Joint Stock Company Kaspi.kz (KSPI) Stock Analysis

Kaspi.kz’s principal competitive advantage is its dominant, integrated “Super App” ecosystem, which combines payments, e-commerce, and fintech services for both consumers and merchants. As of year-end 2024, the Kaspi.kz Super App had 14.7 million monthly active users (MAU) in Kazakhstan—over 70% of the country’s adult population. User engagement is exceptionally high: the average user completes 73 transactions per month, and daily active user (DAU) to MAU ratio is 68%, far exceeding regional peers.

Kaspi.kz’s merchant platform is similarly entrenched, with 737,000 active merchants (2024), and 95% of them using its payment acquiring services. This two-sided network effect is difficult for competitors to replicate. For comparison, Hepsiburada (Turkey) has 12 million active users and 100,000 merchants, but lower engagement and weaker integration across services.

Brand strength is another key asset: Kaspi.kz is the #1 recognized brand in Kazakhstan for payments (79% unaided awareness), e-commerce (38%), and consumer finance (49%). Its proprietary logistics (8,000+ parcel lockers) and in-house AI-driven customer support further reinforce switching costs and operational efficiency.

Financially, Kaspi.kz delivers sector-leading profitability: 2024 net margin was 41%, return on equity 75%, and cost of risk remains low (2.1%). While regulatory and geopolitical risks are non-trivial, no domestic rival matches Kaspi.kz’s scale, user loyalty, or breadth of services.