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
$13.13B
本益比 (TTM)
6.1
44.5
股息率
--
52周最高
$99.92
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
$0.00+0.00%
近4季度走勢
2024 Annual 財報亮點
核心亮點
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.
關注風險
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.
未來展望
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%
79.2%
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 |
|---|---|---|---|---|
| AKAM | $15.60B | 34.4 | 9.6% | 60.2% |
| QXO | $14.30B | -0.4 | -3.2% | 28.2% |
| OKTA | $13.41B | 59.7 | 3.5% | 4.3% |
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:$2.74
|營業收入:$2.11B
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