Group 1 - Kaspi.kz signed a share purchase agreement with Rabobank Group for the acquisition of Rabobank's Turkish subsidiary Rabobank A.Ş., with the transaction expected to close in mid-2026 pending regulatory approvals [1] - Kaspi.kz operates a unique two-sided Super App model, which includes the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, aimed at improving people's lives through innovative mobile products and services [2] - The company provides leading Payments, Marketplace, and Fintech Platforms through its Super Apps, facilitating connections and transactions between consumers and merchants [3] Group 2 - Kaspi.kz has a significant presence in Türkiye, owning a 69.46% stake in Hepsiburada, a leading e-commerce company in the country, contributing to its strong top-line growth and profitable business model [4] - The company has been recognized academically, with Harvard Business School writing two case studies on Kaspi.kz, which are taught to MBA students [5] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and expansion in the financial markets [5]

Core Insights - Kaspi.kz reported a 20% year-over-year revenue increase and a 12% net income increase for 3Q 2025, with underlying revenue and net income growth of 23% and 21% respectively when excluding smartphone GMV and regulatory changes [2][3] - The company anticipates a net income growth of 10-12% YoY for 2025, with underlying growth expected to be around 18-20% YoY, excluding smartphone GMV and regulatory impacts [3] Financial Performance - For 3Q 2025, total revenue increased by 20% YoY, while net income rose by 12% YoY; for the first nine months of 2025, revenue and net income both increased by 20% and 14% YoY respectively [2] - Monthly Transactions per Active Consumer stood at 76, indicating strong customer engagement [2] - Payments segment saw a total payment volume (TPV) increase of 18% YoY in 3Q 2025, with transactions up 14% YoY; for 9M 2025, TPV and transactions increased by 21% and 15% YoY respectively [2] Marketplace and E-Commerce - Marketplace revenue growth significantly outpaced GMV growth, with purchases up 36% YoY in both 3Q and 9M 2025; revenue increased by 24% YoY in 3Q 2025, while GMV grew by 12% [2] - Excluding smartphone GMV, Marketplace GMV increased by 20% and 21% YoY in 3Q and 9M 2025, with revenue growth of 32% and 34% respectively [2] - e-Grocery GMV grew by 53% YoY in 3Q 2025, showcasing rapid growth in this segment [2] Advertising and Innovation - Advertising revenue surged by 56% and 76% YoY in 3Q and 9M 2025, respectively, driven by new advertising services for merchants [2] - The company is set to roll out Kaspi Alaqan, a pay-by-palm innovation, in 4Q 2025, aimed at enhancing customer value [2] Strategic Developments - Kaspi.kz has integrated with six banks in Kazakhstan and expanded its partnerships with O!Bank in Kyrgyzstan and AliPay+ [2] - The company is working on acquiring Rabobank A.Ş. and has announced a modest share capital increase expected to raise approximately $100 million [3] - A $100 million ADS repurchase program has been initiated, reflecting the company's strong cash generation capacity and long-term growth prospects [3]

