We encountered a bullish paper on the stock company Kaspi.kz (KSPI), an alternative aspect of Antoni Nabzdyk. In this article, we will summarize the Bulls' paper on KSPI. As of May 7, the share of stock company Kaspi.kz (KSPI) was $90.86Th. According to Yahoo Finance, KSPI lags behind P/E at 8.69.
A businessman using his mobile device to shop on an e-commerce platform.
Kaspi.kz (KSPI) is one of the most fascinating and unpopular fintech stories in the global market today, providing a compelling case in Kazakhstan. With an ecosystem of marketplace commerce, digital payments, loans, deposits, travel bookings, post-delivery and even government services (all in a single mobile app), Kaspi has embed itself deeply into the daily lives of its users. Its mobile-first strategy completely avoids desktop development, allowing it to stay agile and quickly deploy updates, leveraging end-to-end automation and complex testing infrastructure. This centralized mobile experience is crucial for its sticky user engagement and continuous increase in opportunities, similar to how Apple retains customers through its ecosystem lockdown. The app serves consumers and merchants through differentiated products and captures large amounts of user data that are similar to Amazon's recommendation engine or Duolingo's user participation experiments.
Kaspi's payments and market segments produce the highest profit margins, while e-grocery is a lower revision program but has strategic value in expanding its ecosystem. It significantly improves application usage and customer satisfaction through its nationwide Postomats network, demonstrating the company’s strategic vision. Financially speaking, Kapi is excellent, with a healthy balance sheet, prudent debt management and strong profit metrics. Its gross margin, operational and profit margins are enviable and consistently improving, demonstrating operational excellence and scalability. Kaspi stands out with superior efficiency metrics compared to its regional and global peers, and investors should not ignore this.
The company's dominance in Kazakhstan gives it a monopoly-like market power, especially in the fintech and e-commerce verticals. With high monthly active users and almost unparalleled customer loyalty, it is difficult for new entrants (even global players like Amazon) to engage in massive infringements without disruptive strategies. Even if Kaspi loses market share in one vertical, its multi-pronged platform can ensure resilience through diversification, thus having a clear structural advantage in a relatively insulated market. That is, investors must consider the inherent risks of investing in emerging markets. Kaspi's archives explicitly mention geopolitical risks, terrorism, natural disasters and other regional instability as material risks to action. Kazakhstan’s distance from Russia and lack of NATO protection may pose geopolitical risks to the black swan, although nothing is available today.
The valuation scenario further supports KASPI as an undervalued growth asset. Assuming no revenue growth, intrinsic value remains significantly higher than the current market price. A modest revenue growth of 4% puts fair value around KZT 237,38, while a more optimistic assumption (15% revenue CAGR) suggests a valuation north of KZT 602,05. Even Benjamin Graham’s conservative model means that fair valuations between KZT 314, 18 and 546, 13 reinforce the asymmetric risk/reward setting. Kaspi.kz stands out in a financially strong and profitable company operating in a rapidly expanding digital economy. Despite its impressive trail and sustained growth, investors must weigh geopolitical issues when evaluating opportunities – especially Kazakhstan’s proximity to Russia and its dependence on Russian energy. Although Kazakhstan is not a NATO member and maintains complex historical ties with Russia, it remains an independent country with its own governance. Despite the effective attention given by the geopolitical context, Kaspi.kz's strong fundamentals and growth potential still make it an attractive opportunity for investors who can drive the inherent risks of emerging markets.
United Stock Company Kaspi.kz (KSPI) is not on our list The 30 Most Popular Stocks in Hedge Funds. According to our database, at the end of the fourth quarter, 27 hedge fund portfolios held KSPI in the previous quarter. Although we acknowledge that KSPI is a risk and potential of an investment, our belief lies in the belief that certain AI stocks have greater hope to provide higher returns and do so in a shorter time frame. If you are looking for AI stocks that are more promising than KSPI but have less than 5 times its earnings, check out our report Cheapest AI stocks.
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Disclosure: None. This article was originally published in Insider Monkey.