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#	AUTHOR DATE SUBJECT
24	member 12/05/24 2:48PM Re: podcast with the founder 23
Thanks for the great writeup. This is fascinating. Seems like Central Bank has an initiative or something of its own lately? But as you analyzed the situation, it felt like CB and Kaspi were very... login to read the rest 1 view available tags
23	member 10/07/24 12:38PM podcast with the founder
It's a good summary of the company that gives you a sense of the CEO, philosophy and how the company is managed: https://open.spotify.com/episode/1pTeQvpG9ktc0Ioy9qnOly?si=8a0c5137ff0044f6 view available tags
22	member 9/24/24 7:57AM Re: additional response from the co 21
such a unforced error by the short sellers ... 1 view available tags
21	member 9/24/24 7:40AM additional response from the co
https://ir.kaspi.kz/media/Kaspi.kz_Responds_to_Investor_Questions.pdf view available tags
19	member 9/22/24 9:58AM Found tweet
You act like I have tried to use someone else’ tweet to make myself look good on this forum. I actually don’t even know a single person in real-life from VIC. Why would I then... login to read the rest -7 view available tags
18	member 9/20/24 9:24PM Re: Re: Re: Russia Disclosure 17
Mate, this is just an anonymous discussion forum where we are trying to learn from each other. Everybody is anyway reading both this and X and I just want to hear what other people here have... login to read the rest -3 view available tags
16	member 9/20/24 8:49PM Re: Russia Disclosure 10
I hear you on the Russia disclosure. They did write that "Our business does not have any exposure to Russia or Russian businesses.", and it does turn out that they have allowed Russian citizens that moved... login to read the rest -2 view available tags
15	member 9/20/24 5:44PM Random Thoughts on Kazakhstan
I wrote up Halyk Savings Bank of Kazakhstan in 2022. It had a long introduction on corruption in Kazakhstan ending with "if you don't like the neighborhood, you shouldn't travel farther." Nursultan Nazarbayev ruled the... login to read the rest 1 view available tags
13	member 9/20/24 3:53PM Re: Re: Re: Re: Re: New report 12
gtwt, you link to an article from 4 years ago. It was debunked so many times so I dont even know where to start. It was written by a "wealth reporter" around the time of... login to read the rest -1 view available tags
11	member 9/20/24 2:19PM Re: Russia Disclosure 10
tps12,The short report misleadingly says random Russians living in KAZ means "exposure to Russia" - how does that make any sense?! Note they disclose they have a 0.1% of assets in Ukraine and 0.05% of net income... login to read the rest -3 view available tags
10	member 9/20/24 12:55PM Russia Disclosure
To be clear, we are not involved. In the too hard pile, despite being a fascinating business. Based on my reading of the short report, the key theme appears to be the fact that Kaspi explicitly... login to read the rest 3 view available tags
9	member 9/20/24 11:15AM Re: Reaction by company to short report 8
Some PR firms advise, "when you're explaining you're losing" view available tags
8	member 9/20/24 11:13AM Reaction by company to short report
The company has issued the following reaction to the short report: "In our view, the report is misleading, inaccurate and misrepresents our business. Being the first company from Kazakhstan to successfully list on Nasdaq has obviously... login to read the rest 1 view available tags
7	member 9/20/24 11:10AM I don't understand basic premise of short report
Most of the short report seems to assume that Kaspi is liable because it has accepted deposits from ordinary Russian citizens or businesses. I am not a lawyer, but to the best of my knowledge the... login to read the rest view available tags
6	member 9/20/24 9:33AM Re: Re: Re: New report 4
He is not the owner... view available tags
5	member 9/20/24 9:31AM Re: re: new report 3
It's not illegal to do business in non-sanctioned goods with Russia. That's 13% of Kazakhstan exports and 38% imports. One perhaps can argue it should be illegal but it isn't the law. -3 view available tags
4	member 9/20/24 9:29AM Re: Re: New report 2
That's not accurate. For instance, you are ignoring allegations of transactions with a 30% owner who is accused of being a criminal. 1 view available tags
3	member 9/20/24 9:08AM re: new report
not ideal when i financial instit has such allegations view available tags
2	member 9/20/24 7:55AM Re: New report 1
This report seems to make the wild claim that Russians who legally moved to KAZ after the Ukraine invasion should not be using Kaspi and that any $ spent on Kaspi that has any ties... login to read the rest view available tags

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			2021	2022
Price:	48.00	EPS	3.54	0
Shares Out. (in M):	71	P/E	0	0
Market Cap (in $M):	3,416	P/FCF	0	0
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	4,970	TEV/EBIT	0	0

Description

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