KSPI Should I Buy
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Kaspi.kz AO is not a strong buy at the moment for a beginner investor with a long-term strategy. The technical indicators are bearish, and the options data suggests a negative sentiment. While the company's financial performance shows growth, recent analyst downgrades and lack of positive news or catalysts make this stock a hold rather than a buy.
The technical indicators for KSPI are bearish. The MACD is negative and expanding downward, the RSI is neutral at 32.863, and the moving averages show a bearish trend (SMA_200 > SMA_20 > SMA_5). The stock is trading below key pivot levels, with support at 70.919 and resistance at 73.057.
The company's financials for Q3 2025 show strong revenue growth of 32.65% YoY, net income growth of 3.61% YoY, and EPS growth of 2.51% YoY.
Recent analyst downgrades from Susquehanna and JPMorgan, with price targets lowered to $87 and $88 respectively, indicate a cautious outlook. The lack of recent positive news or significant insider/hedge fund activity further diminishes confidence.
In Q3 2025, Kaspi.kz reported revenue growth of 32.65% YoY to 602,377,000,000, net income growth of 3.61% YoY to 279,418,000,000, and EPS growth of 2.51% YoY to 1460.21. While the financials are positive, the growth rate in net income and EPS is modest compared to revenue growth.
Analysts have downgraded the stock recently. Susquehanna moved the rating to Neutral from Positive with a price target of $87 (down from $130), and JPMorgan lowered the price target to $88 from $96, citing a 'soft-landing grind' in 2026 due to slowing growth in the financial technology sector.
