
- WILDBERRIES.RU
- OZON.RU
Competitive Landscape
Kaspi.kz has a strong competitive position due to its integrated platform, large user base, and brand recognition. However, it faces increasing competition from both local and international players.
Major Acquisitions
Portmone.com
- Year: 2021
- Acquisition Price (USD millions): 23
- Strategic Rationale: Expanded Kaspi.kz's payments infrastructure and reach in Ukraine.
Growth Trajectory and Initiatives
Historical Growth: Kaspi.kz has experienced significant growth in recent years, driven by the increasing adoption of digital payments and e-commerce in Kazakhstan.
Future Projections: Future growth is expected to be driven by further penetration of existing markets, expansion into new markets, and the development of new products and services. Analyst estimates will be made available during future earnings calls and reports.
Recent Initiatives: Recent initiatives include expanding its marketplace platform, launching new BNPL products, and investing in technology infrastructure.
Summary
Kaspi.kz is a dominant fintech player in Kazakhstan with a strong brand and integrated platform. Its recent IPO on NASDAQ shows its ambition to grow. Its concentration in Kazakhstan poses a risk, but its growth trajectory looks positive, it needs to be weary of increased competition and geopolitical risks.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Kaspi.kz Investor Relations
- Company Filings
- Industry Reports
- Press Releases
Disclaimers:
This analysis is based on available information and is not financial advice. Market conditions and company performance can 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 | CEO - | ||
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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