Kaspi.kz Achieves Strong Credit Ratings Amid Expansion Plans

Kaspi.kz has secured a Baa3 credit rating from Moody’s and a BBB- rating from Fitch, showcasing its robust financial performance and versatile business model.

Overview of Recent Credit Ratings

Kaspi.kz has earned its second international credit rating, receiving a Baa3 rating with a stable outlook from Moody’s. This follows an earlier BBB- rating from Fitch. The ratings reinforce the company’s solid financial health and its diverse business model, which seamlessly combines payments, commerce, and fintech within its Super App platform. Key strengths include high profitability, low leverage, and effective financial management. CEO Mikhail Lomtadze highlighted that these ratings strengthen their market position as they expand into Türkiye by acquiring a majority stake in Hepsiburada. The company aims to enhance lives through innovative mobile solutions, growing its engaged user base and profitability.

Key Strengths

• Kaspi.kz’s Baa3 rating from Moody’s indicates significant financial stability and market credibility.
• Credit ratings from reputable agencies highlight the firm’s varied business model and strong financial metrics, potentially drawing further investment.
• The company’s low levels of leverage and strategic financial management are favorable for its expansion into new markets like Türkiye through the Hepsiburada acquisition.
• Inclusion in Harvard Business School case studies enhances Kaspi.kz’s reputation and may attract additional interest from partners and investors.

Challenges Ahead

• The Baa3 rating from Moody’s and BBB- from Fitch might suggest limitations in Kaspi.kz’s creditworthiness in comparison to higher-rated competitors.
• Expanding into Türkiye involves navigating a new market, which presents potential risks not addressed in the announcement.
• While the company boasts low leverage, concerns may arise about its capacity to finance future growth initiatives in a competitive e-commerce environment.

Frequently Asked Questions

What is Kaspi.kz’s latest credit rating?

Kaspi.kz has secured an investment grade Baa3 rating from Moody’s, with a stable outlook.

How does Moody’s rating compare to Fitch’s rating for Kaspi.kz?

Moody’s has rated Kaspi.kz Baa3, while Fitch has assigned it a BBB- rating, both with stable outlooks.

What factors contributed to Kaspi.kz’s credit ratings?

Factors contributing to the ratings include a diverse business model, outstanding profitability, low leverage, and solid financials.

What is the business model of Kaspi.kz?

Kaspi.kz operates a Super App model that integrates payments, commerce, and fintech services to generate revenue.

What recent expansion has Kaspi.kz pursued?

Recently, Kaspi.kz acquired a 65.41% stake in Hepsiburada, a premier e-commerce platform in Türkiye.

Disclaimer: This summary is AI-generated from a press release distributed by GlobeNewswire. The model may contain errors. View the complete release here.

Hedge Fund Activity with $KSPI

In the latest quarter, 76 institutional investors increased their holdings in $KSPI, while 105 reduced theirs.

Below are some significant recent moves:

• CAPITAL WORLD INVESTORS sold 418,064 shares (-100.0%) in Q3 2024, totaling approximately $44,310,603
• GQG PARTNERS LLC sold 393,888 shares (-19.9%) in Q4 2024, totaling about $37,305,132
• BLACKROCK, INC. sold 343,064 shares (-8.6%) in Q4 2024, amounting to approximately $32,491,591
• CAT ROCK CAPITAL MANAGEMENT LP disposed of 313,022 shares (-23.4%) in Q4 2024, valued at around $29,646,313
• GOLDMAN SACHS GROUP INC increased holdings by 307,980 shares (+391.7%) in Q4 2024, worth about $29,168,785
• POLAR CAPITAL HOLDINGS PLC sold 298,490 shares (-100.0%) in Q3 2024, estimated at $31,636,955
• UNTITLED INVESTMENTS LP reduced their stake by 284,758 shares (-39.5%) in Q4 2024, valued at roughly $26,969,430

To follow hedge funds’ stock portfolios, visit Quiver Quantitative’s institutional holdings dashboard.

Full Press Release

ALMATY, Kazakhstan, March 5, 2025 (GLOBE NEWSWIRE) — Kaspi.kz has announced its second international credit rating. Moody’s has rated it Baa3 with a stable outlook, following Fitch’s investment grade rating of BBB- issued in the latter half of 2024. This rating applies to Kaspi.kz, distinct from Kaspi Bank, which has been evaluated by international agencies for years.

Moody’s attributes the rating to Kaspi.kz’s diverse business profile, strong nationwide presence, and solid financial metrics like profitability, capitalization, and liquidity. Key drivers of the rating include:

• Diverse business model: Kaspi.kz’s Super App effectively merges payments, commerce, and fintech, supporting substantial revenue and resilience.
• Exceptional profitability exceeding 40%, demonstrating efficient cost control and minimal loan loss risks.
• Low leverage, mostly involving deposits in Kaspi Bank.

Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, stated, “Receiving two credit ratings in recent months reflects our diverse business model, market leadership, financial track record, and low leverage. Our expansion into Türkiye with Hepsiburada is approached from a position of strength.”

About Kaspi.kz

Kaspi.kz aims to enhance lives through innovative mobile offerings. Its two-sided Super App model services consumers with the Kaspi.kz Super App and merchants with Kaspi Pay Super App. Through these platforms, users can access its leading Payments, Marketplace, and Fintech solutions, designed to meet everyday needs and facilitate transactions via its proprietary payments network.

The combination of a large, engaged user base, superior digital products, and a capital-light approach aims to drive strong growth and a profitable business model, allowing for ongoing innovation and user satisfaction.

In January 2025, Kaspi.kz acquired a majority stake in Hepsiburada, a prominent e-commerce tech platform in Türkiye.

Harvard Business School has noted Kaspi.kz in two case studies, which it uses to educate its MBA students.

Kaspi.kz has been listed on Nasdaq since January 2024.

For further inquiries, please contact:
David Ferguson,
[email protected]
+44 7427 751 275

This article was originally published on Quiver News; read the complete story.

The views expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.