Loading...
01/11 04:43
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture: strong financial performance with revenue and net income growth, but challenges like regulatory risks, market competition, and operational challenges from the Hepsiburada acquisition. The Q&A reveals management's reluctance to provide concrete financial targets, adding uncertainty. Despite a positive dividend announcement, the lack of a share buyback program and potential integration issues balance out the positives. Overall, the sentiment is neutral due to the blend of strong financials and significant risks.
Total Payment Volume (TPV) TPV is up 28% year-over-year in Q3 2024.
Revenue (Payments) Revenue from payments is up 25% year-over-year in Q3 2024.
Net Income (Payments) Net income from payments is up 25% year-over-year in Q3 2024.
Marketplace Revenue Marketplace revenue is up 43% year-over-year in Q3 2024.
Net Income (Marketplace) Net income from the marketplace is up 14% year-over-year in Q3 2024.
Gross Merchandise Volume (GMV) (Marketplace) GMV is up 24% year-over-year in Q3 2024.
Fintech Revenue Fintech revenue is up 24% year-over-year for both Q3 2024 and the nine-month period.
Net Income (Fintech) Net income from Fintech is up 15% year-over-year in Q3 2024, compared to 7% for the nine-month period.
Consolidated Revenue Consolidated revenue is up 28% year-over-year in Q3 2024.
Consolidated Net Income Consolidated net income is up 18% year-over-year in Q3 2024.
e-Grocery GMV e-Grocery GMV is up 88% year-over-year in Q3 2024.
Vacation Packages Growth Vacation packages have grown over 300% year-over-year.
Business Deposit for Merchants 41,000 merchants are using the business deposit product, with KZT 69 billion in deposits.
Transaction Volume (Payments) Transaction volumes from payments are up 38% year-on-year in Q3 2024.
Take Rate (Payments) Take rate is stable at 1.18% in Q3 2024.
Take Rate (Marketplace) Take rate is up year-on-year, reflecting the success of value-added services.
Travel GMV Growth Travel GMV is up over 300% in Q3 2024.
Loan Portfolio Growth (Fintech) Loan portfolio is up 39% year-on-year in Q3 2024.
Deposits Growth (Fintech) Deposits are up 25% year-on-year in Q3 2024.
Cost of Risk (Fintech) Cost of risk remains stable at 0.5% year-on-year in Q3 2024.
Dividend per ADS Dividend of KZT 850 declared per ADS for the period.
Gift Certificates: Launched a fully online gift certificate service allowing consumers to select designs, amounts, and personal messages, aimed at enhancing shopping experience and driving marketplace transactions.
Business Deposit for Merchants: Introduced a business deposit product for merchants, achieving 41,000 users and KZT 69 billion in deposits within two months, designed to provide value and engagement for merchants.
Vacation Packages: Launched vacation packages service with over 300% growth year-over-year, serving 26,000 tourists in Q3.
Hepsiburada Acquisition: Acquired a controlling stake in Hepsiburada, targeting the Turkish market with a population of over 85 million and significant e-commerce growth potential.
E-Grocery Expansion: Focused on scaling e-grocery services in three major cities, achieving 88% GMV growth year-over-year.
Transaction Volumes: Payments platform transaction volumes increased by 38% year-on-year in Q3.
Marketplace Growth: Marketplace revenue grew by 43% year-on-year in Q3, driven by strong purchase trends.
Market Positioning: Positioning to serve a 100 million people market, emphasizing quality service and consumer satisfaction.
Focus on Execution: Commitment to execution and innovation, avoiding over-promising on acquisitions.
Acquisition Risks: The acquisition of Hepsiburada is subject to regulatory approvals, which poses a risk to the transaction's completion.
Market Competition: Entering the Turkish market with Hepsiburada may expose Kaspi to competitive pressures from established players in the region.
Integration Challenges: Integrating Hepsiburada's operations with Kaspi's existing business may present challenges, particularly in aligning corporate cultures and operational practices.
Economic Factors: The economic environment in Turkey, including GDP growth and e-commerce penetration, may impact the success of the acquisition and future growth.
Funding and Cash Flow: The acquisition is an all-cash deal, which may affect Kaspi's cash flow and ability to pay dividends in the short term.
Regulatory Compliance: Kaspi must ensure compliance with local and international regulations, particularly concerning KYC processes and sanctions, which could pose operational risks.
Market Penetration: The Turkish e-commerce market is under-penetrated, but the growth potential may be offset by the need for significant investment to capture market share.
Dividend Policy: The acquisition may lead to a reassessment of Kaspi's dividend policy, particularly if significant cash is required for Hepsiburada's growth.
Acquisition of Hepsiburada: Kaspi.kz has decided to acquire a controlling stake in Hepsiburada, viewing Turkey as an attractive market with significant growth potential.
Focus on Quality and Innovation: Kaspi emphasizes the importance of quality services and innovation, aiming to improve consumer and merchant experiences.
Expansion of Services: Kaspi plans to scale its services in three major cities and expand its offerings, including e-Grocery and vacation packages.
Gift Certificate Launch: Kaspi has launched a gift certificate service to enhance consumer engagement and drive marketplace transactions.
Business Deposit for Merchants: Kaspi introduced a business deposit product for merchants, which has seen rapid adoption.
Fourth Quarter Expectations: Kaspi expects the fourth quarter to be the strongest of the year, with a projected net income growth of around 25% year-over-year.
Marketplace Revenue Growth: Marketplace revenue is expected to grow by 65% for the full year, with profitability guidance remaining above 40%.
Fintech Revenue Growth: Fintech revenue growth is anticipated to be around 20% for the full year, with profitability expected to increase by 15%.
Future Guidance: Kaspi will provide guidance for 2025 during the full year results update at the end of February next year.
Dividend per ADS: KZT850 declared per ADS for the period, subject to shareholder approval.
Shareholder Return Plan: The company intends to fund the Hepsiburada acquisition with cash from earnings and cash on hand, indicating a focus on maintaining financial flexibility. There are no current discussions regarding suspending dividends, but future dividend payments will depend on cash generation and the successful closing of the acquisition.
The company shows strong growth in key areas like e-Grocery, advertising, and fintech, despite smartphone supply issues. The strategic expansion in Kazakhstan and Turkey, along with plans to resume shareholder returns, are positive indicators. While management avoided specifics on dividends and smartphone supply normalization, the overall sentiment is optimistic, especially with strong performance in non-smartphone segments and advertising growth.
The earnings call presents a mixed picture: strong deposit growth and positive GMV and EBITDA growth, but challenges from high interest rates and a reduced GMV growth outlook. The Q&A reveals underpenetrated opportunities in Kazakhstan, but concerns about funding costs and unclear guidance on smartphone market recovery and capital deployment. These factors balance out to a neutral sentiment.
The earnings call summary highlights several negative factors, including high interest rates, macroeconomic uncertainties, and a new government tax, all impacting profitability. Despite revenue growth, the lack of a share buyback program and increased risks, such as the higher cost of risk and loan-to-deposit ratio, add to the negative outlook. The Q&A further emphasizes macro uncertainties and unclear management responses. These factors, combined with no strategic plan update, suggest a likely negative stock price movement in the short term.
The earnings call presents a mixed picture: strong financial performance with revenue and net income growth, but challenges like regulatory risks, market competition, and operational challenges from the Hepsiburada acquisition. The Q&A reveals management's reluctance to provide concrete financial targets, adding uncertainty. Despite a positive dividend announcement, the lack of a share buyback program and potential integration issues balance out the positives. Overall, the sentiment is neutral due to the blend of strong financials and significant risks.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
