4Mon·

Investing in $KSPI (+0.5%) Kaspi.kz: Strong Growth or Future Uncertainty?


Hi everyone,


I'm would like to discussing Kaspi.kz and its current stock situation.


Recent Performance Highlights (Q1 2024):


Revenue Growth: Revenue increased by 37% YoY to KZT 1,204 billion, driven by strong growth across all segments.


Net Profit: Net profit surged by 43% YoY to KZT 425 billion, demonstrating the company's operational efficiency.


E-commerce Dominance: Kaspi.kz continues to solidify its position as a leading e-commerce platform in Kazakhstan with a 55% market share.


Investor Presentation Analysis (Q1 2024):


Key Metrics: Active users reached 11.5 million, up from 9.3 million the previous year. Total payment volume grew by 41% YoY, reflecting increased consumer engagement.


‚Monopoly‘ Position: Kaspi.kz maintains a near-monopoly in Kazakhstan’s digital finance and e-commerce sectors, leveraging its comprehensive ecosystem of services.


CEO's Comment:


Mikhail Lomtadze emphasized the company's strong market position and the sustained growth across all verticals, reinforcing investor confidence despite market volatility.


My Thoughts:


Ecosystem Synergy: The integration of financial services, e-commerce, and digital payments creates a synergistic ecosystem that drives user engagement and revenue growth.


Expansion Potential: With Kazakhstan’s digital market still in a growth phase, Kaspi.kz is well-positioned to capitalize on increasing internet penetration and digital adoption.


Dividend Attraction: The high dividend yield of around 6-7% is attractive for income-focused investors, providing a stable return amid growth prospects.


Challenges:


Future Growth Concerns: The primary risk is sustaining high growth rates in a maturing market. Diversifying revenue streams and expanding regionally will be crucial for future growth.


Regulatory Risks: Potential regulatory changes in Kazakhstan could impact the company's operations and profitability.


Has anyone else looked into $KSPI (+0.5%) or has knowledge in the e-commerce and fintech industries? I'd appreciate any insights or advice!


*Disclaimer: I own stock in $KSPI (+0.5%) *


Thanks! :)


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- [Q1 2024 Investor Presentation](https://ir.kaspi.kz/media/1Q_2024_Presentation.pdf)

- [Kaspi.kz Financial Information](https://ir.kaspi.kz/financial-information/)

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1 Comment

they are expanding in uzbekistan financial payment system, they bid for the mandate. plus they have good plans for eastern europe, and when russian was finish they may have some good opportunity there as well
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