Joint Stock Company Kaspi.kz

NasdaqGS:KSPI 株式レポート

時価総額：US$18.8b

Kaspi.kz 過去の業績

過去 基準チェック /36

Kaspi.kzは、平均年間21.8%の収益成長を遂げていますが、 Consumer Finance業界の収益は、年間 減少しています。収益は、平均年間2% 35%収益成長率で 成長しています。 Kaspi.kzの自己資本利益率は39%であり、純利益率は24.2%です。

主要情報

21.80%

収益成長率

21.99%

EPS成長率

Consumer Finance 業界の成長7.20%
収益成長率34.98%
株主資本利益率39.03%
ネット・マージン24.15%
前回の決算情報30 Jun 2026

最近の業績更新

Recent updates

Seeking Alpha • 20h

Kaspi.kz: Strong, Growing, And Underappreciated

Summary 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. Read the full article on Seeking Alpha
ナラティブ更新 • Sep 03

KSPI: Turkey Execution And Dividend Momentum Will Support Future Confidence

Kaspi.kz's updated analyst price target moves to $124.18 from $117.74, as analysts factor in revised assumptions on growth, margins and future P/E, following recent sector research that cited healthy U.S. consumer trends and a possible shift in Turkey from an investment phase toward acceleration. Analyst Commentary Bullish analysts point to Kaspi.kz as a beneficiary of healthier U.S. consumer spending and credit trends in the payments and consumer finance space.
ナラティブ更新 • Aug 18

KSPI: Turkey Expansion And Margin Reset Will Shape Upcoming Shareholder Decisions

Kaspi.kz's analyst fair value has shifted from $96.96 to $101.47 as analysts factor in updated profit margin and valuation assumptions alongside a Street price target move to $100, supported by expectations that the Turkey expansion could be moving from an investment phase toward acceleration. What's in the News Kaspi.kz reported Q2 2026 results that management described as strong, with 15% revenue growth driven by e commerce and expansion of its fintech loan portfolio.
分析記事 • Aug 15

Analyst Estimates: Here's What Brokers Think Of Joint Stock Company Kaspi.kz (NASDAQ:KSPI) After Its Second-Quarter Report

It's been a good week for Joint Stock Company Kaspi.kz ( NASDAQ:KSPI ) shareholders, because the company has just...
ナラティブ更新 • Aug 04

KSPI: 2026 Shareholder Meeting And Margin Reset Will Shape Future Returns

Kaspi.kz's analyst price target has been adjusted from $94.64 to $96.96 as analysts factor in updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Kaspi.kz has scheduled a special or extraordinary shareholders meeting for June 11, 2026, which may address key corporate matters or approvals.
ナラティブ更新 • Jul 21

KSPI: Turkish Expansion And Lower Margin Assumptions Will Shape Future P/E Potential

Analysts have raised their Kaspi.kz price target by $1.78, citing updated assumptions on fair value, revenue growth, profit margins, and future P/E that are reflected in the latest Street research. What's in the News Kaspi.kz has completed its acquisition of Rabobank A.Ş., a fully licensed Turkish bank, after receiving prior regulatory approval from Türkiye’s Banking Regulation and Supervision Agency, according to recent company announcements.
ナラティブ更新 • Jul 07

KSPI: Turkey Bank Acquisition And Resilient Margins Will Frame Future Returns

Kaspi.kz's analyst price target has been raised by $8, with analysts pointing to updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E to support the change. What’s in the News for Kaspi.kz Kaspi.kz received regulatory approval from Türkiye’s Banking Regulation and Supervision Agency (BDDK) to acquire Rabobank A.Ş., a fully licensed Turkish bank, subject to customary closing conditions, according to recent news reports.
ナラティブ更新 • Jun 23

KSPI: Dividend Momentum And Earnings Resilience Will Support Future Confidence

Kaspi.kz's analyst price target has been adjusted slightly higher by $8. Analysts point to updated assumptions on the discount rate, revenue growth, profit margin, and future P/E to support the change.
分析記事 • Jun 16

Kaspi.kz (NasdaqGS:KSPI) Stock Could Be 16% Undervalued After Dividend Affirmation

