Kaspi.kz（KSPI）株式概要
株式会社Kaspi.kzは、その子会社とともに、カザフスタン、アゼルバイジャン、ウクライナの消費者と商人向けに決済、マーケットプレイス、フィンテックソリューションを提供している。 詳細
KSPI Community Fair Values
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Analyst Price Targets
Top Community Narratives
US$99.02
FV
8.1% 割安 内在価値ディスカウント12.00%
Revenue growth p.a.
3
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Joint Stock Company Kaspi.kz 競合他社
価格と性能
| 過去の株価 | |
|---|---|
| 現在の株価 | US$91.01 |
| 52週高値 | US$99.20 |
| 52週安値 | US$68.59 |
| ベータ | 0.075 |
| 1ヶ月の変化 | 2.37% |
| 3ヶ月変化 | 24.33% |
| 1年変化 | 12.48% |
| 3年間の変化 | 13.76% |
| 5年間の変化 | 14.12% |
| IPOからの変化 | 68.23% |
最新ニュース
新しいナラティブ • May 20
Kaspi.kz represents a high-quality, high-growth fintech/e-commerce platform
Below is a structured Investment Memo for Joint Stock Company Kaspi.kz , based primarily on official Investor Relations financial information and supporting official disclosures. This is followed by a SWOT (DAFO) analysis with referenced insights.
ナラティブの更新 • May 04
KSPI: Future P/E Framework And Dividend Payout Will Guide Balanced Return Potential
Analysts have lifted their Kaspi.kz price target by about $3 to reflect updated views on fair value, revenue growth, profit margins and future P/E following recent research, including Susquehanna's $8 price target increase. Analyst Commentary Even with the recent upward move in fair value estimates, some bearish analysts are still flagging risks that could cap upside for Kaspi.kz if things do not go to plan.Recent updates
新しいナラティブ • May 20
Kaspi.kz represents a high-quality, high-growth fintech/e-commerce platform
Below is a structured Investment Memo for Joint Stock Company Kaspi.kz , based primarily on official Investor Relations financial information and supporting official disclosures. This is followed by a SWOT (DAFO) analysis with referenced insights.ナラティブの更新 • May 04
KSPI: Future P/E Framework And Dividend Payout Will Guide Balanced Return Potential
Analysts have lifted their Kaspi.kz price target by about $3 to reflect updated views on fair value, revenue growth, profit margins and future P/E following recent research, including Susquehanna's $8 price target increase. Analyst Commentary Even with the recent upward move in fair value estimates, some bearish analysts are still flagging risks that could cap upside for Kaspi.kz if things do not go to plan.Seeking Alpha • Apr 22
Kaspi.Kz: Tencent Sees It, The Numbers Confirm It (Rating Upgrade)
Summary Kaspi.kz (KSPI), Kazakhstan's leading super-app, is seeing renewed momentum, notably after Tencent acquired a significant 3.2% stake. KSPI's payments and marketplace segments are growing robustly, with e-commerce purchases projected to rise 83% in FY 2025 despite smartphone sales headwinds. Fintech margins remain pressured by Kazakhstan's high 18% benchmark rate and new taxes, but loan growth and platform engagement remain solid. Kaspi's Turkish expansion via Hepsiburada and a potential Rabobank acquisition could unlock new banking revenue streams, though timing and cash flow impact remain uncertain. Read the full article on Seeking Alpha
ナラティブの更新 • Apr 20
KSPI: Dividend Support And Resilient Margins Will Drive Future Upside
Analysts have trimmed their Kaspi.kz price target by roughly $1.55 per share. Slightly lower fair value and profit margin assumptions outweighed higher modeled revenue growth and a modestly lower future P/E, with the recent downgrade from Susquehanna cited as reinforcing a more cautious stance.ナラティブの更新 • Apr 06
KSPI: Future P/E Reset And Dividend Policy Are Expected To Shape Returns
Analysts have trimmed their price target on Kaspi.kz from $87.52 to $79.97, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple, along with a recent downgrade from Susquehanna that reflects a more cautious stance on the shares. Analyst Commentary Bearish analysts are signaling that the latest cut in the Kaspi.kz price target to $79.97 reflects growing concern about how current assumptions on revenue growth, profit margins and the future P/E multiple compare with execution risks.ナラティブの更新 • Mar 23
KSPI: Higher Margins And Dividend Policy Will Support Future Upside
Analysts have trimmed their price target on Kaspi.kz from $107.59 to $99.47, citing more cautious revenue growth assumptions, a slightly lower discount rate, a modestly higher profit margin outlook, and a lower future P/E, in line with the recent downgrade and a softer stance in Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the reduced discount rate and slightly higher profit margin outlook as signs that Kaspi.kz is still seen as capable of supporting solid profitability over time, even with a lower price target.
