Kaspi.kz AO

“Kaspi combines a strong local ecosystem moat, excellent returns, and still-credible reinvestment opportunities with a valuation that implies too much pessimism about its future. The business appears materially better than the stock multiple suggests, but Kazakhstan concentration, regulatory exposure, and cross-border execution risk prevent this from being a top-tier fat-pitch. For long-term investors, the balance of evidence supports buying, but with disciplined position sizing rather than extreme concentration.”