Seeking Alpha
02 Jun 2026, 09:39 UTC · 2h ago
Kaspi.kz: Ownership Change Drives Stock Rally
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Seeking Alpha
02 Jun 2026, 09:39 UTC · 2h ago
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Story key points
4 claims · impact-rated
Kaspi.kz reported Q1 revenue growth of 31% year-over-year to $2.3 billion. — Strong double-digit top-line growth indicates robust scaling and validates the company's growth trajectory for investors.
+0.60The Marketplace segment saw significant growth, driven by a 94% year-over-year revenue jump from Hepsiburada. — Rapid expansion in the marketplace segment proves successful international scaling and diversification of revenue streams.
+0.50Fintech revenue and the loan portfolio grew by 25% and 23% respectively. — Consistent growth in the core fintech engine supports long-term valuation and ecosystem stickiness.
+0.40There was a slight increase in the non-performing loan (NPL) ratio. — Rising NPLs suggest a marginal increase in credit risk, though the effect is tempered by overall portfolio growth.
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Model heads
Reported a significant 94% year-over-year revenue jump.
Strong Q1 results with 31% revenue growth and a 'Buy' rating.
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