Kaspi.kz Issues $600M Senior Unsecured Notes

Written by Emily J. Thompson, Senior Investment Analyst

Source: seekingalpha

Updated: Apr 24 2026

0mins

KSPI+0.97%

Should l Buy KSPI?

Source: seekingalpha

Bond Issuance Size: Kaspi.kz successfully issued $600 million in 5.900% senior unsecured notes due in 2031, demonstrating the company's strong appeal in the capital markets.
Oversubscription Details: The bond offering attracted participation from around 130 institutional investors, achieving a 3.5x oversubscription, reflecting robust market confidence and demand for Kaspi.kz.
Use of Proceeds: The proceeds will be utilized for general corporate purposes and to enhance liquidity, indicating the company's prudent financial strategy aimed at supporting future growth and operations in the current economic climate.
Interest Payment Structure: The bond carries a coupon rate of 5.900%, with semi-annual payments commencing on October 28, 2026, showcasing the company's commitment to investors and transparency in its long-term financial planning.

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Analyst Views on KSPI

Wall Street analysts forecast KSPI stock price to rise

1 Analyst Rating

1 Buy

0 Hold

0 Sell

Moderate Buy

Current: 85.900

Low

107.00

Averages

107.00

High

107.00

Current: 85.900

Low

107.00

Averages

107.00

High

107.00

Susquehanna

Neutral

maintain

$87 -> $95

2026-04-23

Reason

Susquehanna

Price Target

$87 -> $95

AI Analysis

2026-04-23

maintain

Neutral

Reason

Susquehanna raised the firm's price target on Kaspi.kz (KSPI) to $95 from $87 and keeps a Neutral rating on the shares. The firm noted the company announced that Tencent (TCEHY), Kaspi's CEO and other senior members of the management team, and long-term institutional investors purchased 6 million ADSs from Baring Fintech Venture Funds. The firm believes Tencent may have a strategic rationale behind this purchase, as it provides validation of Kaspi's integrated consumer platform approach and long-term growth strategy.

Susquehanna

Positive -> Neutral

downgrade

$130 -> $87

2026-02-02

Reason

Susquehanna

Price Target

$130 -> $87

2026-02-02

downgrade

Positive -> Neutral

Reason

Susquehanna downgraded Kaspi.kz to Neutral from Positive with a price target of $87, down from $130.

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About KSPI

Kaspi.kz AO (Joint Stock Company Kaspi.kz), formerly Aktsionernoe obshchestvo kaspi, is a Kazakhstan-based financial technology company, which provide a range of services such as online payments, e-commerce, and digital banking. The Company operates as holding company for Kaspi Group AO and Kaspi Magazin TOO. The Company operates through two segments. Mass retail offers a wide range of products and financial services to retail customers through a network of branches, offices, and automated teller machine (ATM). These products include savings and current accounts, credit cards, car loans and commodity loans, as well as a wide range of insurance policies. Financial services for corporate, middle, and small, and other businesses segment, including deposits, overdrafts, loans and other credit services and currency exchange.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Kaspi.kz to Announce Q1 Earnings on May 11

3 days agoseekingalpha

Earnings Announcement: Joint Stock Company Kaspi.kz is set to release its Q1 earnings report on May 11 before market open, with consensus EPS estimates at $2.65 and revenue at $2.22 billion, indicating strong investor interest in the company's performance.
Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and two downward revisions, while revenue estimates experienced two upward revisions and one downward revision, reflecting market uncertainty regarding Kaspi.kz's future performance.
Successful Bond Issuance: Kaspi.kz raised $600 million through an oversubscribed bond issuance maturing in 2031, which not only strengthens the company's capital structure but also provides funding for future expansion and investments.
Rating Upgrade: The company's rating has been upgraded due to its strategic significance in Kazakhstan's market, particularly in light of its collaboration with Tencent, further solidifying its position as a dominant super app.

Kaspi.kz: Hidden Risks and Opportunities in the Market

5 days agoYahoo Finance

Complex Market Positioning: Kaspi.kz is not merely a fintech or e-commerce platform but serves as the digital infrastructure of Kazakhstan's economy, generating over KZT 4 trillion in revenue in 2025, highlighting its central role in economic activity, yet this centralization also introduces potential fragility.
Strong User Dependency: With over 14 million monthly active users in Kazakhstan, nearly covering the entire population, and an average of more than 70 transactions per user per month, the platform demonstrates significant daily dependency, providing the company with substantial pricing power.
International Expansion Risks: While Kaspi's business model is successful in Kazakhstan, its expansion into Turkey faces challenges, with the market pricing in low expectations reflected in a current P/E ratio of 6, indicating investor concerns about potential value dilution from international ventures.
Robust Financial Engine: Despite regulatory and governance risks, Kaspi's core financial engine remains strong, maintaining high returns on capital, with quarterly fintech revenues reaching KZT 420 billion in 2025, showcasing its competitive advantage in high-yield lending products.