Did Surging Q3 and Nine-Month Earnings Just Shift Kaspi.kz’s (KSPI) Investment Narrative?

• Kaspi.kz recently reported third quarter and nine-month 2025 earnings, revealing revenue growth to KZT 1.11 trillion and KZT 2.90 trillion respectively, along with increased net income for both periods compared to last year.
• This substantial jump in revenue and net profit highlights the company's robust operational momentum despite regulatory or market challenges in its key regions.
• We'll now explore how Kaspi.kz's strong earnings performance reinforces confidence in its future growth and evolving investment narrative.

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Kaspi.kz Investment Narrative Recap

To be a Kaspi.kz shareholder today, you need to believe in the company’s ability to leverage its super-app ecosystem for continued growth, while managing competitive and regulatory pressures in Kazakhstan and Turkey. The strong third-quarter earnings signal resilience but do not materially shift the biggest near-term catalyst, faster integration and scale-up of new verticals in Turkey, or the main risk, which remains ongoing regulatory scrutiny in both markets.

One recent announcement that stands out in this context is Kaspi.kz’s partnership with Alipay+, enabling broader international QR payment acceptance across Kazakhstan. This new capability directly supports Kaspi.kz’s user growth ambitions and is especially relevant as the company seeks to reinforce customer acquisition and engagement across borders, key components tied to both its catalysts and competitive risks.

However, with regulatory change continuing to shape the operating environment, it’s important for investors to also keep in mind that potential shifts in compliance requirements...

Read the full narrative on Kaspi.kz (it's free!)

Kaspi.kz's outlook anticipates revenue of KZT 5,094.9 billion and earnings of KZT 1,669.2 billion by 2028. This scenario assumes annual revenue growth of 17.0% and a KZT 578.2 billion increase in earnings from the current level of KZT 1,091.0 billion.

Uncover how Kaspi.kz's forecasts yield a $109.68 fair value, a 46% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members provided 18 different fair value estimates for Kaspi.kz, spanning from KZT 92.05 to KZT 318.93 per share. With recent earnings underscoring robust operational momentum, you can see how opinions and expectations for future growth can significantly diverge, explore multiple viewpoints to get the full picture.

Explore 18 other fair value estimates on Kaspi.kz - why the stock might be worth just $92.05!

Build Your Own Kaspi.kz Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Kaspi.kz research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Kaspi.kz research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Kaspi.kz's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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