Kaspi kz Stock Price, News & Analysis

Kaspi.kz (KSPI) held an Extraordinary General Meeting on November 19, 2024, where shareholders approved several key resolutions. The company declared a dividend of KZT 850 per common share for Q3 2024, with payments starting November 19, 2024. The meeting also approved an amended company charter and elected Zurab Nikvashvili as an independent board member, replacing Nikolay Zinovyev. Notably, shareholders approved a major transaction to acquire 40 million Class A shares and 173.2 million Class B shares of D-Market Elektronik Hizmetler ve Ticaret A.Ş. (Turkey), including authorization to pledge these shares to secure the company's obligations.

Kaspi.kz has announced its decision to withdraw from the privatisation process of Humo, the National Interbank Processing Center in Uzbekistan. The company had previously submitted a non-binding letter of interest to Uzbekistan's State Assets Management Agency (SAMA) in August 2024. Despite this withdrawal, Kaspi.kz expressed continued interest in Uzbekistan's growing economy and digital transformation opportunities.

Kaspi.kz (Nasdaq: KSPI) has announced an Extraordinary General Meeting of Shareholders scheduled for 19 November 2024 at 10:00 Astana time in Almaty, Kazakhstan. The agenda includes approval of dividend distribution, amendments to the company charter, election of a new Board Member, and approval of a major transaction.

Key points:

• The Board recommends a dividend of 850 KZT per common share
• Proposed record date for dividends: 18 November 2024 for common shareholders, 20 November 2024 for ADS holders
• A new Board Member will be elected due to a resignation
• Shareholders will vote on a major transaction involving property valued at 50% or more of the company's total book value

If quorum is not met, a repeated meeting will be held on 20 November 2024 at the same time and location.

Kaspi.kz reported strong financial results for Q3 and 9M 2024, with revenue and net income up 34% and 23% respectively for the first nine months. The company is on track for FY24 net income growth of around 25%. Key highlights include:

- Marketplace Platform GMV and revenue up 46% and 76% YoY, with e-Commerce GMV up 95% YoY

- Payments Platform transactions up 42% YoY, with B2B Payments as the fastest-growing component

- Fintech Platform TFV growth up 34% YoY, with Merchant & Micro Business Finance and BNPL as the fastest-growing lending product

Kaspi.kz also announced the acquisition of a controlling stake in Hepsiburada, expanding its market to 100 million people. The company proposed a dividend of KZT850/ADS for Q3 2024, subject to shareholder approval.

Kaspi.kz (NASDAQ: KSPI) has announced a definitive agreement to acquire a 65.41% stake in Hepsiburada (NASDAQ: HEPS), a leading Turkish e-commerce platform, for approximately $1,127 million. The transaction, expected to close in Q1 2025, will be paid in two cash installments. Hepsiburada, founded in 2000, recorded about $4 billion in gross merchandise value (GMV) for fiscal year 2023, serving around 12 million consumers and 101 thousand merchants.

This strategic move expands Kaspi.kz's addressable market to 100 million people. Both companies will maintain distinct brands and operating structures post-acquisition. The deal aims to leverage combined knowledge and technology to advance e-commerce and digital services in Türkiye and Kazakhstan. Kaspi.kz plans to finance the investment using its own cash from operations and cash at hand, with potential exploration of debt capital markets following its recent BBB- investment grade credit rating by Fitch.

Kaspi.kz, a leading financial technology company in Kazakhstan, has responded to investor questions, providing key insights into its business operations and regulatory compliance efforts. The company highlighted that 99.6% of its 2023 revenue was generated in Kazakhstan, with minimal revenue from Azerbaijan and Ukraine. Kaspi.kz emphasized its robust 'know your customer' (KYC) processes and strict adherence to international sanctions lists.

The company clarified that only 2.8% of customer account balances come from non-residents of Kazakhstan, and just 0.3% of Marketplace GMV is from non-resident purchases. Kaspi.kz also addressed its acquisitions, including the classifieds business in Azerbaijan and Portmone in Ukraine. The company disclosed its 90.01% stake in Magnum e-Grocery, with a commitment to invest KZT 70,000 million over three years.

Kaspi.kz (KSPI US) has announced that it will release its financial results for the third quarter and nine months ended September 30, 2024, on Monday, October 21, 2024. The company's management will host a conference call and webcast on the same day at 8:00 AM EST (1:00 PM GMT, 5:00 PM Astana time) to discuss and review the financial performance for the period.

Interested parties can pre-register for the conference call by visiting the provided link: https://www.netroadshow.com/events/login?show=ac66cfee&confId=71533. Access details will be sent via email upon registration.

Kaspi.kz has issued a statement in response to a research report published by Culper Research on September 19, 2024. The company strongly refutes the report, describing it as misleading, inaccurate, and misrepresentative of their business operations. Kaspi.kz attributes the increased scrutiny to their status as the first Kazakhstani company to list on Nasdaq, which has heightened their visibility among short sellers. The company emphasizes its established reputation among long-term investors as a testament to its credibility.

Kaspi.kz has received its first international credit rating from Fitch, achieving an investment grade BBB- with a stable outlook. This rating applies to Kaspi.kz as a whole, separate from Kaspi Bank's existing BBB- rating. Fitch highlighted Kaspi.kz's unique business profile, leading nationwide franchise, and strong operating profitability compared to global peers.

Key rating drivers include Kaspi.kz's diverse business model, combining leading franchises in payments, commerce, and fintech through its Super App. The company's stellar profitability is emphasized, with an extraordinary 80% return on equity over the past 8 years. CEO Mikhail Lomtadze noted that this rating follows Moody's recent upgrade of Kaspi Bank to investment grade and Kazakhstan's improved credit rating.