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Kirill's avatar

Underappreciated ST upside driver - Russians. When mobilistion started in Russia in late September it is estimated that more than 200k Russians fled to Kazakhstan. Most of them got Kaspi cards. And these are relative high-earners - software engineers, creative professionals. A lot of them also later moved to other countries but keep using their Kaspi cards generating sweet international interchange fees. Q4 numbers should be very strong

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Emerging Market Skeptic's avatar

Kaspi keeps coming up in fund updates and reports as a holding - at least one fund has taken profits on it: https://emergingmarketskeptic.substack.com/?sort=search&search=kaspi

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