Get alerts: Rocket Companies, UP Fintech, Joint Stock Company Kaspi.kz, DeFi Development, and Society Pass are the five Fintech stocks to watch today, according to MarketBeat’s stock screener tool. Fintech stocks are shares of companies that build or use technology to deliver financial services—examples include payments processors, digital banks, online lenders, robo-advisors, and blockchain platforms. For stock market investors, they offer exposure to innovation-driven growth in finance but often carry h ...

Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is one of the best new tech stocks to buy right now. On December 4, JPMorgan analyst Reginald Smith lowered the firm’s price target on Kaspi.kz to $88 from $96 and kept a Neutral rating on the shares as the firm broadly updated its 2026 outlook on the financial technology group. JPMorgan forecasts a soft-landing grind for the sector in 2026, predicting slowing real growth due to a weakening labor market and the delayed impact of tariffs. In Q3 2025, the company r ...

Core Insights - The market continues to undervalue cyclical sectors such as Energy and Financials, despite their strong cash generation and solid business models [1][8] - Deep value opportunities are concentrated in capital-intensive sectors, with Energy, Financials, and Materials showing significant cash flow generation [9] Energy Sector - Equinor (EQNR) ranks first with an Acquirer's Multiple (AM) of 2.3 and a 12.0% free cash flow yield, indicating strong cash flow generation and low leverage [2] - Petrobras (PBR) is highlighted as one of the cheapest large caps globally, with an AM of 4.3 and a 27.0% dividend yield, suggesting that the stock is undervalued due to political concerns rather than operational performance [3] Financial Sector - Synchrony Financial (SYF) has an AM of 2.6 and a 9.2% shareholder yield, yet it trades as if a severe credit downturn is imminent, indicating a significant valuation disconnect [4] Materials Sector - Alcoa (AA) shows an AM of 6.3 and a 4.8% free cash flow yield, with potential for upside as the market currently prices in prolonged weakness in industrial metals [6] Defensive Value - Regulated and essential-service businesses are providing predictable earnings and stable distributions, offering defensive value in a market focused on growth [7] Macro Context - Despite soft macro sentiment, companies in Energy, Financials, and Materials are producing record free cash flow and maintaining low leverage, suggesting that market fears regarding credit stress and commodity peaks are overstated [8]

Core Viewpoint - The company, Kaspi.kz (KSPI), has signed a share purchase agreement with Rabobank Group for the acquisition of Rabobank's Turkish subsidiary, Rabobank A.S., with the transaction expected to close in mid-2026, pending regulatory approvals and customary closing conditions [1]. Group 1 - The share purchase agreement was signed on March 27, 2025 [1]. - The acquisition involves Rabobank's Turkish subsidiary, Rabobank A.S. [1]. - The closing of the transaction is subject to regulatory approvals and customary closing conditions [1].

Group 1 - Kaspi.kz signed a share purchase agreement with Rabobank Group for the acquisition of Rabobank's Turkish subsidiary Rabobank A.Ş., with the transaction expected to close in mid-2026 pending regulatory approvals [1] - Kaspi.kz operates a unique two-sided Super App model, which includes the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, aimed at improving people's lives through innovative mobile products and services [2] - The company provides leading Payments, Marketplace, and Fintech Platforms through its Super Apps, facilitating connections and transactions between consumers and merchants [3] Group 2 - Kaspi.kz has a significant presence in Türkiye, owning a 69.46% stake in Hepsiburada, a leading e-commerce company in the country, contributing to its strong top-line growth and profitable business model [4] - The company has been recognized academically, with Harvard Business School writing two case studies on Kaspi.kz, which are taught to MBA students [5] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and expansion in the financial markets [5]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3][4] - Excluding the impact of smartphone supply issues, GMV growth would have been 20%, with revenue up 32% and net income growth at 16% [3][4][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment showed robust growth with TPV up 18% and revenue growth of 10% [31][32] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply disruptions [33][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7][8] - Advertising revenue grew by 56% year-over-year, indicating strong performance in the marketplace [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][6] - The competitive position in e-commerce remains strong, with expectations for recovery as supply issues resolve [35][36] - The travel segment's GMV grew by 13% in Q3, with a take rate increase of 50 basis points [37] Company Strategy and Development Direction - The company is focusing on enhancing user experience and product quality to drive growth [55][56] - Plans to expand the e-grocery business and integrate more banks into the payment platform [8][9] - The introduction of innovative payment methods, such as "Pay by Palm," aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects a favorable recovery in smartphone supply starting March 2026, which will positively impact growth [35][49] - The high-interest rate environment is anticipated to normalize, providing additional performance positives for the next year [6][42] - The company is optimistic about the growth potential in advertising services, which are expected to outpace other revenue streams [57][59] Other Important Information - The company announced a $400 million ADS buyback program to return cash to shareholders [4][49] - The introduction of new technologies, such as Kaspi Ai, aims to improve merchant experiences and drive sales [16][22] Q&A Session Summary Question: Updates on Hepsiburada and competitive environment in Turkey - Management emphasized the focus on high-quality products and user experience as key growth drivers, with no significant need for capital investments anticipated [55][56] Question: Insights on advertising product growth and potential - Management highlighted the development of a full range of advertising services, with expectations for faster growth than other revenue streams [57][59] Question: Clarification on marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Current trends regarding smartphone supply impact - Management noted that supply remains constrained, particularly for new models, but expects a favorable comp starting in March 2026 [70][71]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][39] Business Line Data and Key Metrics Changes - The marketplace experienced a 12% growth year-over-year, with a 20% GMV growth when excluding smartphone impacts [3][33] - E-grocery GMV grew by 53%, with transaction growth at 55%, reaching 1.3 million customers [7] - Advertising revenue surged by 56% year-over-year, indicating strong growth in this segment [13][36] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][33] - The overall e-commerce market remains strong, with GMV growth of 12% in the third quarter, and 19% for the nine-month period, excluding smartphones [33][34] Company Strategy and Development Direction - The company is focusing on enhancing its payment options, marketing, delivery, and user experience to drive growth [25][42] - Plans to expand into new cities and increase the number of dark stores for e-grocery services are underway [7][8] - The introduction of innovative payment methods, such as Pay by Palm, aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply chain challenges [5][62] - The competitive position in e-commerce remains strong, with expectations for normalization of growth as supply issues resolve [34][62] - The company anticipates a favorable base effect starting in March 2026, which should support growth [46][62] Other Important Information - A $400 million ADS buyback program is set to commence, reflecting strong cash generation and performance [4][47] - The company is also exploring the introduction of dividend payments in the future [47] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management emphasized the focus on quality services and consumer engagement as key priorities for growth, with no significant need for capital investments unless justified [51][52] Question: Insights on advertising product growth - Management highlighted the development of a full range of advertising services, with expectations for faster growth than overall revenue [54] Question: Marketplace take rate increase - The increase in take rate is driven by additional services, particularly advertising and delivery, rather than higher seller fees [56] Question: Smartphone supply impact - Management confirmed ongoing supply constraints for new smartphone models but expects normalization in the coming months, with strong growth in non-smartphone categories [60][62]

