Joint Stock Company Kaspi.kz
NASDAQ•KSPI
執行長: Mr. Mikheil N. Lomtadze
板塊: Technology
行業: 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.
聯絡資訊
市值
$15.65B
本益比 (TTM)
7.1
40
股息率
--
52周最高
$99.20
52周最低
$68.59
52周範圍
排名6
7.5
F-Score
改良版 Piotroski 分析
基於 6 年期基本面
強勁 • 7.5 / 9 分
評分區間 (0-9)
8-9: 價值優異
6-7: 基本面強勁
4-5: 整體穩健
0-3: 表現疲弱
資料區間: 2020-2025
財務儀表板
Q4 2025 數據
營業收入
$2.12B+0.00%
近4季度走勢
每股收益
$2.69+0.00%
近4季度走勢
自由現金流
-$2.64B+0.00%
近4季度走勢
2025 Annual 財報亮點
核心亮點
Total Revenue Surges 60% Total revenue reached ₸4.05T, up 60% driven by Hepsiburada acquisition and strong growth across all platforms.
Payments TPV Hits ₸44.22T Payments Total Payment Value grew 19% to ₸44.22T, fueled by increased consumer transactions and active users.
Fintech TFV Expands 13% Total Finance Value in Fintech increased 13% to ₸11.65T, supported by strong loan origination volume.
Marketplace GMV Reaches ₸6.66T Marketplace Gross Merchandise Value grew 11% to ₸6.66T, driven by e-Commerce and Kaspi Travel expansion efforts.
關注風險
Fintech Profitability Pressured Higher than normal interest rates directly contributed to declining profitability within the Fintech segment during 2025.
Credit Quality Deterioration Non-performing loans ratio rose to 6.1% of gross loan portfolio in 2025, indicating increased credit risk exposure.
Evolving Regulatory Landscape Uncertain and evolving legislative frameworks in Kazakhstan pose risks to business operations and compliance costs.
Cybersecurity Incident Exposure Hepsiburada experienced a cybersecurity incident in February 2024, highlighting ongoing threat sophistication risks.
未來展望
Capitalizing on Digitalization Growth Expect continued growth driven by digitalization, focusing on increasing transaction frequency across Payments and Marketplace platforms.
Expanding New Verticals Plan to grow Payments Platform by identifying and scaling new, earlier-stage verticals like B2B Payments and BINPL financing.
Replicating Kazakhstan Success Strategy includes replicating successful Super App model into new geographies, notably expanding Hepsiburada in Türkiye.
Investing in Proprietary Technology Continue investing heavily in proprietary technology, AI, and machine learning capabilities to enhance decision-making and user experience.
同行對比
營業收入 (TTM)
$7.70B
$6.84B
$4.73B
毛利率 (最新季度)
81.9%
81.4%
79.7%
關鍵指標
股票代碼 | 市值 | 本益比 (TTM) | 股東權益報酬率 (TTM) | 負債率 |
|---|---|---|---|---|
| QXO | $16.54B | -0.5 | -3.2% | 28.2% |
| KSPI | $15.65B | 7.1 | 50.1% | 3.1% |
| AKAM | $12.87B | 28.3 | 9.6% | 60.2% |
長期趨勢
近4季度
營業收入
淨利
營運現金流
4季度營業收入複合增長率
9.5%
穩定增長
4季度淨利複合增長率
1.1%
盈利能力緩慢提升
現金流穩定性
25%
現金流需要關注
深度研究
下次財報:2026年4月27日
每股收益:$2.78
|營業收入:$2.14B
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