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Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) has shared an update.
Kaspi.kz JSC, a leading Kazakhstani fintech and e-commerce ecosystem operator listed on Nasdaq, reported continued expansion of its integrated payments, marketplace and lending platforms as of the second quarter and first half of 2026. The company’s Kaspi.kz Super App and newly launched Kasper AI assistant are central to its strategy of driving high-frequency consumer engagement, while its recent move into Türkiye through Hepsi Bank signals ambitions to scale its digital financial services regionally.
On 10 August 2026, Kaspi.kz published unaudited IFRS results for the quarter and half-year ended 30 June 2026, highlighting 15% year-on-year revenue growth to KZT1.1 trillion and stable net income of KZT259 billion despite higher funding costs and investments in Türkiye. E-commerce remained the main growth driver, with strong gains in GMV, consumer engagement and value-added services revenue, supported by the July rollout of Kasper, which quickly achieved notable adoption and recommendation effectiveness among Kazakhstani users.
The company reported solid performance across its marketplace, payments and fintech segments, including robust loan portfolio expansion and adjusted EBITDA growth, even as it invested in new technologies such as Kaspi Alaqan pay-by-palm. In parallel, Kaspi.kz completed the acquisition and rebranding of Rabobank A.Ş. as Hepsi Bank in Türkiye, launched an integrated shopping loan with Hepsiburada and laid the groundwork for broader lending and deposit offerings from 2027, underscoring its confidence with a proposed 18% increase in the quarterly dividend, subject to shareholder approval.
Management framed the launch of Kasper as the beginning of a new chapter in the company’s evolution, aiming to reshape how consumers interact with mobile commerce through natural-language, AI-assisted product discovery. Early data showing high rates of tailored recommendations and successful guidance to specific products suggest potential for Kasper to enhance transaction volumes and monetisation, reinforcing Kaspi.kz’s competitive positioning in AI-driven retail finance and digital marketplaces in Central Asia and beyond.
The most recent analyst rating on (KSPI) stock is a Buy
with a $105.00 price target.
To see the full list of analyst forecasts on Kaspi.kz JSC Sponsored ADR RegS stock,
see the KSPI Stock Forecast page.
Spark’s Take on KSPI Stock
According to Spark, TipRanks’ AI Analyst, KSPI is a Outperform.
The score is driven primarily by strong profitability and balance-sheet strength, tempered by a sharp TTM deterioration in operating and free cash flow. Valuation is notably attractive (low P/E with a dividend), while technicals are supportive and the earnings call signals strong top-line momentum but ongoing near-term margin and integration headwinds with unchanged guidance.
To see Spark’s full report on KSPI stock,
click here.
More about Kaspi.kz JSC Sponsored ADR RegS
Kaspi.kz JSC is a Kazakhstan-based fintech and e-commerce ecosystem operator, best known for its Kaspi.kz Super App that integrates payments, marketplace services and digital banking. Listed on Nasdaq as KSPI, the company focuses on high-frequency consumer transactions, online shopping and financial services, with growing operations in Kazakhstan and an expanding footprint in Türkiye.
Kaspi.kz has built a diversified business spanning e-Commerce, marketplace, payments and lending, supported by proprietary technology and extensive first-party transactional data. The group is increasingly positioning itself as an AI-enabled platform, using tools like its new Kasper assistant to deepen engagement, monetise value-added services and support cross-selling across its ecosystem.
Its recent acquisition and rebranding of Rabobank A.Ş. as Hepsi Bank in Türkiye underscores Kaspi.kz’s strategic push into international digital banking and fintech. By leveraging Hepsiburada’s existing commerce infrastructure and microfinance licence, the company aims to replicate its Kazakhstani ecosystem model in a large neighbouring market over the medium term.
Average Trading Volume: 429,431
Technical Sentiment Signal: Strong Buy
Current Market Cap: $15B
For detailed information about KSPI stock, go to TipRanks’ Stock Analysis page.