reports
- Soomit Datta
- Adrian Kowollik
- Soomit Datta
KSPI US (Buy, TP: $175, +35%) Kaspi Q2 24 - Solid print, lack of guid...
Kaspi reported pretty solid Q2 numbers this morning putting the company on track to hit FY 24 guide (25% net income growth). Revenue was in-line, though net income missed by 2%. Aside from this small miss, the stock disappointment today likely comes after 1/ some expectations of a guide lift given consensus had drifted up after a very strong Q1 operating performance, 2/ perhaps the steer that Q3 will be the toughest comp this year (and 3/ follows the +40% rally in the share price since Jan listi...
- Soomit Datta
KSPI US (Buy, TP: $175, +45%) # INITIATION OF COVERAGE # Kaspi (Buy)...
Kaspi is a Super App the likes of which we haven’t really seen develop outside of China. Dominant in Payments, roots in lending and with group growth currently driven by triple digit top-line in the leading local E-Commerce platform. Obvious comparisons in our coverage are with MercadoLibre (Buy), which we continue to be positive on and which we benchmark Kaspi against in this note.
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