Q3 2025 Financial Performance - Kaspi.kz's Total Payment Value (TPV) increased by 18% year-over-year (YoY)[10] - Kaspi.kz's Revenue increased by 10% YoY[10] - Kaspi.kz's Net Income increased by 12% YoY[10] Marketplace Platform Growth - Marketplace purchases increased by 36% YoY in 3Q'25[93] - Excluding smartphones, Marketplace Gross Merchandise Value (GMV) increased by 20% YoY[96] - e-Commerce GMV increased by 25% YoY excluding smartphones[99] Fintech Platform Performance - Total Finance Value (TFV) increased by 16% YoY[114] - Average net loan portfolio increased by 30% YoY[117] - Deposits increased by 18% YoY[117] - Fintech revenue increased by 24% YoY adjusting for higher interest rates[122] Hepsiburada Performance - Hepsiburada purchases increased by 16% in 3Q'25[64, 128] - Hepsiburada GMV increased by 15% in 3Q'25[131] - Hepsiburada revenue increased by 22% YoY[134]

Core Insights - Kaspi.kz reported a 20% year-over-year revenue increase and a 12% net income increase for 3Q 2025, with underlying revenue and net income growth of 23% and 21% respectively when excluding smartphone GMV and regulatory changes [2][3] - The company anticipates a net income growth of 10-12% YoY for 2025, with underlying growth expected to be around 18-20% YoY, excluding smartphone GMV and regulatory impacts [3] Financial Performance - For 3Q 2025, total revenue increased by 20% YoY, while net income rose by 12% YoY; for the first nine months of 2025, revenue and net income both increased by 20% and 14% YoY respectively [2] - Monthly Transactions per Active Consumer stood at 76, indicating strong customer engagement [2] - Payments segment saw a total payment volume (TPV) increase of 18% YoY in 3Q 2025, with transactions up 14% YoY; for 9M 2025, TPV and transactions increased by 21% and 15% YoY respectively [2] Marketplace and E-Commerce - Marketplace revenue growth significantly outpaced GMV growth, with purchases up 36% YoY in both 3Q and 9M 2025; revenue increased by 24% YoY in 3Q 2025, while GMV grew by 12% [2] - Excluding smartphone GMV, Marketplace GMV increased by 20% and 21% YoY in 3Q and 9M 2025, with revenue growth of 32% and 34% respectively [2] - e-Grocery GMV grew by 53% YoY in 3Q 2025, showcasing rapid growth in this segment [2] Advertising and Innovation - Advertising revenue surged by 56% and 76% YoY in 3Q and 9M 2025, respectively, driven by new advertising services for merchants [2] - The company is set to roll out Kaspi Alaqan, a pay-by-palm innovation, in 4Q 2025, aimed at enhancing customer value [2] Strategic Developments - Kaspi.kz has integrated with six banks in Kazakhstan and expanded its partnerships with O!Bank in Kyrgyzstan and AliPay+ [2] - The company is working on acquiring Rabobank A.Ş. and has announced a modest share capital increase expected to raise approximately $100 million [3] - A $100 million ADS repurchase program has been initiated, reflecting the company's strong cash generation capacity and long-term growth prospects [3]