Kaspi.kz: Bottom Line Support From Rate Cuts In Kazakhstan Deferred To Q4

Kaspi.kz remains in my portfolio, with sub-10x forward PE and a strong growth outlook, despite current topline compression from a strong KZT in marketplace dynamics. Lower National Bank rates are set to benefit KSPI's bottom line from Q4, as deposit rollovers reduce funding costs and lift fintech earnings. The grocery store rollout, leveraging existing infrastructure, could add up to 33% to revenues in the medium-term, validated by a 15% EBITDA margin pilot.