Kazakhstan's Petro-Economy Status Makes Kaspi.kz Tactically Sensible (Upgrade)

Joint Stock Company Kaspi.kz remains attractively valued at just over 6x trailing PE, with a sustainable and solid dividend reinstated. Despite higher taxes and regulatory headwinds, KSPI's growth and profitability remain resilient, supported by bottoming smartphone sales and value-added services raising takes. Hepsi is going to be EBITDA neutral, minimizing its drag on group earnings and enabling continued robust dividend payouts even after the $300M Rabobank Turkey acquisition.