Kaspi.kz receives first international credit rating
Kaspi.kz has received its first international credit rating from Fitch, achieving an investment grade BBB- with a stable outlook. This rating applies to Kaspi.kz as a whole, separate from Kaspi Bank's existing BBB- rating. Fitch highlighted Kaspi.kz's unique business profile, leading nationwide franchise, and strong operating profitability compared to global peers.
Key rating drivers include Kaspi.kz's diverse business model, combining leading franchises in payments, commerce, and fintech through its Super App. The company's stellar profitability is emphasized, with an extraordinary 80% return on equity over the past 8 years. CEO Mikhail Lomtadze noted that this rating follows Moody's recent upgrade of Kaspi Bank to investment grade and Kazakhstan's improved credit rating.
Kaspi.kz ha ricevuto il suo primo rating creditizio internazionale da Fitch, ottenendo un investment grade BBB- con un outlook stabile. Questo rating si applica a Kaspi.kz nel suo complesso, separato dal rating attuale di BBB- di Kaspi Bank. Fitch ha messo in evidenza il profilo aziendale unico di Kaspi.kz, la franchise leader a livello nazionale e la forte redditività operativa rispetto ai competitor globali.
I principali fattori che influenzano il rating comprendono il modello di business diversificato di Kaspi.kz, che combina franchise leader nei pagamenti, nel commercio e nella fintech attraverso la sua Super App. Viene sottolineata la redditività stellare dell'azienda, con un eccezionale 80% di ritorno sul capitale negli ultimi 8 anni. Il CEO Mikhail Lomtadze ha notato che questo rating segue l'aggiornamento recente di Moody's del rating di Kaspi Bank a investment grade e il miglioramento del rating creditizio del Kazakistan.
Kaspi.kz ha recibido su primera calificación crediticia internacional de Fitch, alcanzando un investment grade BBB- con una perspectiva estable. Esta calificación se aplica a Kaspi.kz en su totalidad, separada de la calificación existente de BBB- de Kaspi Bank. Fitch destacó el perfil empresarial único de Kaspi.kz, su franquicia líder a nivel nacional y su fuerte rentabilidad operativa en comparación con sus pares globales.
Los principales factores que impulsan la calificación incluyen el modelo de negocio diverso de Kaspi.kz, que combina franquicias líderes en pagos, comercio y fintech a través de su Super App. Se enfatiza la rentabilidad excepcional de la empresa, con un extraordinario 80% de rendimiento sobre el capital en los últimos 8 años. El CEO Mikhail Lomtadze señaló que esta calificación sigue al reciente upgrade de Moody's de Kaspi Bank a investment grade y a la mejora de la calificación crediticia de Kazajistán.
Kaspi.kz는 Fitch로부터 첫 번째 국제 신용 등급을 받았으며, 투자등급 BBB- 및 안정적인 전망을 달성했습니다. 이 등급은 Kaspi Bank의 기존 BBB- 등급과는 별도로 Kaspi.kz 전체에 적용됩니다. Fitch는 Kaspi.kz의 독특한 비즈니스 프로필, 국내 선도 프랜차이즈 및 강력한 운영 수익성을 글로벌 경쟁사와 비교하여 강조했습니다.
주요 등급 요인은 Kaspi.kz의 다양한 비즈니스 모델이며, 이는 Super App을 통해 결제, 상업 및 핀테크의 선도 프랜차이즈를 결합하고 있습니다. 회사의 탁월한 수익성은 지난 8년 동안 경이로운 80% 자기자본 수익률로 강조됩니다. CEO Mikhail Lomtadze는 이 등급이 Moody's가 Kaspi Bank의 등급을 투자 등급으로 상향 조정한 것과 카자흐스탄의 신용 등급 개선에 따른 것이라고 언급했습니다.
Kaspi.kz a reçu sa première notation de crédit international de Fitch, atteignant un investment grade BBB- avec une perspective stable. Cette notation s'applique à Kaspi.kz dans son ensemble, séparément de la notation BBB- existante de Kaspi Bank. Fitch a souligné le profil commercial unique de Kaspi.kz, sa franchise leader au niveau national et sa forte rentabilité opérationnelle par rapport à ses pairs mondiaux.
