Kaspi: Why The Shift From P2P To M-Commerce Is The Real Story

Core Viewpoint - Kaspi.kz (KSPI) is considered an undervalued stock with significant growth potential in the Kazakh market, which is underpenetrated compared to Turkey, with growth rates potentially exceeding 20% [1] Company Analysis - The investment philosophy focuses on a GARP (Growth at a Reasonable Price) approach, seeking companies with sustainable growth potential that are trading at attractive valuations [1] - The research process emphasizes fundamental analysis and unit economics as key indicators of a company's long-term viability [1] - Proprietary Excel models are built for each analysis to break down revenue streams and cost structures, providing a deeper understanding of the business mechanics [1] Market Insights - The Kazakh market is highlighted as having significant growth opportunities that are currently not fully realized, contrasting with the more saturated Turkish market [1]