E-commerce Market Outlook - E-commerce stocks are expected to experience a resurgence in the second half of 2024, driven by interest rate cuts linked to falling inflation, which may encourage online shopping [1] - There are still high-growth e-commerce stocks available at attractive valuations, which could follow Amazon's success in their respective regions [2] MercadoLibre (MELI) - MercadoLibre's marketplace businesses in Brazil and Mexico achieved gross merchandise value (GMV) growth of approximately 30%, despite macroeconomic challenges [3] - The company's e-commerce revenue is projected to continue growing at high rates, supported by strategic investments in logistics and effective marketing [3] - MercadoLibre's fintech division saw total payment volume increase by 133% to $1.9 billion, aided by the issuance of 1.5 million new credit cards [5] - The company reported a 42.7% year-over-year revenue increase to a record $4.33 billion, exceeding estimates by over $466 million, with earnings per share of $6.78 surpassing expectations by more than a dollar [12] Sea (SE) - Sea's Shopee platform achieved record-high orders, GMV, and revenue in Q1 2024, with gross orders increasing by 57% year-over-year [14] - The integrated logistics arm, SPX Express, successfully delivered 70% of orders in Asia within three days, enhancing logistics efficiency and customer satisfaction [7] - Despite rising competition from rivals like Lazada and Tokopedia, Sea is well-positioned to capitalize on the digitalization trend in Southeast Asia [15] Kaspi.kz (KSPI) - Kaspi.kz is revolutionizing banking, shopping, and payment processes in Kazakhstan through its Super App, which also encompasses e-commerce [17] - The company has 14 million monthly users in a country with a population of less than 20 million, indicating strong market penetration [18] - Digital payments in Kazakhstan are projected to reach $14.3 billion by 2028, positioning Kaspi to benefit from this growth trend [18] - Kaspi's Q1 revenue increased by 40% year-over-year, and analysts remain bullish on the company's performance [19]

Kaspi in 2024 Lingering Risks from Fintech Since acquiring Kolesa.kz, Kaspi has been working to develop a holistic customer experience where Kaspi can serve every need of consumers related to automotive. From purchasing, financing, insuring, registering, to getting any auto parts a consumer might need, Kaspi can help. Year in and year out Kaspi has been able to leverage its existing platform to develop new businesses. Already this year, they are developing a first party ecar business and have already profit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR Copy to: Tengiz Mosidze +7 727 3306710 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 1 ...

Joint Stock Company Kaspi.kz (OTC:KSPI) Q1 2024 Earnings Conference Call April 22, 2024 8:00 AM ET Company Participants David Ferguson - Managing Director, Head of Investor Relations Mikheil Lomtadze - Co-Founder and CEO Conference Call Participants Darrin Peller - Wolfe Research Gabor Kemeny - Autonomous Research James Friedman - SIG Reggie Smith - JPMorgan Operator Hello, everyone, and welcome to Kaspi's First Quarter 2024 Financial Results. My name is Harry and I'll be your operator today. [Operator Inst ...

Exhibit 99.1 JOINT STOCK COMPANY KASPI.KZ Consolidated Financial Statements For the years ended 31 December 2021, 2022 and 2023 Joint Stock Company Kaspi.kz Table of Contents Page CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2021, 2022 AND 2023: Consolidated statements of profit or loss 1 Consolidated statements of other comprehensive income 2 Consolidated statements of financial position 3 Consolidated statements of changes in equity 4-5 Consolidated statements of cash flows 6 Notes to ...

Joint Stock Company Kaspi.kz (OTC:KSPI) Q4 2023 Earnings Conference Call February 26, 2024 8:00 AM ET Company Participants David Ferguson - Managing Director, Head of Investor Relations Mikheil Lomtadze - Chairman and Chief Executive Officer Conference Call Participants Gabor Kemeny - Autonomous Research James Friedman - SIG William Vu - Wolfe Research Joshua Samuel - Mawer Investment Management Sam Griffiths - Vergent Asset Management David Shapiro - Vanshap Capital Can Demir - Wood & Company Operator Hell ...