Core Thesis - Kaspi.kz (KSPI) is viewed as a strong investment opportunity due to its dominant position in Kazakhstan's fintech market and robust financial metrics, despite facing some risks related to currency volatility and geopolitical factors [1][5][6]. Company Overview - Kaspi.kz is a leading fintech company in Kazakhstan, operating a widely adopted Super App that integrates various services such as digital payments, online loans, deposits, and e-commerce solutions [2]. - The company has a significant market presence, with nearly every adult in Kazakhstan holding a Kaspi account, which enhances customer loyalty and operational efficiency [2][3]. Financial Performance - Kaspi.kz boasts impressive financial metrics, including a return on equity (ROE) of 67.7% and a return on invested capital (ROIC) estimated above 40% [3]. - The company has a cash-rich balance sheet and is projected to achieve an earnings per share (EPS) growth rate of 31% year-over-year through 2026 [3]. Valuation - The stock is currently trading at a low price-to-earnings (P/E) ratio of 7.66 and a forward P/E of 5.95 for 2026, suggesting potential undervaluation given its growth prospects [4]. - The market dominance and growth profile of Kaspi.kz imply a possible mispricing in the current stock valuation [4]. Expansion Plans - Kaspi.kz is expanding internationally by acquiring a controlling stake in Turkey's Hepsiburada and Rabobank Turkey, aiming to replicate its successful super-app model and increase its total addressable market [4]. - This expansion presents potential upside if the company can successfully navigate the Turkish market [4]. Risks - The volatility of the Kazakhstani tenge poses a risk to dollar-denominated earnings, which could impact returns for global investors [5][6]. - Geopolitical uncertainties, particularly regarding Kazakhstan's regulatory environment and economic ties with Russia, introduce additional risks [5][6]. - The Turkish expansion may face challenges due to a difficult regulatory landscape and high inflation, which could limit predictability [6]. - Market saturation in Kazakhstan and recent allegations of misconduct could also affect the company's reputation and regulatory standing [6].

Core Insights - Kaspi.kz will report its financial results for the quarter and nine months ending September 30, 2025, on November 10, 2025, with a conference call scheduled for 8.00am EST [1][2] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services, operating a unique two-sided Super App model for consumers and merchants [3] - The Super Apps provide access to leading Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4] Business Model and Growth - The combination of a large, engaged consumer and merchant base, along with best-in-class digital products and a capex lite approach, results in strong top-line growth and a profitable business model [5] - In January 2025, Kaspi.kz acquired a 66.35% stake in Hepsiburada, a leading e-commerce company in Türkiye, enhancing its market position [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and recognition in the financial markets [6]

Core Insights - Kaspi.kz reported a strong financial performance for 2Q and 1H 2025, with revenue increasing by 20% YoY and net income rising by 14% YoY for the second quarter [4][5] - The company continues to expand its services and market presence, particularly in Kazakhstan and Türkiye, with a focus on enhancing customer engagement and transaction volume [4][8] Financial Performance - 2Q 2025 revenue increased by 20% YoY, while net income rose by 14% YoY; for 1H 2025, revenue and net income were up 20% and 15% YoY respectively [4] - Monthly Transactions per Active Consumer stood at 75, indicating strong customer engagement [4] - Payments segment saw a 21% increase in Total Payment Volume (TPV) and a 14% increase in transactions YoY for 2Q 2025 [4] - Marketplace revenue grew by 25% YoY in 2Q 2025, significantly outpacing GMV growth of 15% [4] - e-Grocery within the Marketplace achieved a GMV increase of 57% YoY in 2Q 2025 [4] Strategic Developments - Kaspi Pay expanded its addressable market through integration with local banks and AliPay+ [4] - New services such as Kaspi Restaurants and enhanced advertising tools were launched to provide additional value to merchants [4][7] - The company is focused on improving Hepsiburada's operations and customer experience following its acquisition [8][9] - The acquisition of Rabobank A.Ş is expected to enhance the company's financial service offerings [9] Future Outlook - The company anticipates around 15% consolidated net income growth YoY for 2025, with potential benefits from a decrease in interest rates [4][10] - Plans for 2026 include balancing capital returns to shareholders with investments in long-term growth [10]

Core Insights - Kaspi.kz will report its financial results for the quarter and half ending June 30, 2025, on August 4, 2025, with a conference call scheduled for 8.00am EST [1] - The company operates a unique two-sided Super App model, which includes Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants [3][4] - Kaspi.kz acquired a 65.41% stake in Hepsiburada, a leading e-commerce company in Türkiye, in January 2025 [5] Company Overview - Kaspi.kz aims to improve people's lives through innovative mobile products and services [3] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday needs of users [4] - The company has a large, engaged consumer and merchant base, which contributes to strong top-line growth and a profitable business model [5] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6] - The company has been listed on Nasdaq since January 2024 [6]

