KSPI · NASDAQ · STOCK
Joint Stock Company Kaspi.kz
$95.28
52W $68.59 – $99.20
58/100
$18.12B
8.1
0.09
Is KSPI Bullish or Bearish?
Mixed.
Innellis AI committee rates Joint Stock Company Kaspi.kz (KSPI) Watch with a composite score of 58/100
, based on 6 analysts with 50% agreement.
Last updated August 11, 2026.
What Would Change This View
- Upgrade to Buy
- Requires a committee score of 60.0 — +1.53 from today. Applies on the first day at or above the line; upgrades are never dampened.
- Downgrade to Reduce
- Requires the score to fall below 40.0 — -18.47 from today. The band boundary is 45.0, but a one-step downgrade must clear a further margin first. A score oscillating around the line should not change the rating every night.
Executive Summary
The committee is genuinely divided. Risk Analyst sees a compelling case — low leverage (debt-to-equity 0.14) -- balance sheet can absorb a shock. Growth Analyst remains cautious — eps declining -0.3% yoy despite any revenue growth. This disagreement is itself the signal — the setup is not clean in either direction.
Bull & Bear Case
Bull Case
- P/E of 7.5 is inexpensive for the broad market — Value
- ROE of 45.5% shows genuine earnings power backing the valuation — Value
- Dividend yield of 3.7% pays you to wait — Value
- Price structure making higher highs and higher lows — Technical
- MACD histogram positive -- bullish momentum — Technical
- Low leverage (debt-to-equity 0.14) -- balance sheet can absorb a shock — Risk
Bear Case
- EPS declining -0.3% YoY despite any revenue growth — Growth
- RSI at 76 is in overbought territory — Technical
- Price trading above the upper Bollinger Band -- stretched — Technical
- Daily trend (uptrend) conflicts with the weekly trend (downtrend) -- fighting the larger trend — Technical
- News sentiment is negative (-0.17 across 6 articles, 14d) — News
Both cases are generated from quantitative data signals, not qualitative or
forward-looking judgement. They summarise what the numbers say today.
Price History (6M)
AI Investment Committee
Committee Consensus
As of August 11, 2026
Overall Committee Score
58/100
Agreement
50%
Analysts
6
Conviction
Contested
Sector Rank
Top 56%
of 284 Technology peers
Value Analyst
bullish
70
/ 100 · High confidence
Classic value case: cheap on multiples with earnings power to back it up
+ P/E of 7.5 is inexpensive for the broad market
Growth Analyst
bearish
20
/ 100 · Low confidence
Growth story is weak, decelerating, or inconsistent
− EPS declining -0.3% YoY despite any revenue growth
Technical Analyst
neutral
51
/ 100 · High confidence
Mixed or range-bound price action
+ Price structure making higher highs and higher lows
− RSI at 76 is in overbought territory
Risk Analyst
bullish
80
/ 100 · Low confidence
Risk profile is manageable -- leverage, volatility, and event exposure all look contained
+ Low leverage (debt-to-equity 0.14) -- balance sheet can absorb a shock
Macro Analyst
bullish
78
/ 100 · Moderate confidence
Macro backdrop is supportive of risk assets generally, and this name's beta works in its favor
+ VIX regime is low -- calm backdrop supports risk-taking
News Analyst
neutral
52
/ 100 · Low confidence
News flow is mixed or quiet -- no strong signal either way right now
− News sentiment is negative (-0.17 across 6 articles, 14d)
Portfolio Manager
neutral
55
/ 100 · Moderate confidence
Portfolio-level factors are mixed -- worth a deliberate sizing decision, not a default-size position
+ Portfolio position concentration is currently healthy
− 2 existing position pair(s) are highly correlated already
Technical Analysis
RSI (14)
75.7
Overbought
MACD Histogram
0.600
Bullish Momentum
Trend Direction
Uptrend
Weekly: Downtrend
Market Structure
Mixed
Support
$78.87
Resistance
$97.30
Bollinger %B
1.04
Above Upper Band
Price vs Moving Averages
EMA 9
$91.78
Above
EMA 21
$89.96
Above
EMA 50
$87.97
Above
EMA 200
$83.87
Above
Fundamental Analysis
Valuation
92
Profitability
98
Financial Health
69
Cash Flow
70
Valuation
P/E Ratio
8.1×
P/B Ratio
3.15×
PEG Ratio
-2.27
Dividend Yield
3.71%
52W High
$99.20
52W Low
$68.59
Quality & Growth
ROE
4167.2%
ROA
937.0%
Gross Margin
7079.0%
Operating Margin
4334.1%
Revenue Growth YoY
—
Debt / Equity
0.15
AI Fundamental Assessment
[reduced confidence: limited earnings history] P/E ratio of 8.1 (inexpensive relative to a 15-40x range); Price-to-book of 3.1x; PEG ratio of -2.3 (under 1.0 suggests growth is undervalued relative to price); Return on equity of 41.7%; Return on assets of 9.4%; Net margin of 24.7%; Gross margin of 70.8%; Current ratio of 1.26 (tight short-term liquidity); Debt-to-equity of 0.15; Free cash flow per share is positive (3663.65); Earnings-history trend unavailable; growth based on TTM year-over-year only.
Get the Full KSPI Analysis
Interactive charts · Live committee votes · Trade plan · Paper trading · AI Q&A
Open in Terminal →