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Upturn AI SWOT - About
KSPI 
Joint Stock Company Kaspi.kz (KSPI)
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Upturn Advisory Summary
09/15/2025: 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 $112.12
1 Year Target Price $112.12
| 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 09/15/2025 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 17.22B USD | Price to earnings Ratio 8.02 | 1Y Target Price 112.12 |
Price to earnings Ratio 8.02 | 1Y Target Price 112.12 | ||
Volume (30-day avg) 8 | Beta -0.03 | 52 Weeks Range 75.90 - 123.12 | Updated Date 09/14/2025 |
52 Weeks Range 75.90 - 123.12 | Updated Date 09/14/2025 | ||
Dividends yield (FY) 8.66% | Basic EPS (TTM) 10.53 |
Earnings Date
Report Date - | When - | Estimate - | 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 8.02 | Forward PE - | Enterprise Value 14169838081 | Price to Sales(TTM) 0.01 |
Enterprise Value 14169838081 | Price to Sales(TTM) 0.01 | ||
Enterprise Value to Revenue 2.43 | Enterprise Value to EBITDA 5.31 | Shares Outstanding 190784992 | Shares Floating 78603223 |
Shares Outstanding 190784992 | Shares Floating 78603223 | ||
Percent Insiders 59.06 | Percent Institutions 43.12 |
Upturn AI SWOT
Joint Stock Company Kaspi.kz
Company Overview
History and Background
Kaspi.kz was founded in Kazakhstan in 2008 as a result of the merger between Kaspi Bank and BTA Ipoteka. It initially focused on financial services but has evolved into a super app ecosystem offering payments, marketplace, and fintech solutions. Key milestones include the launch of its mobile app, rapid expansion of its marketplace, and IPO on the London Stock Exchange (LSE).
Core Business Areas
- Payments: Provides a platform for online and offline payments, including mobile payments, bill payments, and money transfers.
- Marketplace: Operates an e-commerce marketplace where consumers can buy and sell goods and services.
- Fintech: Offers a range of financial products, including consumer loans, credit cards, and deposit accounts.
Leadership and Structure
The leadership team includes Mikheil Lomtadze (CEO) and Vyacheslav Kim (Chairman). The organizational structure is designed to foster innovation and collaboration across its different business segments.
Top Products and Market Share
Key Offerings
- Kaspi.kz Super App: A mobile app offering a range of services, including payments, e-commerce, financial services, travel bookings, and government services. Has millions of active users across Kazakhstan. Competitors include other local payment platforms and e-commerce sites. Revenue generation comes from transaction fees and advertising. Market Share is difficult to estimate precisely across all services, however they are a dominant player in their market. This product revenue data is not available to the public
- Kaspi Pay: A payment gateway for businesses to accept online and offline payments. Provides small and medium businesses (SMB) with an all in one solution to process money. Competitors include other payment processors. Market Share data for Kaspi Pay is not publicly available, but it is one of the largest payment solutions in Kazakhstan. This product revenue data is not available to the public
Market Dynamics
Industry Overview
The Kazakhstani market is characterized by rapid digital adoption, increasing e-commerce penetration, and a growing demand for financial technology solutions.
Positioning
Kaspi.kz holds a leading position in Kazakhstan's e-commerce and fintech sectors, leveraging its super app ecosystem to provide a comprehensive suite of services. Its competitive advantages include its large user base, brand recognition, and integrated platform.
Total Addressable Market (TAM)
The TAM for e-commerce and fintech services in Kazakhstan is estimated to be in the billions of dollars. Kaspi.kz is well-positioned to capture a significant share of this market through its diverse offerings and strong market presence.
Upturn SWOT Analysis
Strengths
- Strong brand recognition
- Large and engaged user base
- Integrated super app ecosystem
- Dominant market share in key segments
- Experienced management team
Weaknesses
- Geographic concentration in Kazakhstan
- Exposure to regulatory changes
- Reliance on a single super app
- Cybersecurity risks
Opportunities
- Expansion into neighboring countries
- Introduction of new financial products
- Partnerships with international players
- Increased digitalization of the Kazakhstani economy
Threats
- Increased competition from local and international players
- Economic downturn in Kazakhstan
- Changes in consumer preferences
- Geopolitical risks
Competitors and Market Share
Key Competitors
Competitive Landscape
Kaspi.kz operates in a competitive market with both local and international players. Its competitive advantages include its large user base, brand recognition, and integrated platform. The level of competion in US market is low, since Kaspi is not a US-based service provider.
Growth Trajectory and Initiatives
Historical Growth: Kaspi.kz has experienced rapid growth in recent years, driven by the increasing adoption of its super app and the expansion of its e-commerce and fintech services.
Future Projections: Analysts expect Kaspi.kz to continue growing at a healthy pace in the coming years, fueled by the increasing digitalization of the Kazakhstani economy and the company's expansion into new markets and services.
Recent Initiatives: Recent strategic initiatives undertaken by Kaspi.kz include the launch of new financial products, expansion of its marketplace, and partnerships with international players.
Summary
Kaspi.kz is a strong player in the Kazakhstani e-commerce and fintech market, driven by its popular super app and comprehensive suite of services. Its growth is fueled by increasing digital adoption in Kazakhstan and strategic initiatives like new product launches and international partnerships. However, the company faces risks related to geographic concentration, regulatory changes, and increasing competition, requiring careful management and diversification strategies. Overall, Kaspi.kz demonstrates a solid foundation with promising growth potential if its weaknesses are addressed.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company website
- Financial news articles
- Analyst reports
Disclaimers:
The information provided is for informational purposes only and should not be construed as investment advice. The data is based on available information and may be subject to change. Market share estimates may not be precise due to lack of available data.
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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