I hold Kaspi and since I currently work in Kazakhstan, bank with them as well.
It's certainly true that most of the population uses their services. Everywhere you go, you can pay with Kaspi, but other banks are catching up, notably London listed Halyk, HSBK.L
That said, as first mover Kaspi seem to have a foothold that won't be lost. The bigger supermarkets, for example offer both Kaspi and Halyk QR payment options, but smaller traders having chosen Kaspi, stick with Kaspi.
The Culper short interest has certainly hurt the share price and risks remain, particularly if any investigation leads to a Nasdaq de-listing.
I agree about Culper posing a risk, when the war in Ukraine is over, sanctions removal will be a part of that. Since Kaspi is not encroaching on a US companies territory, I don’t foresee the US going after them (assuming they may have crossed some obscure line, our President is the King of crossing obscure business lines.) 😂
I think @diyinvestor is the first person who wrote about it that I saw. Then I reached out to some missionaries I support in Kazakhstan and got a great report that they use both sides of the payments app and the marketplace everyday and love it, even saying they bought some stock in the company. Then I started to dig deeper and see why this was such a value proposition and this article is what I came up with.
Interesting find, note that the Turkey market is very competitive and Alibaba (Trendyol) is a big player there. Just a small note.
That’s the kind of value added comments I love, very apropos of the Moat Mind 😊
The Kazakhstan bond yield is 14%, so you can't use a 12% discount rate. I suggest 20% in which case the stock isn't cheap
Good knowledge, thank you.
An interesting read, thank you.
I hold Kaspi and since I currently work in Kazakhstan, bank with them as well.
It's certainly true that most of the population uses their services. Everywhere you go, you can pay with Kaspi, but other banks are catching up, notably London listed Halyk, HSBK.L
That said, as first mover Kaspi seem to have a foothold that won't be lost. The bigger supermarkets, for example offer both Kaspi and Halyk QR payment options, but smaller traders having chosen Kaspi, stick with Kaspi.
The Culper short interest has certainly hurt the share price and risks remain, particularly if any investigation leads to a Nasdaq de-listing.
Currency risk is also high in my view.
Regards,
Jon
I agree about Culper posing a risk, when the war in Ukraine is over, sanctions removal will be a part of that. Since Kaspi is not encroaching on a US companies territory, I don’t foresee the US going after them (assuming they may have crossed some obscure line, our President is the King of crossing obscure business lines.) 😂
Interesting!
good read. i am interested, how did you discovored Kaspi stock?
I think @diyinvestor is the first person who wrote about it that I saw. Then I reached out to some missionaries I support in Kazakhstan and got a great report that they use both sides of the payments app and the marketplace everyday and love it, even saying they bought some stock in the company. Then I started to dig deeper and see why this was such a value proposition and this article is what I came up with.
Excellent write-up! Thank you. Kaspi seems like heads I win, tails I don't lose much setup.