Group 1 - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is currently viewed as one of the most profitable new stocks to buy, despite recent downgrades from analysts [1][5] - Susquehanna downgraded Kaspi.kz from Positive to Neutral and reduced its price target from $130 to $87, indicating a shift in market sentiment [1][5] - JPMorgan maintained a Hold rating on Kaspi.kz while lowering its price target from $96 to $88, reflecting concerns over slower fintech sector growth due to macroeconomic factors [2] Group 2 - In Q3 2025, Kaspi.kz reported a 10% increase in overall revenue and a 12% rise in net income, driven by strong performance in its Fintech and Payments segments [3] - Fintech revenue grew by 24%, while Payments experienced an 18% increase in Total Payment Volume, showcasing the company's robust operational performance [3] - The E-grocery business saw a significant 53% surge in GMV, and the advertising sector grew 56% year-over-year, indicating diverse growth avenues for the company [3]

Group 1 - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is considered one of the most undervalued foreign stocks to buy, with analysts projecting a 12-month price target indicating over 23.8% upside and 67% of analysts maintaining a Buy rating [1] - Citi has reiterated a Buy rating on Kaspi.kz with a price target of $100, while J.P. Morgan has lowered its price target from $96 to $88, maintaining a Hold rating [2] - J.P. Morgan's analyst Reginald Smith noted that the cautious outlook for the fintech sector in 2026 is due to expected slower growth from a weaker labor market and tariffs, although tax rate cuts may offset this slowdown [3] Group 2 - Wall Street anticipates that Kaspi.kz will report revenue of approximately $2.31 billion and GAAP EPS of around $3.12 for fiscal Q4 2025 [4] - Kaspi.kz operates in three segments: Payments, Marketplace, and Fintech, providing solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine [4]

Group 1 - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is considered one of the most undervalued fintech stocks to buy now, with Wolfe Research reiterating a Buy rating and a price target of $95 [1] - J.P. Morgan has a Hold rating on the stock, lowering its price target from $96 to $88, reflecting a cautious outlook on financial technology stocks due to expected slower growth in 2026 [2] - Kaspi.kz is set to release its fiscal Q4 2025 results on February 24, with Wall Street expecting quarterly revenue of approximately $2.31 billion and a GAAP EPS of $3.12 [3] Group 2 - Kaspi.kz operates in three segments: Payments, Marketplace, and Fintech, providing solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine [3]

Core Viewpoint - Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is considered one of the most profitable software stocks, with a recent upgrade to Buy from Neutral by Goldman Sachs, despite a price target reduction to $107 from $114, indicating a potential upside of nearly 42% from the current price [1][2]. Group 1: Company Performance - Kaspi.kz has experienced significant challenges this year, particularly due to regulatory costs affecting its Marketplace and banking operations, alongside a prolonged period of high interest rates [2]. - The stock has declined by 25% over the past twelve months, leading analysts to believe it is trading at a "significant discount" compared to its three-year forward earnings multiple average [2]. Group 2: Market Sentiment and Future Outlook - The upcoming third-quarter earnings call scheduled for November 10, 2025, is anticipated to provide deeper insights into the company's performance [3]. - Market sentiment appears favorable, with a one-year price target from Yahoo Finance suggesting a potential gain of 48% [3]. Group 3: Company Overview - Kaspi.kz, headquartered in Almaty, Kazakhstan, offers payments, marketplace, and fintech solutions for consumers and merchants, aiming to enhance lives through innovative products [4].