Kaspi.kz dividend and governance moves come into focus Kaspi.kz (NasdaqGS:KSPI) has drawn fresh attention after affirming a KZT 850 dividend per common share, with payments starting on 11 June 2026, following an extraordinary general meeting. At that meeting, shareholders also approved three members to Kaspi.kz’s Counting commission with an unlimited term of powers. This governance detail sits alongside the dividend decision as investors reassess the stock’s risk and income profile. See our...
ナラティブ更新 • Jun 07

KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Upgrade

Analysts now estimate Kaspi.kz’s fair value at about $118, down from roughly $128, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E in light of recent research, including the Susquehanna price target revision. What's in the News Analysts incorporate the Susquehanna price target revision into updated fair value work, linking the new US$118 estimate to recent research coverage.
ナラティブ更新 • May 24

KSPI: Lower Margin Assumptions Will Pressure Future P/E Driven Return Potential

Kaspi.kz's analyst price target has shifted to $81.95 from $83.27 as analysts factor in updated views on revenue growth, profit margins and future P/E. Recent Street research such as Susquehanna's $8 price target adjustment adds context to the new outlook.
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.
ナラティブ更新 • 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 Alpha
Seeking 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
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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 Alpha
Seeking 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 Alpha
Seeking 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 Alpha
Seeking 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 Alpha
Seeking 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

収支内訳

Kaspi.kz の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。

収益と収入の歴史

NasdaqGS:KSPI 収益、費用、利益 ( )KZT Millions
日付収益収益G+A経費研究開発費
30 Jun 264,429,8621,069,921267,508228,539
31 Mar 264,296,9221,070,515253,827216,854
31 Dec 254,043,3281,073,177235,744198,872
30 Sep 253,656,0781,100,697189,920168,656
30 Jun 253,181,4791,090,972139,681140,842
31 Mar 252,803,5131,072,196107,945118,509
31 Dec 242,544,1391,039,73983,922103,839
30 Sep 242,370,679972,12179,686103,267
30 Jun 242,223,509933,58472,70798,474
31 Mar 242,061,394887,84764,29892,806
31 Dec 231,902,598841,35156,52684,758
30 Sep 231,722,373784,21747,19777,923
30 Jun 231,559,341718,30444,28071,058
31 Mar 231,408,004656,18742,97664,811
31 Dec 221,269,215585,02653,98857,559
30 Sep 221,151,798534,24547,71954,527
30 Jun 221,053,118492,83145,37750,718
31 Mar 22970,264459,76543,16447,783
31 Dec 21885,478431,91432,38744,388
30 Sep 21753,756373,8199,66341,442
30 Jun 21675,046318,18618,65937,019
31 Mar 21611,752272,70523,45332,836
31 Dec 20602,869260,96428,92729,183
30 Sep 20611,615244,43256,48422,905
30 Jun 20586,148233,52462,56525,562
31 Mar 20569,537225,29347,60819,634
31 Dec 19513,914193,79043,19218,891
30 Sep 19467,463158,29338,44017,435
30 Jun 19433,061133,01722,51812,371
31 Mar 19400,437114,15931,51215,975
31 Dec 18375,331105,54028,11414,719
30 Sep 18347,96292,42525,77213,941
30 Jun 18316,93476,46323,28213,306
31 Mar 18282,87277,7979,045379
31 Dec 17275,75349,01520,68212,503
31 Dec 16223,3034,15915,16711,120
31 Dec 1587,583-8,1531,4630

質の高い収益: KSPIは 高品質の収益 を持っています。

利益率の向上: KSPIの現在の純利益率 (24.2%)は、昨年(34.3%)よりも低くなっています。

フリー・キャッシュフローと収益の比較

過去の収益成長分析

収益動向: KSPIの収益は過去 5 年間で年間21.8%増加しました。

成長の加速: KSPIは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。

収益対業界: KSPIは過去 1 年間で収益成長率がマイナス ( -1.9% ) となったため、 Consumer Finance業界平均 ( 15.5% ) と比較することが困難です。

株主資本利益率

高いROE: KSPIの 自己資本利益率 ( 39% ) は 高い とみなされます。

総資産利益率

使用総資本利益率

過去の好業績企業の発掘

7D

1Y

7D

1Y

7D

1Y

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2026/09/16 09:38
終値2026/09/16 00:00
収益2026/06/30
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
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 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

この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、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。

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 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 3 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。12

アナリスト機関
Maksim NekrasovCitigroup Inc
Ronald JoseyCitigroup Inc
Ronak GadhiaEFG-Hermes Research