Growth PotentialSeveral catalysts to support growth acceleration in 2026-27, including actualization of the regulatory impact on smartphone sales and a gradual reduction of policy rates.
Investment RecommendationThe analyst recommends upgrading to Buy with a new target price of US$107, implying approximately 38% upside.
ValuationKaspi trades at an attractive risk/reward with a significant discount to the 3-year historical P/E, leading to an upgrade to Buy.