Core Insights - Kaspi.kz reported a 21% year-over-year increase in revenue and a 16% increase in net income for Q1 2025, excluding Türkiye [3] - Monthly transactions per active consumer reached 75, indicating strong customer engagement [3] - The company experienced a 23% increase in total payment volume (TPV) and a 17% increase in transactions within its Payments segment [3] Financial Performance - Payments revenue grew by 16% year-over-year, while net income in this segment increased by 21% [3] - Marketplace platform revenue grew by 33% year-over-year, significantly outpacing the 20% growth in gross merchandise volume (GMV) [3] - e-Grocery within the Marketplace saw a remarkable GMV increase of 64% year-over-year [3] Fintech and Credit Quality - The Fintech platform's total financing volume (TFV) grew by 17% year-over-year, with revenue growth of 18% attributed to healthy origination levels [3] - Macro-provisioning increased to 0.6% of cost of risk in Q1 2025, up from 0.5% in the same period in 2024, but underlying customer credit quality trends remain healthy [3] Strategic Developments - The acquisition of 65.41% of Hepsiburada was completed in January 2025, with an initial cash payment of $600 million and an additional $526.9 million due within six months [3] - A $650 million Eurobond was successfully placed to support expansion plans in Türkiye [3] - The company is in the process of acquiring Rabobank A.Ş. to launch deposit products and fund other financial services, pending regulatory approval [3] Market Conditions and Outlook - New smartphone registration requirements in Kazakhstan temporarily reduced demand, resulting in a 7% lower e-commerce GMV growth in Q1 [3] - The company expects around 15% consolidated net income growth year-over-year in 2025, a more conservative outlook compared to the previous guidance of 20% [3]

Group 1 - Kaspi.kz will report its financial results for the quarter ending March 31, 2025, on May 12, 2025, with a conference call scheduled for 8.00am EST [1] - The company operates a unique two-sided Super App model, which includes Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants [3][5] - Kaspi.kz provides leading Payments, Marketplace, and Fintech Platforms through its Super Apps, designed to meet users' everyday needs [4] Group 2 - The company has a large, engaged consumer and merchant base, which contributes to strong top-line growth and a profitable business model [5] - Kaspi.kz has been listed on Nasdaq since January 2024, indicating its growth and expansion in the financial markets [5]

Core Viewpoint - Kaspi.kz has signed a share purchase agreement to acquire Rabobank's Turkish subsidiary, Rabobank A.Ş., which is not considered a material transaction [1]. Group 1: Transaction Details - The acquisition is pending regulatory approvals and customary closing conditions [2]. - Rabobank A.Ş. is a fully licensed bank in Turkiye without borrowing or depositing clients and lacks a branch network [1]. Group 2: Company Overview - Kaspi.kz aims to enhance lives through innovative mobile products and services, operating a two-sided Super App model for consumers and merchants [3]. - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, facilitating transactions between consumers and merchants [4]. - The company boasts a large, engaged user base and a capex lite approach, leading to strong growth and profitability [5]. - Kaspi.kz has been listed on Nasdaq since January 2024 and has been the subject of case studies at Harvard Business School [5].

Group 1 - Kaspi.kz has signed a share purchase agreement to acquire Rabobank's Turkish subsidiary, Rabobank A.Ş., which is a fully licensed bank in Turkiye without borrowing or depositing clients or a branch network [1] - The transaction is not considered material and is pending regulatory approvals and customary closing conditions [2] - Kaspi.kz operates a unique two-sided Super App model, providing innovative mobile products and services to consumers and merchants [3][4] Group 2 - The company's Super Apps facilitate access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday needs and enable transactions between users [4] - Kaspi.kz's business model is characterized by strong top-line growth and profitability, supported by a large, engaged consumer and merchant base and a capex lite approach [5] - The company has been listed on Nasdaq since January 2024 and has been the subject of case studies at Harvard Business School [5]