KASPI (BUY) - INVESTOR CALL THOUGHTS INTO 2025 DAVID FERGUSON, MD / HEAD OF IR

WHAT: We have been Buyers of Kaspi since initiation in H1 2024 during which time the stock initially performed well before unwinding somewhat into year-end. As well as EM risk and a rate rise in Kazakhstan (late November), the Turkish acquisition - and subsequent pausing of the quarterly dividend - was clearly a contributing factor.

We are hosting a 30 minute call with David Ferguson to quickly update on core Kazakhstan prospects and updated thoughts on Turkey. 

Tune in for thoughts into 2025:

• Rate rise (to 15.25%) in Kazakhstan and a hawkish Central bank
  • Consumer demand and Marketplace
  • Fintech profitability and lending outlook
• Turkey / Hepsiburada
  • Opportunity for a banking licence
  • Near-term investment needs
  • Consolidation timing
• Cash return
  • Q4 and Q1 on hold - likelihood of this rolling
  • Capital requirements at Kaspi bank and optimal group leverage