KSPI Overview

Revenue Growth: In Q3 2025, total revenue excluding Türkiye rose by 20% year-over-year to KZT797 billion, while including Türkiye, revenue reached KZT1.1 trillion.

Net Income Increase: Consolidated net income excluding Türkiye increased by 12% year-over-year to KZT307 billion, with a 21% increase when excluding certain factors like smartphones GMV and regulatory changes.

Transaction Volume Rise: Transaction volumes grew by 14% year-over-year in Q3 2025, driven by the popularity of Kaspi Pay and fast adoption of B2B Payments.

Future Outlook: The company plans to balance returning excess capital to shareholders through buybacks and dividends while investing in long-term growth, with expectations for continued growth in B2B Payments.

Earnings Reports Overview: Several companies, including Barrick Mining Corporation, Tyson Foods, and Roivant Sciences, are set to report their earnings for the quarter ending September 30, 2025, with varying forecasts and growth expectations.

Barrick Mining Corporation: Expected to report earnings per share (EPS) of $0.57, reflecting an 83.87% increase year-over-year, with a Price to Earnings (P/E) ratio of 15.21, indicating strong growth compared to industry competitors.

Tyson Foods, Inc.: Forecasted EPS of $0.85 represents a 7.61% decrease from the previous year, despite a history of beating expectations, with a P/E ratio of 13.39 suggesting better growth than its industry peers.

Other Notable Companies: Joint Stock Company Kaspi.kz and RadNet, Inc. are also reporting, with Kaspi.kz expected to see a 69.96% increase in EPS, while RadNet anticipates a 27.78% increase, both indicating positive growth trends in their respective sectors.

ETF Analysis: The SPDR S&P Kensho New Economies Composite ETF (KOMP) has an implied analyst target price of $71.71, indicating a potential upside of 10.24% from its current trading price of $65.05.

Notable Holdings: Key underlying holdings with significant upside potential include LexinFintech Holdings (LX) with a target price 250.13% higher than its current price, Kaspi KZ JSC (KSPI) with 43.52% upside, and Shinhan Financial Group (SHG) with a 24.55% increase expected.

Analyst Target Justification: The article raises questions about whether analysts' target prices are justified or overly optimistic, suggesting that high targets may lead to downgrades if they are based on outdated information.

Investor Research: Investors are encouraged to conduct further research to assess the validity of analyst targets in light of recent company and industry developments.

ETF Analysis: The SPDR S&P Kensho New Economies Composite ETF (KOMP) has an implied analyst target price of $68.22, indicating a potential upside of 10.94% from its current trading price of $61.49.

Notable Holdings: Key underlying holdings with significant upside potential include LexinFintech Holdings (147.33% upside), Centrais Eletricas Brasileiras S.A.-ELETROBRAS (35.11% upside), and Kaspi KZ JSC (34.23% upside), raising questions about the validity of analysts' target prices.