New Street starts Kaspi.kz at Buy on dominant payments position

New Street initiated coverage of Kaspi.kz (KSPI) with a Buy rating and $175 price target. The firm says Kaspi.kz “the best fintech you might not have heard of.” Kaspi is a “Super App the likes of which we haven’t really seen develop outside of China,” the analyst tells investors in a research note. New Street believes the company is dominant in payments and has roots in lending with its growth currently driven by triple digit sales in the leading local e-commerce platform. The stock’s valuation stands out as attractive for a compounding mid-20%’s net income grower over multiple years looking forward, contends New Street. It sees more upside in Kaspi.kz than in MercadoLibre (MELI) right now.