Kaspi.kz (KSPI) Is Up 10.1% After Alipay+ Rollout Expands QR Payments Nationwide – Has The Bull Case Changed?

• Earlier this month, Alipay+, Ant International's global wallet platform, announced with Kaspi.kz the launch of cross-border QR payment acceptance in Kazakhstan, enabling users of 12 Alipay+-supported apps to pay via Kaspi QR across the country’s extensive merchant network.
• This roll-out expands Kaspi.kz’s digital payment ecosystem nationwide, from city shopping centers to rural businesses, positioning the platform to attract more international transactions and boost merchant engagement.
• We'll explore how cross-border QR payment acceptance via Alipay+ could influence Kaspi.kz's digital ecosystem and its growth trajectory.

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Kaspi.kz Investment Narrative Recap

At its core, owning Kaspi.kz stock means believing in the platform’s ability to expand its payments, marketplace, and fintech ecosystem across Kazakhstan and potentially beyond. The recent Alipay+ partnership broadens merchant and consumer payment options, but does not materially reduce the main near-term risk: mounting competition from global and local fintech players striving for market share, which could still pressure Kaspi.kz’s margins and growth rates.

Among recent announcements, the reiteration of Kaspi.kz’s 2025 earnings guidance, projecting around 15% net income growth (excluding Türkiye), stands out as particularly relevant. This guidance signals confidence in core operations while management simultaneously bolsters digital payments reach, yet execution risks and market share challenges remain prominent as the company pursues multiple growth avenues.

Yet despite these promising developments, investors should be aware that heightened competition could still lead to unexpected shifts in...

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

Kaspi.kz's outlook projects KZT5,365.2 billion in revenue and KZT1,881.5 billion in earnings by 2028. This implies annual revenue growth of 19.0% and an earnings increase of KZT795.1 billion from the current KZT1,086.4 billion.

Uncover how Kaspi.kz's forecasts yield a $110.22 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Fifteen retail investors in the Simply Wall St Community estimate Kaspi.kz’s fair value from $95 to $223.63 per share. Despite these differences, questions around competitive risks remain central for understanding Kaspi.kz’s fundamental outlook.

Explore 15 other fair value estimates on Kaspi.kz - why the stock might be worth over 2x more than the current price!

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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