Kaspi.kz: Dividend Raise, Despite Hepsiburada Likely Still Dragging

Kaspi maintains a Buy rating, supported by stable or accelerating segment metrics, and a dividend raise ahead of possible Hepsi inflection in 2027. Fintech loan growth is strong, with a positive shift toward longer-duration, revenue-generating loans and improved credit quality. A recent rate cut in Kazakhstan reduces funding costs, enhancing margins in KSPI's interest-dependent segments.

Seeking Alpha • Sep 25, 2026

Kaspi.kz: Strong, Growing, And Underappreciated

Kaspi operates a dominant Super App ecosystem in Kazakhstan, integrating payments, e-commerce, and fintech with substantial transaction and lending scale. Türkiye expansion via Hepsiburada and Rabobank A.Ş. offers a long-term growth option, leveraging existing scale to replicate Kaspi's integrated model. Loan portfolio mix is shifting toward longer-duration, higher-value loans; NPL coverage decline is offset by stable delinquency metrics, supporting continued profitability.

Seeking Alpha • Sep 16, 2026

Announcement of EGM Results

ALMATY, Kazakhstan, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 09 September 2026: 1.

GlobeNewsWire • Sep 10, 2026

Kaspi.Kz: Rabobank Acquisition Unlocks Flywheel Opportunity In Turkey

Kaspi.kz remains a 'Buy' as growth in Kazakhstan and new Turkish initiatives offset currency headwinds and emerging market risks. Q2 results met guidance: revenue up 15% YoY, driven by Fintech (23% YoY) and marketplace value-added services (27% YoY). Kazakh innovation advances with Kasper AI assistant, boosting customer engagement and reinforcing KSPI's competitive moat.

Seeking Alpha • Aug 24, 2026

Joint Stock Company Kaspi.kz Q2 Earnings Call Highlights

Joint Stock Company Kaspi.kz NASDAQ: KSPI reported second-quarter revenue growth of 15% and adjusted EBITDA growth of 5%, as gains in e-commerce and fintech were partly offset by higher funding costs and investments in Türkiye.

MarketBeat • Aug 10, 2026

Joint Stock Company Kaspi.kz (KSPI) Q2 2026 Earnings Call Transcript

Joint Stock Company Kaspi.kz (KSPI) Q2 2026 Earnings Call Transcript

Seeking Alpha • Aug 10, 2026

Kaspi.kz 2Q & 1H 2026 Financial Results

ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2026 (“2Q and 1H 2026”).

GlobeNewsWire • Aug 10, 2026

Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz

ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of JSC Kaspi.kz (Nasdaq: KSPI) hereby announces the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz will be held on 09 September 2026 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013.

GlobeNewsWire • Aug 10, 2026

Kaspi.kz: Betting On A Proven Playbook In A Much Larger Market

Kaspi trades at a forward P/E of 7.6x despite robust profitability and a dominant fintech ecosystem in Kazakhstan. KSPI's expansion into Turkey is currently dilutive but offers potential for outsized revenue growth and eventual margin recovery as fintech products scale. My valuation implies more than 75% upside to a $163 price target.

Seeking Alpha • Aug 9, 2026

Kaspi.kz: Kazakhstan Is The Moat, Türkiye Is The Test

Kaspi.kz: Kazakhstan Is The Moat, Türkiye Is The Test

Seeking Alpha • Jul 28, 2026