ナラティブの更新 • Mar 08
KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Downgrade
Analysts have trimmed their price target on Kaspi.kz from about $136 to $128, citing lower projected revenue growth, a slightly adjusted discount rate, and a more conservative future P/E assumption, partly reflected in the recent downgrade from Susquehanna. Analyst Commentary While some research has turned more cautious on Kaspi.kz, there are still clear areas that bullish analysts highlight when they look at the story, especially around execution, growth potential, and how those factors could feed into valuation over time.ナラティブの更新 • Feb 22
KSPI: Execution And Profitability Will Underpin Confidence After Recent Downgrade
Analysts have trimmed their Kaspi.kz price target from about $142 to roughly $136, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a recent downgrade from Susquehanna that has contributed to a more cautious stance. Analyst Commentary Bullish Takeaways Bullish analysts point to Kaspi.kz's current P/E assumptions as still leaving room for upside if the company can deliver on its planned execution and maintain its profitability profile.ナラティブの更新 • Feb 08
KSPI: Updated Fair Value Will Support Confidence Despite Recent Downgrade
Analysts have lifted their fair value estimate for Kaspi.kz from US$130.73 to US$142.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, even as some firms have turned more cautious in recent research. Analyst Commentary Despite the recent downgrade from one research house, the overall Street discussion around Kaspi.kz still includes some constructive angles that many retail investors focus on when weighing the name against its updated fair value of US$142.24.ナラティブの更新 • Jan 25
KSPI: Stable Profitability And Lower P/E Will Support Future Upside Potential
Kaspi.kz's updated analyst price target now reflects a fair value of about $107.59, slightly below the prior $108.16, as analysts fine tune their assumptions on the discount rate, revenue growth, profit margin and forward P/E to align more closely with recent inputs. Valuation Changes Fair Value: The price target was adjusted slightly from about $108.16 to about $107.59, a small downward move in the modeled fair value.ナラティブの更新 • Jan 11
KSPI: Slightly Lower Fair Value Will Support Future Upside Potential
Analysts have trimmed their fair value estimate for Kaspi.kz from US$108.57 to US$108.16, reflecting updates to their assumptions on the discount rate, revenue growth, profit margin, and forward P/E. Valuation Changes Fair value estimate trimmed slightly from US$108.57 to US$108.16 per share.ナラティブの更新 • Dec 23
KSPI: Forward Earnings Discount Is Expected To Drive Future Upside
Analysts have raised their price target on Kaspi.kz to $107 from $114, citing the stock's 25% decline over the past year and its current significant discount to historical forward earnings multiples despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment on Kaspi.kz has turned more constructive at the margin, with the latest price target adjustment to $107 reflecting both recognition of the company’s resilient fundamentals and acknowledgement of persistent headwinds.ナラティブの更新 • Dec 09
KSPI: Discounted Entry After 25% Pullback Will Drive Future Upside
Analysts have nudged their fair value estimate for Kaspi.kz slightly higher from approximately $108.32 to $108.57, citing the stock's recent 25% pullback and its current significant discount to historical forward earnings multiples, despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment around Kaspi.kz has turned more constructive following the recent share price correction, with upgraded ratings reflecting a view that current levels undervalue the company relative to its historical fundamentals and earnings power.ナラティブの更新 • Nov 25
KSPI: Discounted Price Will Offer Upside As Regulatory Headwinds Fade
Analysts have slightly reduced their price target for Kaspi.kz from $114 to $107, citing continued regulatory challenges and a higher monetary policy environment. They also noted the stock's current discounted valuation.ナラティブの更新 • Nov 06
KSPI: Upgraded Buy Rating Will Drive Upside Amid Regulatory Pressures
Analysts lowered their price target for Kaspi.kz from $111.40 to $109.68, citing recent regulatory headwinds and persistent monetary policy pressures. They also noted the stock's current discounted valuation despite improved revenue growth prospects.ナラティブの更新 • Oct 23
