External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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.

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-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

<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.


Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi / Event-Driven

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi

<ul><li>D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.</li><li>Turkish law mandates a takeover offer for minority shares, but HEPS's ADR structure exempts it from this requirement.</li><li>Activism efforts aim to increase HEPS's shareholders to 500, potentially forcing Kaspi to include minority shareholders.</li></ul>

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.Turkish law mandates a takeover offer for minority shares, but HEPS's ADR structure exempts it from this requirement.Activism efforts aim to increase HEPS's shareholders to 500, potentially forcing Kaspi to include minority shareholders.

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

<ul>
<li>Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.</li>
<li>One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.</li>
<li>In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.</li>
</ul>


Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.
One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.
In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.


Freedom Holding: A Kazakh Scam Being Uncovered?

United Kingdom

Kaspi.kz's ecosystem connects consumers and merchants, enabling digital payments, e-commerce, and financial services. The Company gateway to its ecosystem is with the mobile app, which is powered by the company's proprietary technology and enables users to seamlessly navigate between interconnected products and services. Kaspi.kz serves customers in Kazakhstan and Azerbaijan.

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Kaspi.KZ (KSPI LI)

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

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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

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.

Special Situation Investments

Freedom Holding: A Kazakh Scam Being Uncovered?

Freedom Holding has been acquiring companies that were personally invested by its Chairman & CEO. This is another area that should warrant more...

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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

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

Analyzing the Regulatory Loophole in Kaspi's Acquisition of D-Market's Controlling Stake and Potential Outcomes

D-Market's controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.

Special Situation Investments

Freedom Holding: A Kazakh Scam Being Uncovered?

Freedom Holding has been acquiring companies that were personally invested by its Chairman & CEO. This is another area that should warrant more...

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...