Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.
Screened 2026-09-02 · the tape above runs as of 13:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Kaspi.kz JSC ADR holds its Markup at $106.81. The statistical read favours the buyers, held for 11 days.
As held on the ledger · 2026-09-02
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 11 days
Price at the screen
$106.81
Valuation
9.20 trailing · 0.02 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.08
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.25%
Below 33%
Interest-bearing debt is just 4.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.33%
Below 33%
Cash held in interest-bearing accounts and securities is 0.3% of assets, under the one-third limit.
Pass
Receivables
8.39%
Below 49%
Money owed to the company is 8.4% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-02 screen. The gold marker is the market price at the same screen. A 39.5% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus Buy. The average target sits −4% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Kazakhstan fintech thrives yet draws no bid
Every time a shopper in Almaty pays for groceries or a merchant settles a marketplace sale, Kaspi moves the money inside one integrated app. The business combines payments, e-commerce and lending in a market with few rivals, delivering 31 percent revenue growth, 25 percent profit margins and 47 percent return on equity.
Those figures explain the narrow moat and clean ethical screen. Yet the opportunity rating sits at none because the shares already trade close to analyst targets and the company remains tied to one region whose rules and currency can shift quickly.
High returns look attractive until earnings peak or local conditions tighten, at which point the multiple can compress without warning. Forward earnings visibility is thin and the stock offers little margin above current analyst medians. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to Kazakhstan and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KSPI trades on NASDAQ (the company is based in Kazakhstan). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-03Accumulation$106.81+23.2%Entry 5
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 23.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (7 analysts) rates it buy, with a mean price target of $96.
2026-08-04Accumulation$86.68+7.6%Entry 4
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (7 analysts) rates it buy, with a mean price target of $96.
2026-07-18Accumulation$80.56+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 8%. Our forward projection puts the odds of a 10% gain over the next month near 17%. The street (7 analysts) rates it buy, with a mean price target of $96.
2026-07-03Accumulation$80.56+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Accumulation$80.56Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
