Kaspi (KSPI) - The Kazakhstani monopoly on consumer-commerce and payments

Bullish flow hit KSPI so we dug into it a bit and it’s actually a pretty interesting setup.

Kaspi is basically the dominant consumer-commerce, payments ecosystem in Kazakhstan.

It ouches payments, marketplace, consumer finance, merchant tools, classifieds, travel, etc.

The company basicallyy has a monopoly on the consumer commerce with a 70% market share and and payment rail at 85% and over 90% card transaction penetration among consumer base

Q1 2026 revenue grew 31% YoY and it’s expanding into Turkey through Hepsiburada, and yet the stock trades around 7x earnings, which is basically EM bank multiples. Discounting the fact that's it's an EM stock, we could see multiples towards 10-12.

Obviously this is a v risky stock and not something to size recklessly but definitely worth looking at.