KSPI
Strong BuyFull HouseAI pickJoint Stock Company Kaspi.kz · Technology · Kazakhstan · $17.8B cap · $56.0M/day traded
$97.17 +4.5% · close 12 Oct · scored 14 Oct
Full House: Strong business, sensible price, market agrees. The rare full house.
Read our full research report on KSPI (May 2026), freeAs of 14 Oct 2026, MoatMap's StockRank for Joint Stock Company Kaspi.kz (KSPI) is 93/100, ranked against 24,000+ stocks in 35 markets (Quality 63, Value 64, Momentum 69, each scored against its sector).
Does StockRank work? Each month we publish how every decile did, whichever way it went. See the record →
Kaspi.kz runs Kazakhstan's dominant super-app, combining payments, marketplace and e-commerce, and consumer finance in one ecosystem used by most of the adult population. The network effects are self-reinforcing: more merchants attract more consumers, lowering acquisition costs and funding, and returns on equity are among the highest of any listed financial or platform company, with most profits paid out as dividends. The founders remain large owners and managers. As an oil exporter, Kazakhstan benefits from crude near $95, which supports the tenge, fiscal spending and household incomes, while the shares still trade on a low multiple for a business of this quality because of country and Turkey (Hepsiburada) risk. Management has highlighted AI-driven product growth in its second-quarter results.
ABOUT JOINT STOCK COMPANY KASPI.KZ
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Joint Stock Company Kaspi.kz is the operator of Kazakhstan's leading integrated super app, providing a wide array of financial services including payments, loans, and deposits, alongside e-commerce and fintech solutions. The company holds a dominant market position due to its highly integrated ecosystem, strong brand recognition, and vast active user base that engages with its diverse offerings. This comprehensive platform approach has created a significant competitive moat, making it central to Kazakhstan's digital economy.
FINANCIAL SUMMARY (USD)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 889.6B | 2.8B | 4.2B | 5.6B | 9.0B | -68.3% | 8.6B | 10.5B | 12.2B | 16.9% |
| EPS | 2,247 | 6.78 | 9.85 | 12.18 | 12.52 | -72.7% | 10.91 | 13.09 | 14.84 | 8.9% |
| Shares | 192.2M | 190.3M | 189.3M | 190.0M | 190.2M | -1.0% | 190.0M | — | — | — |
| Debt | 310.5B | 593.8M | 493.9M | 492.4M | 1.0B | -75.9% | 998.9M | — | — | — |
| Equity | 499.7B | 1.8B | 2.4B | 3.4B | 5.5B | -67.6% | — | — | — | — |
| Op CF | 70.4B | 2.3B | 2.5B | 1.3B | 1.5B | -61.8% | 1.4B | — | — | — |
| Inv CF | 289.7B | -1.1B | -485.5M | -240.9M | -1.1B | — | — | — | — | — |
| Fin CF | -352.6B | -613.5M | -1.5B | -1.6B | 334.1M | — | — | — | — | — |
Above its 200-day average and 10% below its 52-week high.
Calmer than 64% of stocks we rank over the past year (34% a year).
How this is worked out
StockRank judges the business. The price check reads only the chart: it is the price side of the Momentum score, in words.
The rules: Still falling is a new 52-week low in the last two weeks, at least 25% below the high. Finding a floor is no new low since. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average and within 15% of the high.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn like this one cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: day-to-day price moves over the past year, as a yearly figure, ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Technology, ranked by industry match, size, and score similarity. Cross-listings of KSPI are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| KSPI | Joint Stock Company Kaspi.kz(you) | $17.8B | 93 | Strong Buy |
Company Deep Dive
Read the full research report: business segments breakdown, earnings transcripts review, management credibility analysis, competitive landscape, and scenarios.