Core Insights - Kaspi.kz has received its second international credit rating, with Moody's rating it Baa3 and Fitch rating it BBB- [1][2] - The ratings reflect Kaspi.kz's diverse business profile, strong market position, and solid financials, including profitability and liquidity [2][7] - The company is expanding into Türkiye through the acquisition of a 65.41% stake in Hepsiburada, a leading e-commerce platform [5] Company Overview - Kaspi.kz operates a unique two-sided Super App model, catering to both consumers and merchants [3][4] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday user needs [4] - The company emphasizes strong top-line growth and profitability, with a business model characterized by low capital expenditure [5][7] Financial Performance - Kaspi.kz boasts a stellar profitability rate exceeding 40%, attributed to effective cost control and minimal loan loss risks [7] - The company maintains low leverage, primarily holding debt in the form of deposit liabilities from Kaspi Bank [7] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6]

Core Insights - Kaspi.kz has received its second international credit rating, with Moody's rating it Baa3 and Fitch rating it BBB- [1][2] - The ratings reflect Kaspi.kz's diverse business profile, strong market position, and solid financials, including profitability and liquidity [2][7] - The company is expanding into Türkiye through the acquisition of a 65.41% stake in Hepsiburada, a leading e-commerce platform [5] Company Overview - Kaspi.kz operates a unique two-sided Super App model, catering to both consumers and merchants [3][4] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday user needs [4] - The company emphasizes strong top-line growth and profitability, with a business model characterized by low capital expenditure [5][7] Financial Performance - Kaspi.kz boasts a stellar profitability rate exceeding 40%, attributed to effective cost control and minimal loan loss risks [7] - The company maintains low leverage, primarily holding debt in the form of deposit liabilities from Kaspi Bank [7] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue grew by 28% year-over-year, with net income also increasing by 28% [12][13] - For the full year 2024, net income grew by 25% and revenue increased by 32% [13][14] - Payments total payment volume (TPV) grew by 30% in Q4 and 40% for the full year [9][64] - Marketplace GMV grew by 39% in Q4 and 44% for the full year [68][78] - Fintech financing volumes increased by 21% in Q4 and 30% for the full year [10][80] Business Line Data and Key Metrics Changes - Payments: Revenue grew by 23% for the year, with a net income growth of 24% [66][67] - Marketplace: Revenue increased by 43% in Q4 and 64% for the full year, with net income growth of 41% [78][79] - Fintech: Revenue grew by 26% in Q4 and 25% for the full year, with net income growth of 28% in Q4 [87][89] Market Data and Key Metrics Changes - Consumer balances in wallets increased by 22% year-over-year [64] - E-commerce penetration among merchants is only 11%, indicating significant growth potential [19] - E-Grocery GMV grew by 97% and transactions increased by 84% [25][26] Company Strategy and Development Direction - The company aims to enhance its Super App model, focusing on consumer and merchant services [5][6] - Plans to expand e-Grocery services into two new cities in 2025 [28] - The acquisition of Hepsiburada is seen as a strategic move to enter the Turkish market, with expectations of leveraging its platform for growth [55][58] Management's Comments on Operating Environment and Future Outlook - The management noted a stable and predictable macro environment in Kazakhstan, with consumer trends remaining consistent [118] - There are expectations of challenges in consumer sentiment due to macroeconomic transitions, but medium-term opportunities are viewed positively [108][121] - The company anticipates that interest rates may remain high for longer, impacting fintech growth in 2025 [90] Other Important Information - The company has launched several innovative products, including gift cards and a business deposit service, which have seen strong adoption [34][44] - The delivery service has grown significantly, with 128% growth in delivered orders [36] - The company processed 1.2 trillion in payments through its POS register, with 35% of merchants using this service [40] Q&A Session Summary Question: Can you elaborate on the guidance for 2025 and the underlying growth assumptions? - The guidance for 2025 is conservative, reflecting the scale of the business and the impact of changing interest rates on fintech [100][102] Question: What are the expectations for the integration and opportunities in Turkey with Hepsiburada? - The company sees significant opportunities in Turkey, with plans to launch services and leverage Hepsiburada's existing consumer and merchant base [109][110] Question: What is the current macroeconomic outlook in Kazakhstan? - The macro environment is stable, with consistent consumer trends, although there are concerns about inflation and interest rates impacting the fintech business [118][120]

Group 1 - The Annual General Meeting of Shareholders for JSC Kaspi.kz is scheduled for March 28, 2025, with a backup date of March 31, 2025, if a quorum is not met [1][2] - The shareholder register will be determined as of February 21, 2025, to identify participants in the meeting [2] - The agenda includes the approval of the 2024 annual audited financial statements, with a recommendation not to pay dividends on common shares for 2024 [3] Group 2 - The Board of Directors recommends renewing the appointment of Deloitte LLP as the external auditor for another 12 months [3] - There were no shareholder appeals regarding the actions of JSC Kaspi.kz or its officers in 2024 [3]

