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KSPI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Joint Stock Company Kaspi.kz American Depository Shares (KSPI) stock moving?
Kaspi reported Q3 2026 results on Nov 9 with sales up 18% constant-currency and net income of KZT281B, slightly below the FactSet estimate of KZT285B. Management said Marketplace revenue grew 20% against 8% GMV growth and adjusted EBITDA rose 8%, but also flagged slowing GMV from lower average selling values and easing inflation. Management expects stronger 2027 earnings from the 100 bp deposit-rate cuts and moderating Türkiye investments, and is scaling Magnum Daily after a 42-store pilot at about a 15% EBITDA margin. The price reaction has been negative: after a high of $96.32 on Nov 4, shares reversed on Nov 5 on 893,575 shares, fell from $91.68 to $89.47 on results day with 920,972 shares traded, and closed at $87.90 on Nov 10, the lowest close in the 30-day window, on 943,017 shares. Volume has stayed well above the earlier 300,000 to 500,000 share range, which points to heavy selling pressure. The extraordinary meeting on Dec 9 has no disclosed agenda, so it adds no clear catalyst yet.
News behind the analysis
- Kaspi.kz Q3 Sales KZT1.1 trillion, a 18% increase year-over-year on a constant-currency basisKaspi.kz reported Q3 2026 sales of KZT1.1 trillion, up 18% year-over-year on a constant-currency basis. The results were released alongside a letter reporting Marketplace revenue up 20% constant-currency against GMV growth of 8%.
- Kaspi.kz Reports Q3 2026 Financial ResultsQ3 2026 net income was KZT281 billion on revenue of KZT1.10 trillion, slightly below the FactSet estimate of KZT285 billion. The company also cut its three-month deposit rate by 100 basis points in both August and October.
- Kaspi.kz Announces Extraordinary General Meeting of ShareholdersThe Board of Directors scheduled an Extraordinary General Meeting of Shareholders for December 9, 2026. No agenda details were included in the item.
About Joint Stock Company Kaspi.kz American Depository Shares
Kaspi.kz is a Kazakhstan-based company that runs a 'super app' combining payments, an online marketplace and consumer banking in one platform used by much of the country's population, and it has expanded into Turkey through its Hepsiburada marketplace and bank acquisitions there. What sets it apart is how tightly its services are linked, so shopping, payments and loans feed each other, along with high profitability and large regular dividends for US holders of its ADSs.
How it makes money
Revenue comes from three segments. In the first half of 2026 (approximate shares): Marketplace, about 47%, which includes commissions, delivery, advertising and first-party sales such as e-grocery and electronics in Turkey. Fintech, about 40%, mostly interest on consumer loans, buy-now-pay-later and merchant loans, funded largely by customer deposits. Payments, about 15%, from fees on transactions through Kaspi Pay and its merchant network. Revenue was roughly $4.5 billion for the half year, reported in Kazakh tenge (KZT).
What usually moves KSPI
- Kazakhstan interest rates and deposit funding costs
- Consumer loan growth and credit quality
- E-commerce GMV growth and expansion in Turkey
- Kazakh tenge exchange rate and local tax/regulation
- Dividend announcements and emerging-market risk sentiment