Kaspi.kz JSC (KSPI)

• Market cap: $18.8B
• 1 day: 1.18%
• 5 days: -3.73%
• 1 month: -6.80%
• 3 months: -5.26%
• 6 months: -24.02%
• Year to date: 3.13%
• 1 year: 3.13%
• 5 years: 3.13%
• 10 years: 3.13%

About: Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop, and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.

Employees: 8,772

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

54% more first-time investments, than exits

New positions opened: 40 | Existing positions closed: 26

9% more funds holding

Funds holding: 150 [Q2] → 164 (+14) [Q3]

2% more repeat investments, than reductions

Existing positions increased: 52 | Existing positions reduced: 51

0.1% less ownership

Funds ownership: 22.2% [Q2] → 22.1% (-0.1%) [Q3]

8% less funds holding in top 10

Funds holding in top 10: 12 [Q2] → 11 (-1) [Q3]

20% less capital invested

Capital invested by funds: $5.5B [Q2] → $4.41B (-$1.1B) [Q3]

51% less call options, than puts

Call options by funds: $8.86M | Put options by funds: $17.9M

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $137 38% upside
• Avg. target: $139 40% upside
• High target: $140 41% upside

2 analyst ratings

• positive: 2 100%
• neutral: 0 0%
• negative: 0 0%

JP Morgan Reginald Smith 50% 1-year accuracy 13 / 26 met price target	38% upside $137	Overweight Maintained	2 Dec 2024
Citigroup Ygal Arounian 56% 1-year accuracy 9 / 16 met price target	41% upside $140	Buy Initiated	4 Nov 2024