Joint Stock Company Kaspi.kz
NASDAQ•KSPI
CEO: Mr. Mikheil N. Lomtadze
板块: Technology
行业: Software - Infrastructure
上市日期: 2018-07-23
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
联系方式
市值
$14.24B
市盈率 (TTM)
6.4
45.5
股息率
--
52周最高
$102.52
52周最低
$70.05
52周范围
排名6
7.5
F-Score
改良版 Piotroski 分析
基于 6 年期基本面
强劲 • 7.5 / 9 分
评分区间 (0-9)
8-9: 价值优异
6-7: 基本面强劲
4-5: 整体稳健
0-3: 表现疲弱
数据范围: 2020-2025
财务仪表盘
Q3 2025 数据
营业收入
$2.07B+70.12%
近4季度走势
每股收益
$2.72+2.71%
近4季度走势
自由现金流
-$268.13M-187.90%
近4季度走势
2024 Annual 财报亮点
核心亮点
Total Revenue Increased 32% Total revenue reached ₸2.53T ($4.82B), showing 32% growth driven by strong performance across all platforms.
Net Income Grew 25% Net income was ₸1.06T ($2.01B), reflecting successful scaling and profitability across Payments, Marketplace, and Fintech.
Payments TPV Up 31% Total Payment Value (TPV) hit ₸37.23T, increasing 31%, primarily due to a 40% rise in transaction volume.
Marketplace GMV Expanded 44% Marketplace Gross Merchandise Value grew 44% to ₸5.98T, supported by 85% growth in e-Commerce GMV.
关注风险
Cost of Goods Services Soared Cost of goods and services increased 83% to ₸303.9B, primarily due to scaling 1P e-Grocery and e-Cars businesses.
Sales Marketing Expenses Doubled Sales and marketing expenses rose 101% to ₸44.0B, reflecting increased investment in internet marketing activity and promotions.
Provision Expenses Increased 43% Provision expenses grew 43% to ₸114.0B, driven by 38% increase in Average Net Loan Portfolio and higher Cost of Risk.
Kazakhstan Economic Volatility Exposure to Tenge volatility, high inflation, and evolving Kazakhstan regulatory framework poses ongoing material risks to operations.
前瞻展望
Hepsiburada Acquisition Closed Completed acquisition of Hepsiburada in Türkiye for approximately $1.13B, aiming to replicate Super App model internationally.
Payments TPV Growth Expected Expect TPV growth to continue medium term by adding more payment opportunities and growing Payments Active Consumers by 6%.
Fintech Profitability Recovery Expect Fintech segment profitability to increase when higher interest rates normalize from current elevated levels impacting funding costs.
Retaining Earnings for 2025 Currently do not intend to pay dividends in 2025, prioritizing retention of earnings for new business initiatives and capital expenditures.
同行对比
营业收入 (TTM)
$7.03B
$6.84B
$4.73B
毛利率 (最新季度)
81.9%
81.4%
79.2%
关键指标
股票代码 | 市值 | 市盈率 (TTM) | 净资产收益率 (TTM) | 负债率 |
|---|---|---|---|---|
| QXO | $16.20B | -0.5 | -3.2% | 28.2% |
| AKAM | $14.63B | 32.2 | 9.6% | 60.2% |
| KSPI | $14.24B | 6.4 | 59.0% | 4.2% |
长期趋势
近4季度
营业收入
净利润
经营现金流
4季度营收复合增长率
12.8%
稳定增长
4季度净利润复合增长率
-5.9%
盈利能力下滑
现金流稳定性
50%
现金流需要关注
深度研究
下次财报:2026年4月27日
每股收益:$2.87
|营业收入:$2.02B
财务数据
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利润表
资产负债表
现金流量表
财务比率
变化率
利润表 | 过去12个月 |
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无数据