Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Private Capital Markets

<ul>
<li>Tencent's recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.</li>
<li>Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt &amp; Road Initiative.</li>
<li>Given Uzbekistan's larger population and more diversified economy, it is generally seen as better fitted for tech companies' growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).</li>
</ul>


Tencent's recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt &amp; Road Initiative.
Given Uzbekistan's larger population and more diversified economy, it is generally seen as better fitted for tech companies' growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).


Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Equity Bottom-Up

<ul><li>Kaspi is a leading financial technology company in Kazakhstan</li><li>Offers seamless ecosystem of payments, e-commerce, and financial services</li><li>CEO and co-founder Mikhail Lamsada transformed Kaspi into a dominant platform</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kaspi is a leading financial technology company in KazakhstanOffers seamless ecosystem of payments, e-commerce, and financial servicesCEO and co-founder Mikhail Lamsada transformed Kaspi into a dominant platformThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.203]

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Kaspi superapp offers strong growth potential in Kazakhstan and plans for expansion into other countries</li><li>Led by a top-notch management team with significant ownership stake and operates with high margins</li><li>Despite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth potential</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Kaspi superapp offers strong growth potential in Kazakhstan and plans for expansion into other countriesLed by a top-notch management team with significant ownership stake and operates with high marginsDespite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth potentialThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul>
<li>On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. </li>
<li>The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.</li>
<li>The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).</li>
</ul>


On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. 
The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.
The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).


Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

<ul>
<li>Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.</li>
<li>The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.</li>
<li>Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.</li>
</ul>


Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.
The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.
Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.


Kazakhstan

Kaspi.kz Joint Stock Company develops financial technology application solutions. The Company, through its platform, offers payments, marketplace, and fintech solutions which facilitate day-to-day transactions between consumers and merchants. Kaspi.kz serves consumers, merchants, and entrepreneurs in Kazakhstan.

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Kaspi.kz (KSPI US)

Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?

After a decade of building roads and railways across Central Asia, China's Belt and Road Initiative enters its digital phase and Tencent's bet on...

Alec Tseung

Kaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.203]

Finley simplifies credit management processes for lenders and borrowers, while Caspi is a leading financial technology company in Kazakhstan with a...

Business Breakdowns

Kaspi.Kz (KSPI) - Friday, Sep 13, 2024

Despite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth...

Value Investors Club (VIC)

Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...

Alec Tseung

Kaspi.kz: The Super-App of Kazakhstan

Kaspi.kz just announced to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada. This transaction immediately puts the...

Alec Tseung

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?

After a decade of building roads and railways across Central Asia, China's Belt and Road Initiative enters its digital phase and Tencent's bet on...

Alec Tseung

Kaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.203]

Finley simplifies credit management processes for lenders and borrowers, while Caspi is a leading financial technology company in Kazakhstan with a...

Business Breakdowns

Kaspi.Kz (KSPI) - Friday, Sep 13, 2024

Despite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth...

Value Investors Club (VIC)

Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

​Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...

Alec Tseung

Kaspi.kz: The Super-App of Kazakhstan

Kaspi.kz just announced to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada. This transaction immediately puts the...

Alec Tseung

Kaspi.kz, Kazakhstan's super-app, to acquire a majority stake in Turkey's leading e-commerce platform, Hepsiburada, enabling it to target a >100...