Kaspi.kz (KSPI) joint company: A Bull case theory

We met with a bullish thesis At the joint bag company Kaspi.kz (KSPI) on the replacement of Antoni Nabzdyk. In this article, we will summarize the thesis of bulls on KSPI. The participation of the joint company Kaspi.kz (KSPI) quoted $ 90.86 from May 7^th. P/E KSPI was 8.69 seconds Yahoo Finance.

A businesswoman who uses her mobile device to buy on an e -commerce platform.

Kaspi.kz (KSPI) is one of the most fascinating and little appreciated fintech stories in the global market, offering a compelling case as a super -dominant application in Kazakhstan. With an ecosystem that includes market trade, digital payments, loans, deposits, travel reserves, postomatic delivery and even access to government services, within a single mobile application, Kaspi has deeply embedded in the daily life of its users. His first mobile strategy, leaving the development of desktop completely, allows him to remain agile and quickly deploy updates, taking advantage of automation from end to end and the sophisticated test infrastructure. This focused mobile experience is essential in his hunting user commitment and continuous climbing opportunities, similar to the way Apple retains his customers through ecosystem blocking. The application serves both consumers and merchants through differentiated offers and captures large volumes of user data, which can customize AI-A-AKIN personalization to the Amazon recommendation engine or Duolingo users’ commitment experiments.

Kaspi market payments and segments generate the highest benefit margins, while the e-Grocery segment is a lower margin initiative, but strategically valuable to expand its ecosystem. Its investment in free delivery through a national postomada network has significantly increased the use of customer applications and satisfaction, demonstrating the strategic forecast of the company. Financially, Kaspi is extremely solid, with a healthy balance, cautious debt management and a strong metric of profitability. Their gross, operational and profit margins are enviable and constantly improve, showing operational excellence and scalability. Compared to regional and world colleagues, Kaspi stands out with higher efficiency metrics, which should not be overlooked by investors.

The company’s dominant position in Kazakhstan gives it a market power similar to monopoly, particularly in the verticals of commerce and e -commerce. With high monthly active users and the almost unmatched loyalty of customers, it would be difficult for new participants, even world players like Amazon, to make significant raids without a disturbing strategy. Although Kaspi lost its market share in a vertical, its multi-punxed platform guarantees resilience through diversification, giving it a clear structural advantage in a relatively isolated market. That said, investors need to consider the inherent risks of investing in emerging markets. Kaspi archives explicitly mention geopolitical risks, terrorism, natural disasters and other regional instabilities as material risks for operations. Kazakhstan’s proximity to Russia and the lack of NATO protection could have black swan geopolitical risks, although it is not imminent today.