Joint Stock Company Kaspi.kz

NasdaqGS:KSPI 주식 리포트

시가총액: US$17.3b

Kaspi.kz 과거 순이익 실적

과거 기준 점검 3/6

Kaspi.kz은 연평균 24.3%의 비율로 수입이 증가해 온 반면, Consumer Finance 산업은 수입이 0.8% 감소했습니다. 매출은 연평균 35.6%의 비율로 증가했습니다. Kaspi.kz의 자기자본이익률은 38.4%이고 순이익률은 24.9%입니다.

핵심 정보

24.30%

순이익 성장률

24.50%

주당순이익(EPS) 성장률

Consumer Finance 산업 성장률7.20%
매출 성장률35.60%
자기자본이익률38.40%
순이익률24.91%
최근 순이익 업데이트31 Mar 2026

최근 과거 실적 업데이트

Recent updates

새로운 내러티브 • 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.
내러티브 업데이트 • 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
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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.
내러티브 업데이트 • 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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새로운 내러티브 • 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

매출 및 비용 세부 내역

Kaspi.kz가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NasdaqGS:KSPI 매출, 비용 및 순이익 (KZT Millions)
날짜매출순이익일반관리비연구개발비
31 Mar 264,296,9221,070,515253,827216,854
31 Dec 254,043,3281,073,177235,744198,872
30 Sep 253,656,0781,100,697189,535168,656
30 Jun 253,181,4791,090,972139,296140,842
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

양질의 수익: KSPI는 고품질 수익을 보유하고 있습니다.

이익 마진 증가: KSPI의 현재 순 이익률 (24.9%)은 지난해 (38.2%)보다 낮습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: KSPI의 수익은 지난 5년 동안 연평균 24.3%로 크게 증가했습니다.

성장 가속화: KSPI은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.

수익 대 산업: KSPI은 지난 1년 동안 수익이 감소(-0.2%)하여 Consumer Finance 업계 평균(28.9%)과 비교하기 어렵습니다.

자기자본이익률

높은 ROE: KSPI의 자본 수익률(38.4%)은 높음으로 평가됩니다.

총자산이익률

투하자본수익률

우수한 과거 실적 기업을 찾아보세요

7D

1Y

7D

1Y

7D

1Y

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/22 21:10
종가2026/05/21 00:00
수익2026/03/31
연간 수익2025/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
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시장 가격30년
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지분 구조10년
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경영진10년
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산업 및 섹터 지표

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분석가 소스

Joint Stock Company Kaspi.kz는 14명의 분석가가 다루고 있습니다. 이 중 5명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

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