Kaspi.kz initiated with a Positive at Susquehanna

Susquehanna initiated coverage of Kaspi.kz with a Positive rating and $154 price target. The company’s app flows from fintech and payments, on and offline, and is so integral to daily life in native Kazakhstan that it commands merchant take rates over 10%, the analyst tells investors in a research note. The firm says engagement continues to lift and volume follows as management layers in adjacencies, including e-government, e-grocery, auto/real estate classifieds and merchant financing. It sees a “reasonable valuation for such a powerful business engine.”