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TIVP082: KASPI STOCK ($KSPI): BEATING THE MARKET WITH AN E-COMMERCE MONOPOLY?
W/ DANIEL MAHNCKE & SHAWN O’MALLEY
TIVP082: KASPI STOCK ($KSPI): BEATING THE MARKET WITH AN E-COMMERCE MONOPOLY? W/ DANIEL MAHNCKE & SHAWN O’MALLEY
12 July 2026
Daniel Mahncke and Shawn O’Malley analyze Kaspi.kz (NASDAQ: KSPI), Kazakhstan’s dominant super-app spanning payments, e-commerce, and fintech. They examine its business model, competitive moat, low valuation, Turkey expansion through Hepsiburada, dividend, governance, and currency risks, intrinsic value, and potential fit in the Intrinsic Value Portfolio.
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IN THIS EPISODE, YOU’LL LEARN:
- How Kaspi became Kazakhstan’s No.1 superapp
- What role the fintech business plays
- How the marketplace differs from Mercado Libre and Shopee
- Whether Kaspi is valued attractively
- Whether Shawn and Daniel add KSPI to the Intrinsic Value Portfolio
For the full show notes, go to this page.
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- Business Breakdowns Episode on Kaspi.
- Response to Culper’s Short Report.
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