Group 1: Company Performance - The performance of Kaspi.kz is stable, with no significant deceleration in recent results despite the impact of higher sales and bank taxes expected in Q1 [2][3] - Smartphone sales are showing improvement, which is anticipated to accelerate smartphone adoption and drive marketplace growth, particularly in 2026 [2] - Hepsi is projected to reach EBITDA breakeven levels by 2026, indicating positive operational progress [2] Group 2: Economic Context - The Kazakh economy is developing positively, with typical taxes and structural changes not significantly hindering Kaspi's growth [3] - The company is expected to manage the pressure from taxes in Q1 without substantial negative impact on overall performance [3] - Kaspi remains undervalued at just over 6x trailing PE, considering its growth potential [3]