KSPI PRESS-RELEASE SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

KSPI ▲ +3.57% at T+5d

LONG call ✓ call won +3.57% · α vs SPY +3.66% · entry $85.84 → $88.91

Next anchor: T+20d due 6d ago

Last close $80.56 (close Jun 12) · -6.15% from $85.84 entry

Entry anchored
May 8, 03:59 PM ET
via Databento tick

T+1d

+0.63%

call +0.63% · α +0.77%

$86.38

settled 5w ago

T+5d

+3.57%

call +3.57% · α +3.66%

$88.91

settled 28d ago

T+20d

—

call — · α —

—

due 6d ago

T+60d

—

call — · α —

—

in 7w

Price Chart

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Executive Summary

Kaspi.kz reported Q1 2026 EPS of $1,457.68, an 18.8% beat vs consensus of $1,226.71, on revenue of KZT 1.1 trillion ($2.3B), up 31% YoY. e-Commerce GMV surged 41% on a constant-currency pro-forma basis, and the Board recommended a KZT 850/ADS dividend (64% payout). However, net income was flat YoY (-1%), and the Street-convention EPS history shows a miss in the prior two quarters, tempering the headline beat.

Actionable Insight

The strong EPS beat and accelerating e-Commerce growth (41% GMV, 58% revenue) are positive catalysts, but flat net income and prior-quarter Street EPS misses warrant caution. Monitor the Q2 2026 release for sustained e-Commerce momentum and margin expansion. The $600M note issuance strengthens the balance sheet but adds leverage.

Key Facts

Q1 2026 EPS of $1,457.68 beat consensus of $1,226.71 by 18.8%
Revenue of KZT 1.1 trillion ($2.3B) grew 31% YoY
e-Commerce GMV grew 41% YoY on constant-currency pro-forma basis to KZT 1.3 trillion ($2.6B)
e-Commerce revenue grew 58% YoY to KZT 394 billion ($824M); VAS (advertising + delivery) revenue up 73%
Net income flat YoY at KZT 252 billion ($526M), down 1%
Board recommended quarterly dividend of KZT 850 per ADS (64% payout ratio)
Post-quarter, issued $600M 5.900% five-year Notes
Full-year 2026 guidance reiterated

Financial Impact

EPS beat of 18.8% and 31% revenue growth, but net income flat YoY; dividend yield ~2% at current price

epsrevenuee-commerce gmvnet incomedividend

Risk Factors

Net income flat YoY despite 31% revenue growth, indicating margin compression
Prior two quarters missed Street consensus EPS by 9.7% and 36.9%
Türkiye expansion (50% of e-Commerce GMV) carries geopolitical and FX risk
Cost of risk at 0.7% could rise if credit conditions deteriorate

Market Snapshot

Exchange

Nasdaq

Sector

Services-Business Services, NEC

Analyst Consensus

73% bullish (11 analysts)

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3291720

14 reports for KSPI

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for KSPI — sortable, filterable
	Type				Now
Jun 12, 2026 2d ago	6-K NEUTRAL ★ 3/10	$82.31 awaiting T+5	awaiting T+5	—	$80.56 (−2.12%)
Jun 12, 2026 2d ago	Press Release NEUTRAL ★ 3/10	$82.31 awaiting T+5	awaiting T+5	—	$80.56 (−2.12%)
Jun 11, 2026 3d ago	Institutional Cluster MIXED ★ 4/10	$78.63 awaiting T+5	awaiting T+5	—	$80.56 (+2.46%)
May 14, 2026 4w ago	6-K MIXED ★ 6/10	$88.58 $91.00	▲ +2.73%	▲ +3.45%	$80.56 (−9.05%)
May 12, 2026 4w ago	6-K NEUTRAL ★ 3/10	$86.38 $88.91	▲ +2.92%	▲ +2.85%	$80.56 (−6.74%)
May 11, 2026 4w ago	6-K MIXED ★ 6/10	$85.84 $88.91	▲ +3.57%	▲ +3.66%	$80.56 (−6.15%)
May 11, 2026 4w ago	Press Release BULLISH ★ 7/10	$85.84 $88.91	▲ +3.57%	▲ +3.66%	$80.56 (−6.15%)
Apr 24, 2026 7w ago	6-K BULLISH ★ 7/10	$85.78 $85.84	▲ +0.07%	▼ −0.84%	$80.56 (−6.09%)
Apr 16, 2026 8w ago	Press Release BULLISH ★ 7/10	$81.23 $85.17	▲ +4.85%	▲ +3.87%	$80.56 (−0.82%)
Apr 16, 2026 8w ago	6-K NEUTRAL ★ 4/10	$81.23 $85.17	▲ +4.85%	▲ +3.87%	$80.56 (−0.82%)

US Market Status

Market Closed — Opens in 4h 23m

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