Core Insights - Kaspi.kz reported a 25% year-over-year increase in net income for FY 2024, with revenue rising by 32% YoY, aligning with initial guidance [2][3] - The company experienced significant growth in its Marketplace and Payments platforms, which contributed to 69% of FY 2024 consolidated net income, up from 66% in FY 2023 [2][3] Financial Performance - In 4Q 2024, revenue and net income both increased by 28% YoY, with Marketplace GMV growth accelerating [2] - e-Commerce GMV surged by 67% and 85% YoY in 4Q and FY 2024, respectively, indicating strong demand [2] - Payments transactions rose by 33% and 40% YoY in 4Q and FY 2024, respectively, reflecting robust growth in this segment [2][11] Marketplace Growth - Marketplace purchases increased by 48% and 42% YoY in 4Q and FY 2024, respectively, showcasing the platform's rapid expansion [2] - Kaspi Delivery orders reached 99 million in FY 2024, up 128% YoY, with Kaspi Postomats accounting for over 50% of e-Commerce deliveries [2] Product Innovation - The launch of Digital Gift Cards in 4Q 2024 aims to enhance Super App engagement and drive Marketplace transactions [2] - New services such as Buy-Inventory-Now-Pay-Later (BINPL) for merchants were introduced, providing additional incentives for merchants to engage with the platform [2][9] Strategic Initiatives - The acquisition of a 65.41% stake in Hepsiburada is expected to significantly expand Kaspi.kz's addressable market and growth potential in Türkiye [11] - The company aims to leverage its Super App expertise to develop digital products in Türkiye, despite current economic challenges [6] Outlook - For 2025, Kaspi.kz anticipates a net income growth of around 20% YoY, excluding the impact from its business in Türkiye [10][11] - The company remains optimistic about its growth trajectory, particularly in the e-Commerce sector, which is viewed as a major opportunity for the future [8]

Core Viewpoint - A class action has been initiated against Kaspi.kz, alleging undisclosed risks and misleading statements regarding the company's operations during the specified class period [3]. Group 1: Class Action Details - The class action represents investors who purchased securities between January 19, 2024, and September 19, 2024, with a deadline of February 18, 2025, to file a lead plaintiff motion [1]. - Investors are encouraged to contact the Portnoy Law Firm for a complimentary case evaluation and to discuss their legal rights [2]. Group 2: Allegations Against Kaspi.kz - The complaint alleges that Kaspi continued business with Russian entities and provided services to Russian citizens post the 2022 invasion of Ukraine, exposing the company to undisclosed sanction risks [3]. - It is claimed that the company engaged in undisclosed related party transactions and that certain executives had ties to reputed criminals [3]. - The positive statements made by the defendants regarding the company's business and prospects were allegedly materially misleading and lacked a reasonable basis [3].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Joint Stock Company Kaspi.kz during the specified Class Period of the upcoming lead plaintiff deadline for a securities class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased Kaspi.kz securities between January 19, 2024, and September 19, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by February 18, 2025 [3]. - The lawsuit claims that Kaspi.kz made materially false and misleading statements regarding its business operations, including undisclosed risks related to sanctions due to its dealings with Russian entities post-Ukraine invasion [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [4]. - The founding partner, Laurence Rosen, was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020, highlighting the firm's expertise in this area [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Joint Stock Company Kaspi.kz during the specified Class Period of the upcoming lead plaintiff deadline for a securities class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased Kaspi.kz securities between January 19, 2024, and September 19, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by February 18, 2025 [3][5]. - The lawsuit alleges that Kaspi.kz made materially false and misleading statements regarding its business operations, including undisclosed risks related to sanctions due to its dealings with Russian entities post-Ukraine invasion [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company at the time and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020, highlighting the firm's expertise and recognition in the field [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Joint Stock Company Kaspi.kz during the specified Class Period of the upcoming lead plaintiff deadline for a securities class action lawsuit [1][5]. Group 1: Class Action Details - Investors who purchased Kaspi.kz securities between January 19, 2024, and September 19, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and those wishing to serve as lead plaintiff must act by February 18, 2025 [3][5]. - The lawsuit alleges that Kaspi.kz made materially false and misleading statements regarding its business operations, including undisclosed risks related to sanctions due to its dealings with Russian entities post-Ukraine invasion [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen has been recognized as a Titan of Plaintiffs' Bar by Law360, and many attorneys at the firm have received accolades from Lawdragon and Super Lawyers [4].

Core Viewpoint - A class action securities lawsuit has been filed against Joint Stock Company Kaspi.kz, alleging securities fraud that affected investors between January 19, 2024, and September 19, 2024 [1][2]. Group 1: Allegations - The lawsuit claims that Joint Stock Company Kaspi.kz continued business with Russian entities and provided services to Russian citizens after Russia's invasion of Ukraine, exposing the company to undisclosed sanction risks [2]. - It is alleged that the company engaged in undisclosed related party transactions [2]. - Certain executives of the company are claimed to have links to reputed criminals, which contributed to misleading statements about the company's business and operations [2]. Group 2: Legal Process - Investors who suffered losses during the specified timeframe have until February 18, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4].