Joint Stock Company Kaspi.kz (KSPI) Stock Analysis

Kaspi.kz’s principal competitive advantage is its integrated “Super App” ecosystem, which combines payments, e-commerce, and fintech services for both consumers and merchants. This two-sided platform creates powerful network effects: as of December 2024, the consumer app had 14.7 million monthly active users (MAU) and the merchant app had 737,000 active merchants—figures unmatched in Kazakhstan. User engagement is exceptionally high, with 68% daily active user (DAU) to MAU ratio and 73 monthly transactions per active consumer, far exceeding regional peers.

Brand strength is another key asset. In 2024, Kaspi.kz was the most recognized brand in Kazakhstan across payments (79% awareness), e-commerce (38%), and consumer finance (49%), with the next closest competitors trailing by wide margins. This brand dominance supports low customer acquisition costs and high retention.

Operationally, Kaspi.kz’s proprietary technology and in-house logistics (e.g., 8,000+ parcel lockers, 99 million annual deliveries) enable rapid, low-cost scaling and superior customer experience. The company’s risk management and data analytics underpin a stable cost of risk (2.1%) and high return on equity (67%).

Compared to regional rivals such as Hepsiburada (Turkey) and local banks, Kaspi.kz’s breadth of services, user engagement, and profitability (41% net margin in 2024) are superior. However, expansion into Turkey introduces new risks, and continued innovation is required to defend its position as digital adoption rises and global players eye the market.