Analysts Weigh Attractive Valuation and Risks as Kaspi.kz Faces Regulatory and Market Headwinds
Analysts have reduced their price target for Kaspi.kz from $114 to $107, citing ongoing regulatory costs and a challenging monetary policy environment. However, they note that the stock's recent decline leaves it trading at a significant discount to historical earnings multiples.ナラティブの更新 • Oct 08
Kazakhstan And Turkey Markets Will Unlock Digital Opportunity
Kaspi.kz's analyst price target has been revised downward from $114 to $107, as analysts cite regulatory headwinds, persistent monetary policy challenges, and recent stock underperformance as contributing factors. Analyst Commentary Analysts have issued updated perspectives on Kaspi.kz following recent developments and share price movements.ナラティブの更新 • Aug 27
Kazakhstan And Turkey Markets Will Unlock Digital Opportunity
Kaspi.kz’s valuation outlook has shifted as analysts significantly lowered both future P/E and revenue growth expectations, yet the consensus price target only edged up slightly from $111.07 to $112.84. What's in the News Kaspi.kz and Alipay+ have enabled international cross-border QR payments in Kazakhstan, allowing users of 12 Alipay+-enabled apps to pay via Kaspi QR at a wide range of merchants.Seeking Alpha • Jan 15
Kaspi: A High-Quality Technology Business Trading On A Dirt Cheap Multiple
Summary Kaspi is a dominant market leader in Kazakhstan across payments, e-commerce, and fintech, boasting 41% net income margins in Q3 2024. 70% of the Kazakhstan population use Kaspi on a monthly basis and engagement across their suite of services is very high. The company has a proven track record of launching and scaling new services, such as online travel and groceries, and is expanding internationally into markets like Turkey. Kaspi's very high insider ownership (73%) and visionary CEO, Mikheil Lomtadze, ensure strong alignment with shareholder interests and ambitious growth plans. Despite geopolitical risks, Kaspi's current valuation (7x forward P/E) offers a compelling investment opportunity with potential for significant returns and geographic portfolio diversification. Read the full article on Seeking AlphaSeeking Alpha • Jan 09
Kaspi.kz Has Flourished With Growth, But Long-Term Future May Depend On Overseas Expansion
Summary Kaspi (NASDAQ: KSPI) is a high-growth fintech company in Kazakhstan, offering essential apps like Kaspi Super App and Kaspi Pay with strong user and merchant bases. Despite high price/book ratios, Kaspi's low P/E multiples and strong dividend policy make it an attractive investment, especially given its impressive revenue and earnings growth. Kaspi's expansion efforts, including the acquisition of Hepsiburada in Turkey, are crucial for future growth beyond Kazakhstan, though they come with inherent risks. Investors should monitor Kazakhstan's economic conditions and Kaspi's international ventures, as these factors will significantly impact the company's future performance. Read the full article on Seeking Alpha
新しいナラティブ • Nov 07
Kaspi's Expansion In Turkey Promises Long-Term Growth Despite Economic Headwinds
Strategic acquisition in Turkey and advanced service integration are expected to drive long-term revenue and earnings growth through technology leverage and operational efficiencies.Seeking Alpha • Oct 27
Hepsiburada Changes Everything For Kaspi
Summary Kaspi's acquisition of Hepsiburada aims to expand its market presence beyond Kazakhstan, targeting Turkey's growing eCommerce sector despite competition and valuation challenges. Hepsiburada's innovative culture aligns with Kaspi's, offering BNPL loans, payment services, and logistics, and boasts high customer satisfaction with an NPS of 75. Turkish market risks include Chinese competition and fluctuating inflation, complicating Hepsiburada's valuation, but Kaspi's strategic move could yield significant long-term growth. Kaspi's Q3 results showed solid growth despite inflation, and the company's response to short-seller criticisms reinforces confidence in its transparency and systemic importance. Read the full article on Seeking AlphaSeeking Alpha • Sep 24
Kaspi.kz: Look Beyond The Short Seller Report, But Hold For Now (Downgrade)
