Kaspi.kz JSC (KSPI, Financial), a leading fintech company based in Kazakhstan, announced on March 5, 2025, that it has received its second international credit rating. Moody's has assigned Kaspi.kz an investment-grade Baa3 rating with a stable outlook. This follows Fitch's BBB- credit rating and stable outlook received in the latter half of 2024. These ratings are distinct from those of Kaspi Bank, a component of Kaspi.kz's Fintech Platform. The ratings reflect Kaspi.kz's diverse business model, strong financials, and leading market position.
Positive Aspects
- Kaspi.kz's Super App business model successfully integrates payments, commerce, and fintech, supporting robust revenue generation.
- The company boasts stellar profitability exceeding 40%, attributed to tight cost control and minimal loan loss risks.
- Low leverage, with most debt in the form of Kaspi Bank's deposit liabilities, enhances financial stability.
Negative Aspects
- The press release does not mention any specific challenges or risks associated with the expansion into Türkiye.
- There is no detailed financial data provided to support the claims of profitability and low leverage.
Financial Analyst Perspective
From a financial analyst's viewpoint, Kaspi.kz's receipt of a Baa3 rating from Moody's is a significant endorsement of its financial health and business model. The company's ability to maintain high profitability and low leverage is commendable, especially in a volatile economic environment. The expansion into Türkiye through the acquisition of Hepsiburada could potentially enhance revenue streams, although it also introduces new market risks that need to be managed carefully.
Market Research Analyst Perspective
As a market research analyst, the dual credit ratings from Moody's and Fitch position Kaspi.kz as a stable and reliable player in the fintech sector. The company's innovative Super App model and its strategic expansion into new markets like Türkiye highlight its growth potential. However, the competitive landscape in the fintech and e-commerce sectors requires Kaspi.kz to continuously innovate and adapt to maintain its market leadership.
Frequently Asked Questions
What credit rating did Moody's assign to Kaspi.kz?
Moody's assigned a Baa3 investment-grade rating with a stable outlook.
How does Kaspi.kz's business model contribute to its financial stability?
Kaspi.kz's Super App model integrates payments, commerce, and fintech, supporting strong revenue generation and resilience.
What recent acquisition did Kaspi.kz make to expand its market presence?
In January 2025, Kaspi.kz acquired a 65.41% stake in Hepsiburada, a leading e-commerce platform in Türkiye.
Read the original press release here.
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