Joint Stock Company Kaspi.kz (NASDAQ:KSPI) Posts Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Kaspi.kz beat Q1 expectations, reporting EPS of $2.78 versus the $2.59 consensus and revenue of $2.27 billion versus $2.15 billion expected. Net margin was 26.59% and return on equity reached 48.73%.
• E-commerce remains a major growth driver, with GMV up about 41% year over year, transactions up 43%, and purchase frequency rising to 15. Advertising and delivery revenue also surged roughly 73%.
• Management kept full-year guidance largely unchanged and continued to emphasize shareholder returns, including a recommended KZT 850 per ADS dividend. However, funding costs in fintech remain elevated and are weighing on profitability for now.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI - Get Free Report) posted its quarterly earnings data on Monday. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.19, FiscalAI reports. The firm had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.15 billion. Joint Stock Company Kaspi.kz had a net margin of 26.59% and a return on equity of 48.73%.

Here are the key takeaways from Joint Stock Company Kaspi.kz's conference call:

• E‑commerce strong momentum: E‑commerce GMV grew ~41% YoY (constant‑currency, pro‑forma) with transactions +43% and quarterly purchase frequency up to 15 (↑44% YoY), while advertising and delivery revenue jumped ~73%, lifting the take‑rate ~90bps to 15.8%.
• Solid top‑line and shareholder returns: Consolidated revenue rose ~31% YoY and adjusted EBITDA +9% YoY, and the board recommended a KZT 850 per ADS dividend (≈64% payout), supporting shareholder return expectations.
• Fintech funding headwinds despite portfolio growth: Average net loan portfolio grew ~23% and credit metrics remain low (1st/2nd payment defaults 0.9%/0.4%, delinquency 2.2%), but funding costs are ~220bps higher YoY, pressuring NII and profitability until interest rates ease.
• Turkey/Hepsiburada progressing toward breakeven: Losses narrowed in Q1 as Kaspi invests in delivery, tech and merchant onboarding; management targets EBITDA breakeven (and eventual FCF positivity) while driving higher engagement on the platform.
• Guidance and liquidity: Full‑year guidance remains largely unchanged (GMV ~20%, TPV ~15%, EBITDA growth ~5%), and the company raised $600m (5.9%) for general corporate purposes to fund initiatives across Kazakhstan and Turkey.

Joint Stock Company Kaspi.kz Stock Up 1.9%

KSPI stock traded up $1.61 during midday trading on Monday, hitting $87.51. The company's stock had a trading volume of 205,294 shares, compared to its average volume of 533,131. Joint Stock Company Kaspi.kz has a 52-week low of $68.59 and a 52-week high of $99.20. The firm has a market capitalization of $16.65 billion, a P/E ratio of 8.10 and a beta of 0.98. The firm has a 50-day simple moving average of $77.56 and a 200-day simple moving average of $76.66.

Joint Stock Company Kaspi.kz Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, April 16th. Shareholders of record on Thursday, April 16th were given a $1.7595 dividend. The ex-dividend date of this dividend was Thursday, April 16th. Joint Stock Company Kaspi.kz's dividend payout ratio (DPR) is currently 16.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Joint Stock Company Kaspi.kz from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, April 21st. Susquehanna cut shares of Joint Stock Company Kaspi.kz from a "positive" rating to a "neutral" rating and set a $87.00 price target for the company. in a research report on Monday, February 2nd. Finally, Zacks Research raised shares of Joint Stock Company Kaspi.kz from a "strong sell" rating to a "hold" rating in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Joint Stock Company Kaspi.kz has a consensus rating of "Hold" and an average price target of $96.67.

Hedge Funds Weigh In On Joint Stock Company Kaspi.kz

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC lifted its position in shares of Joint Stock Company Kaspi.kz by 15.3% during the 4th quarter. Advisory Services Network LLC now owns 3,787 shares of the company's stock worth $296,000 after purchasing an additional 502 shares during the last quarter. North of South Capital LLP purchased a new stake in shares of Joint Stock Company Kaspi.kz during the 4th quarter worth $1,425,000. Public Employees Retirement System of Ohio lifted its position in shares of Joint Stock Company Kaspi.kz by 16.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 167,125 shares of the company's stock worth $13,057,000 after purchasing an additional 23,500 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Joint Stock Company Kaspi.kz by 21.4% during the 4th quarter. Russell Investments Group Ltd. now owns 186,320 shares of the company's stock worth $14,557,000 after purchasing an additional 32,820 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Joint Stock Company Kaspi.kz by 1,518.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 869,201 shares of the company's stock worth $70,996,000 after purchasing an additional 815,509 shares during the last quarter. Hedge funds and other institutional investors own 32.20% of the company's stock.

Joint Stock Company Kaspi.kz Company Profile

Joint Stock Company Kaspi.kz is a leading financial technology and e-commerce group headquartered in Almaty, Kazakhstan. The company has built one of the country’s largest digital ecosystems, offering a suite of integrated services that span consumer banking, payments, online marketplaces and merchant acquiring. Through its mobile and web platforms, Kaspi.kz aims to simplify everyday financial and shopping activities for individuals and businesses across Kazakhstan.

The company’s core offerings include digital banking solutions such as deposit accounts, digital wallets and money transfers, alongside consumer lending products that enable point-of-sale financing and “buy now, pay later” purchases.

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