NasdaqGS:KSPIConsumer Finance
Does Cautious Fintech Outlook After Strong Q3 Shift the Bull Case For Kaspi.kz (KSPI)?
In early February 2026, analysts at Susquehanna and JPMorgan adopted a more cautious stance on Kaspi.kz, highlighting slower expected fintech sector growth despite the company’s strong Q3 2025 performance across its Fintech, Payments, E-grocery, and advertising segments.
This shift in sentiment underscores a tension between Kaspi.kz’s recent operational momentum and growing concerns that sector-wide headwinds could temper how investors view its growth potential.
We’ll now examine how this...