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Is KSPI a good stock to buy? We came across a bullish thesis on Joint Stock Company Kaspi.kz on Beyond the Surface’s Substack by Stone Mountain Research. In this article, we will summarize the bulls’ thesis on KSPI. Joint Stock Company Kaspi.kz’s share was trading at $88.90 as of April 21st. KSPI’s trailing P/E was 7.53 according to Yahoo Finance.
Kaspi.kz is a dominant fintech super app in Kazakhstan trading at 6.8x earnings and 10% dividend yield despite 78% population penetration across payments, commerce, and lending, with the market pricing it like a cyclical bank rather than a platform monopoly. Originating as a weak retail bank acquired in 2006 by founder-CEO Mikheil Lomtadze and chairman Vyacheslav Kim, it was transformed over nearly two decades into a national financial operating system used by ~15–16 million monthly users and processing ~18 million transactions daily.
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The app integrates payments, marketplace, and fintech services into a single ecosystem where QR payments, peer-to-peer transfers, lending, e-commerce, travel, and government services reinforce each other through data-driven feedback loops. Merchants access Kaspi Pay for acceptance, advertising, logistics, and working capital financing while consumers benefit from seamless checkout, embedded credit, and rapid delivery infrastructure, creating high switching costs and near-zero customer acquisition cost at scale.
Payments generate profitability with high margins due to proprietary rails, while the marketplace and fintech segments expand monetization through rising take rates, advertising penetration, and lending products BNPL and consumer credit underpinned by superior underwriting data. The founding team remains intact after 18 years with ~43% ownership and minimal compensation, reinforcing strong alignment.
Structural moats include network effects, behavioral switching costs, regulatory banking license exclusivity, and in a 20 million population market that cannot economically support a second super app. Despite macro headwinds and cost volatility, underlying Kazakhstan profitability remains strong, and the platform continues to expand monetization layers across its integrated ecosystem.
Previously, we covered a bullish thesis on KSPI by Easy Trader in April 2025, which highlighted Kaspi’s super app dominance, strong margins, undervaluation, and expansion potential. KSPI’s stock price has depreciated by approximately 5.96% since our coverage. Stone Mountain Research shares a similar view but emphasizes on platform integration, switching costs, and data-driven network effects reinforcing its entrenched ecosystem strength.