Les principaux facteurs de notation incluent le modèle commercial diversifié de Kaspi.kz, qui combine des franchises leaders dans les paiements, le commerce et la fintech grâce à sa Super App. La rentabilité exceptionnelle de l'entreprise est mise en avant, avec un retour sur fonds propres extraordinaire de 80% au cours des 8 dernières années. Le PDG Mikhail Lomtadze a noté que cette notation fait suite à la récente mise à niveau de Moody's de Kaspi Bank à investment grade et à l'amélioration de la notation de crédit du Kazakhstan.
Kaspi.kz hat seine erste internationale Kreditbewertung von Fitch erhalten und ein Investment Grade BBB- mit stabiler Perspektive erreicht. Diese Bewertung gilt für Kaspi.kz als Ganzes, getrennt von der bestehenden BBB- Bewertung von Kaspi Bank. Fitch hob das einzigartige Geschäftprofil, die führende nationale Franchise und die starke operative Rentabilität von Kaspi.kz im Vergleich zu globalen Mitbewerbern hervor.
Wichtige Bewertungsfaktoren umfassen das diverse Geschäftsmodell von Kaspi.kz, das führende Franchises in Zahlungen, Handel und Fintech über seine Super App kombiniert. Die außergewöhnliche Rentabilität des Unternehmens wird betont, mit einer außerordentlichen Eigenkapitalrendite von 80% in den letzten 8 Jahren. CEO Mikhail Lomtadze bemerkte, dass diese Bewertung der jüngsten Hochstufung von Kaspi Bank durch Moody's auf Investment Grade und der Verbesserung der Kreditbewertung Kasachstans folgt.
- Received investment grade BBB- rating from Fitch
- Strong operating profitability compared to global peers
- Diverse business model with leading franchises in payments, commerce, and fintech
- 80% return on equity over past 8 years
- Kaspi Bank also rated investment grade BBB- by Fitch
- None.
Insights
Kaspi.kz's first international credit rating of BBB- with a stable outlook from Fitch is a significant milestone. This investment-grade rating reflects the company's strong market position and exceptional profitability. With an
Kaspi.kz's Super App model, combining payments, commerce and fintech, positions it uniquely in the Kazakh market. This ecosystem approach has proven successful in other emerging markets, potentially giving Kaspi.kz a competitive edge. The investment-grade rating could signal increased consumer trust, potentially driving user acquisition and engagement. Moreover, Kazakhstan's recent credit rating upgrade suggests a favorable macro environment for digital economy growth. However, investors should consider the regulatory risks associated with fintech operations and the potential for increased competition as the market matures. Kaspi.kz's ability to maintain its market leadership while navigating these challenges will be important for long-term success.
ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz has received its first international credit rating. Fitch rates Kaspi.kz investment grade BBB- with a stable outlook. This rating is separate from Kaspi Bank, a component of Kaspi.kz’s Fintech Platform, which has been tracked by international rating agencies for many years. Fitch also rates Kaspi Bank investment grade BBB- with a stable outlook.
According to Fitch, the rating reflects Kaspi.kz’s unique business profile, leading nationwide franchise and one of the strongest levels of operating profitability when compared to peers globally. Among the key rating drivers are:
- Diverse business model: Kaspi.kz’s Super App business model is unique in its ability to successfully combine leading franchises across payments, commerce and fintech.
- Stellar profitability: Past earnings growth has been extremely strong, while the rapid growth of Payments and Marketplace Platforms has resulted in diverse and more predictable earnings. Return on equity over the past 8 years has been an extraordinary
80% .
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:
“This is the first time Kaspi.kz has received a credit rating. Fitch’s ratings for Kaspi.kz and Kaspi Bank, follow on from Moody’s decision to upgrade Kaspi Bank to investment grade. Moody’s also recently upgraded Kazakhstan’s credit rating, recognising the progress Kazakhstan’s government is making when it comes to delivering a fast-growing, diverse and modern digital economy, with solid financial fundamentals.”
About Kaspi.kz
Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.
Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.
The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.
Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information david.ferguson@kaspi.kz +44 7427 751 275
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Kaspi.kz. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. Kaspi.kz wish to caution you that these statements are only predictions and that actual events or results may differ materially. Kaspi.kz does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Kaspi.kz, including, among others, general economic conditions, the competitive environment, risks associated with operating in Kazakhstan, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to Kaspi.kz and its respective operations.
FAQ
What credit rating did Kaspi.kz (KSPI) receive from Fitch in September 2024?
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What are the key business areas of Kaspi.kz (KSPI) highlighted in the Fitch rating?
How does Kaspi.kz's (KSPI) credit rating compare to Kaspi Bank's rating?
