JSC Kaspi.kz ADR (KSPI) | News Based Sentiment Analysis

• On October 3, 2025, Kaspi.kz reported a strong second quarter, with revenue growth reaching 41.41% year-over-year, exceeding analyst expectations. This growth was driven by increases in payment volume, transactions, and net income, signaling continued positive momentum for the company.
• Kaspi.kz is strategically expanding its reach, actively acquiring a bank and a marketplace in Turkey as of October 1, 2025, indicating a commitment to new market penetration. The H2 report from Hepsiburada suggests a turnaround story is already unfolding in this expansion.
• A new partnership with Alipay+ was announced on October 3, 2025, enabling cross-border QR payments and strengthening Kaspi.kz’s growth engines. This builds on their April 2025 integration with PayPay, further expanding their payment capabilities.
• Analysts are showing increasing optimism, with Zacks Research upgrading Kaspi.kz from a "strong sell" to a "hold" rating on October 3, 2025. MarketBeat data indicates a "Moderate Buy" consensus rating with a $122.00 target price as of October 2, 2025.
• Institutional investors have been increasing their holdings in Kaspi.kz, with notable increases from Driehaus Capital Management (+24.8% in Q1), Renaissance Capital (+6.7% in Q2), and Baillie Gifford (+17.1% in Q1). Collectively, institutional investors own 32.20% of the company’s stock as of October 2-3, 2025.
• Simply Wall St assesses Kaspi.kz as "UNDERVALUED" as of October 3, 2025, with a fair value of $112.84, representing a potential 43% upside from its trading price of $79.08 on October 2, 2025.
• Short interest decreased by -9.82% to 683,600 shares as of September 15, 2025, representing 0.44% of the float, with a days-to-cover ratio of 2.0, potentially signaling reduced bearish sentiment.

The Investment Story: Kaspi.kz is demonstrating robust financial performance, strategic expansion into new markets, and increasing investor confidence, supported by positive analyst ratings and institutional investment. The company's strong growth and undervalued status suggest continued potential for future gains.

What It Means for Investors: These developments suggest Kaspi.kz remains an attractive investment opportunity, particularly for those seeking growth in emerging markets. The company's strong fundamentals, combined with positive market sentiment, could drive further appreciation in its stock price. However, investors should monitor the Turkish market expansion for potential risks.

Looking Ahead: Investors should watch for the next earnings release on November 4, 2025, to assess the continued momentum of the company's growth. Monitoring the progress of the Turkish market expansion and any further analyst updates will also be crucial.

The Bottom Line: Kaspi.kz is a compelling investment story driven by strong financial results, strategic initiatives, and increasing investor interest. While risks remain, the company's growth potential and undervalued status make it a noteworthy addition to a diversified portfolio.