Summary Kaspi faces allegations of money laundering and Russian business ties, but it's unclear if they violated sanctions or were complicit. Kaspi's valuation is questioned, with comparisons to competitors and concerns about high value per user. Kaspi's response to the allegations is vague, but Fitch's BBB- rating provides some credibility. Despite Kaspi's strengths, I recommend holding off on investments until the next earnings call for more clarity. Read the full article on Seeking AlphaSeeking Alpha • Jul 10
Kaspi.kz: The Super App Remains Super
Summary Kaspi.kz stock has seen a 31.6% total return in recent months. Investors are becoming more aware of the company's growth potential. Strong performance is expected to continue in the near future. Read the full article on Seeking AlphaSeeking Alpha • May 17
Kaspi.kz: Kazakh Super App Offers Hypergrowth At Value Prices
Summary Kaspi.kz is Kazakhstan's most valuable listed company, offering a super app with features like payments, e-commerce, travel, and government services. The company has a dominant market position and is growing rapidly, with a low valuation and a policy of returning capital to shareholders. Kaspi.kz's revenue and net income quality is improving due to marketplace and payments growth. Kaspi is also expanding internationally. We rate the stock a BUY with a conservative target price of $129. Read the full article on Seeking AlphaSeeking Alpha • Feb 23
Kaspi.kz: Dominant Business With More Room To Grow
Summary Kaspi is a super app in Kazakhstan, offering ecommerce, payments, and fintech services. The company's growth potential lies in increasing usage within its active user base and potential international expansion. Despite the risk associated with investing in a frontier market, Kaspi's strong financials and growth trajectory make it an attractive investment opportunity. Read the full article on Seeking Alpha株主還元
| KSPI | US Consumer Finance | US 市場 | |
|---|---|---|---|
| 7D | 2.7% | 1.3% | -0.3% |
| 1Y | 12.5% | 7.0% | 26.7% |
業界別リターン: KSPI過去 1 年間で7 % の収益を上げたUS Consumer Finance業界を上回りました。
リターン対市場: KSPIは、過去 1 年間で26.7 % のリターンを上げたUS市場を下回りました。
価格変動
| KSPI volatility | |
|---|---|
| KSPI Average Weekly Movement | 6.2% |
| Consumer Finance Industry Average Movement | 6.7% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.2% |
| 10% least volatile stocks in US Market | 3.2% |
安定した株価: KSPI 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。
時間の経過による変動: KSPIの 週次ボラティリティ ( 6% ) は過去 1 年間安定しています。
会社概要
| 設立 | 従業員 | CEO（最高経営責任者 | ウェブサイト |
|---|---|---|---|
| 2008 | 14,008 | Mikheil Lomtadze | ir.kaspi.kz |
Kaspi.kz社は、カザフスタン、アゼルバイジャン、ウクライナの消費者と商人向けに、決済、マーケットプレイス、フィンテック・ソリューションを提供している。同社は3つのセグメントで事業を展開している：ペイメント、マーケットプレイス、フィンテックである。ペイメント事業では、加盟店と消費者の間で取引を行うためのプラットフォームを提供している。このセグメントでは、消費者がショッピング取引や通常の家計簿の支払い、ピアツーピア決済を行う方法を提供し、加盟店がオンラインや店舗で支払いを受け付け、請求書を発行して決済し、サプライヤーに支払い、加盟店の売上高を監視することを可能にしている。また、独自のデータも提供しており、複数のビジネス分野で情報に基づいた意思決定を促進している。マーケットプレイス・プラットフォーム事業では、オンラインおよびオフラインの加盟店と消費者を結びつけ、加盟店がオムニチャネル戦略を通じて売上を伸ばし、消費者が様々な加盟店から商品やサービスを購入できるようにする。このセグメントでは、実際に店舗で買い物をするためのモバイルソリューションであるMコマース、消費者がいつでもどこでも無料で買い物ができるeコマース、消費者が国内・国際航空券、国内鉄道チケット、海外パッケージホリデーを予約できるカスピトラベルを通じてマーケットプレイスを運営している。また、決済やフィンテックプロダクト、Kapsi広告、その他のデリバリーサービスを連携させることで、加盟店の売上を向上させている。フィンテックプラットフォーム事業では、消費者に買い切り型商品、金融商品、貯蓄商品を提供し、加盟店には加盟店金融サービスを提供している。また、バンキング、不良資産管理、不動産事業、決済処理、オンライン旅行、電子食料品、クラシファイド、情報サービスの保管・処理にも携わっている。株式会社Kaspi.kzは2008年に設立され、カザフスタン共和国のアルマトイに本社を置いている。
Joint Stock Company Kaspi.kz 基礎のまとめ
| KSPI 基礎統計学 | |
|---|---|
| 時価総額 | US$17.46b |
| 収益（TTM） | US$2.28b |
| 売上高(TTM) | US$9.14b |
7.6x
PER（株価収益率1.9x
P/SレシオKSPI は割高か？
公正価値と評価分析を参照収益と収入
| KSPI 損益計算書（TTM） | |
|---|---|
| 収益 | ₸4.30t |
| 売上原価 | ₸1.32t |
| 売上総利益 | ₸2.98t |
| その他の費用 | ₸1.90t |
| 収益 | ₸1.07t |
直近の収益報告
Mar 31, 2026
次回決算日
該当なし
| 一株当たり利益（EPS） | 5.63k |
| グロス・マージン | 69.24% |
| 純利益率 | 24.91% |
| 有利子負債／自己資本比率 | 11.9% |
KSPI の長期的なパフォーマンスは？
過去の実績と比較を見る配当金
7.9%
現在の配当利回り30%
配当性向企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/21 22:32 |
| 終値 | 2026/05/21 00:00 |
| 収益 | 2026/03/31 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Joint Stock Company Kaspi.kz 5 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。13
| アナリスト | 機関 |
|---|---|
| Maksim Nekrasov | Citigroup Inc |
| Ronald Josey | Citigroup Inc |
| Ronak Gadhia | EFG-Hermes Research |