Financial Data and Key Metrics Changes - VCI Global reported a 41% increase in revenue, reaching $27.8 million, and a net income increase of $0.4 million to $7.6 million compared to the previous fiscal year [4][8][12] - EBITDA rose by 13% to $8.3 million, representing a 30% margin on revenue, while earnings per share increased by 143% to $0.51 [12] Business Line Data and Key Metrics Changes - Revenue from Business Strategy Consultancy increased by 1% from $14.7 million in 2023 to $14.8 million in fiscal year 2024, reflecting consistency in performance [10] - The Technology Development Solutions and Consultancy segment saw a remarkable growth of 155%, with revenue surging to $11.4 million from $4.5 million the previous year [11] Market Data and Key Metrics Changes - The Advisory business, particularly V Capital Consulting Group Limited (VCCG), is preparing for a carve-out IPO, indicating confidence in the long-term potential of the Capital Market Advisory space [6][17] - New offices in Singapore and Hong Kong are aimed at scaling cybersecurity and capital market advisory services, reinforcing the company's regional leadership [6][20] Company Strategy and Development Direction - The company plans to continue accelerating the development of its cross-sector platform strategy, integrating AI infrastructure, cybersecurity, fintech solutions, renewable energy assets, and capital market advisory [7][15] - The carve-out IPO of VCCG is part of a broader strategy to incubate high-potential business units and unlock their value in public markets [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the strategic milestones achieved despite a challenging macroeconomic environment, emphasizing investments in talent and infrastructure for future growth [5][14] - The company aims to build future-ready infrastructure that drives recurring value and enhances shareholder returns, with a focus on high-growth sectors [27][28] Other Important Information - VCI Global's proprietary CyberSecure solution offers comprehensive real-time protection and military-grade encryption, setting it apart in the competitive cybersecurity landscape [24][25] - The company is in advanced talks for expansion into the Middle East, aiming to tap into high-growth markets [20] Q&A Session Summary Question: Key financial highlights for fiscal year 2024 - VCI Global achieved a 41% increase in revenue and a net profit rise to $7.6 million, driven by strong performance in technology and cybersecurity services [13][14] Question: Benefits of cross-sector offerings for shareholders - The cross-sector strategy aims to create synergies that drive sustainable growth and maximize shareholder value by integrating multiple services [15][16] Question: Additional carve-out plans for other business segments - The upcoming VCCG IPO is part of a strategy to unlock value in high-potential business units, with plans to replicate this model in AI and cybersecurity [17][18] Question: International expansion strategy - The company has established offices in Singapore and Hong Kong and is in talks for expansion into the Middle East to enhance its global presence [20] Question: Navigating geopolitical tensions with AI infrastructure - VGalant offers a flexible AI infrastructure that minimizes dependency on single supply chains, ensuring resilience amid geopolitical challenges [21][22] Question: Competitive landscape in cybersecurity - VCI Global's CyberSecure solution provides unique features such as automated backup and military-grade encryption, enhancing its competitive edge [24][25]

Core Insights - OneConnect Financial Technology Co., Ltd has released its 2024 Environmental, Social, and Governance (ESG) Report, marking the third consecutive year of such disclosures, reflecting the company's commitment to corporate responsibility [1] - The report outlines OneConnect's strategic initiatives and achievements in promoting green finance, serving underbanked communities, and mitigating financial risks [1][2] ESG Commitment - The company has integrated ESG principles into all operations, including strategic planning, product development, and risk management, fostering a sustainability-oriented culture [3] - In 2024, OneConnect identified 25 key material topics, focusing on climate change, digital inclusion, and employee development, and aligned disclosures with international frameworks like GRI and TCFD [4] Institutional Development - OneConnect revised over 10 core policy documents related to operational risk and data security, reporting no major compliance violations [5] - The company enhanced its anti-corruption mechanisms through integrity awareness campaigns and commitments from suppliers [5] Green Finance Initiatives - OneConnect aims for operational carbon neutrality by 2030, maintaining per capita greenhouse gas emissions below 0.4 metric tons of CO₂ equivalent and reducing office energy consumption by 46% [6] - The company has implemented sustainability measures in its offices, including energy-efficient technologies and green procurement practices [7] Digital Services and Financial Inclusion - OneConnect has integrated energy management and carbon emissions tracking into its digital platform, providing clients with tools for operational efficiency [8] - The company focuses on enhancing accessibility in financial services through advanced technologies like AI and big data [9][10] Corporate Citizenship - OneConnect actively participates in public welfare initiatives, launching campaigns to support underprivileged children and rural education, with employees contributing over 300 hours of volunteer service [11] - The company conducts assessments for suppliers to promote a transparent and compliant business ecosystem [12] Industry Recognition - OneConnect received multiple industry awards in 2024, including recognition in the S&P Global Sustainability Yearbook and Forbes China's Top 10 Fintech Companies in ESG Practices [13] - The company serves 197 overseas financial institutions across more than 20 countries, indicating its expanding global presence [14] Future Outlook - OneConnect plans to enhance its technological foundation and integrate ESG principles further into its operations, aiming to support the development of a resilient financial ecosystem [15]