Susquehanna has revised its outlook on Kaspi.kz, shifting its rating from 'Positive' to 'Neutral' and adjusting the price target downward to $87. This move mirrors an earlier evaluation by JPMorgan's Reginald Smith, who maintained a 'Hold' rating for Kaspi.kz, with a slightly adjusted price target of $88. These modifications reflect broader concerns within the fintech industry, particularly regarding an anticipated slowdown in growth driven by a weakening labor market and the effects of ongoing tariffs. However, analysts suggest that prospective federal tax rate reductions in 2026 could partially alleviate these macroeconomic pressures, offering a degree of stability amidst the cautious forecast.
Despite these re-ratings, Kaspi.kz demonstrated strong financial health in the third quarter of 2025. The company reported a 10% increase in overall revenue and a 12% rise in net income, underpinned by exceptional performance across its key operational areas. The Fintech segment experienced a substantial 24% growth in revenue, while the Payments sector saw an 18% increase in Total Payment Volume. Furthermore, Kaspi.kz's E-grocery business achieved remarkable momentum, with its Gross Merchandise Volume (GMV) surging by 53%, and its advertising division recorded an impressive 56% year-over-year growth, highlighting the company's diversified strengths and operational efficiency in Kazakhstan, Azerbaijan, and Ukraine.
In the dynamic world of financial markets, every rating adjustment serves as a crucial indicator for investors, prompting them to continuously re-evaluate their portfolios. While expert analyses provide valuable guidance, the ultimate decision rests on individual risk assessment and a comprehensive understanding of market trends. By engaging with detailed reports and staying informed, investors can navigate market fluctuations with greater confidence, identifying opportunities that align with their long-term financial objectives and fostering a proactive approach to wealth creation.