Joint Stock Company Kaspi.kz (KSPI): A Bull Case Theory

People utilizing the Cash App paying for goods and services, highlighting the interaction the of the company's outgo tools.

Kaspi.kz has emerged arsenic Kazakhstan’s ascendant fintech powerhouse, integrating integer payments, e-commerce, and fiscal services into a azygous ace app. With $5.3 cardinal successful gross successful 2024—growing 28% year-over-year—and a nett borderline of 42%, the institution remains highly profitable and undervalued astatine a $20 cardinal marketplace cap. Kaspi’s dual-platform model, consisting of the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants, creates a seamless fiscal ecosystem embedded into Kazakhstan’s regular economical activity. Its payments conception processes billions successful transactions, its marketplace is the fastest-growing gross driver, and its fintech limb leads user lending, making it an indispensable portion of the country’s fiscal infrastructure.

Kaspi’s travel began erstwhile Vyacheslav Kim transitioned his electronics retail concern into banking with the acquisition of Kaspiskiy Bank successful 2002. The company’s translation accelerated nether CEO Mikhail Lomtadze, brought successful by Baring Vostok successful 2007. Kaspi shifted from accepted banking to a tech-driven platform, launching integer payments successful 2012, an e-commerce marketplace successful 2014, and a mobile ace app successful 2017. This improvement fueled accelerated expansion, starring to its London IPO successful 2020 and consequent Nasdaq listing successful 2024, expanding its visibility among planetary investors.

Financially, Kaspi continues to present outstanding performance. In 2024, it processed $166 cardinal successful transactions—seven times its 2019 volume—and returned $750 cardinal to shareholders done dividends, demonstrating beardown currency travel generation. With operating costs beneath 10% of revenue, Kaspi operates acold much efficiently than planetary fintech peers. While dominating the Kazakhstani market, the institution is actively expanding into caller territories. Its planned acquisition of Uzbekistan’s Humo, a state-backed outgo strategy with 10 cardinal users, signals its intent to replicate occurrence beyond Kazakhstan. The caller acquisition of Turkey’s Hepsiburada positions Kaspi successful a $172 cardinal retail market, 4 times larger than Kazakhstan’s. Partnerships with Alipay+ and imaginable multi-language enactment further heighten cross-border enlargement potential.