The author presents a long KSPI thesis, arguing Kaspi.kz is a high-margin, near-monopoly Kazakh superapp mispriced as a risky emerging-market bank.
Unpriced research observations (excluded from Calls and Returns):
KSPI — LONG The author is long KSPI, arguing Kaspi is a high-margin superapp with near-monopoly penetration in Kazakhstan (13M monthly active users and 10M daily active users in a 20M country) and diversified payments, marketplace, fintech, and eGov revenue, so it should be valued as a platform rather than a fragile emerging-market bank. The author cites ~40% net income margin, 30%+ revenue growth, single-digit P/E, ~7% dividend yield, and 44% founder ownership as evidence of a mispriced owner-operated compounder. The main stated risks are Kazakhstan corruption and bureaucracy, commodity dependence, regulatory and currency controls, Russia geopolitical risk, and infrastructure gaps. No concrete catalyst or short time horizon is supplied beyond management thinking in decades. resolved_entity_name_mismatch
The market prices Kaspi like a rickety emerging market bank that might blow up tomorrow. But it operates like a sticky, high-margin platform business with: