Joint Stock Company Kaspi.kz, a Kazakhstan-based provider of business services, announced today that it will hold an extraordinary general meeting of shareholders. The notification, which is in compliance with the requirements of the Securities Exchange Act of 1934, was filed with the Securities and Exchange Commission (SEC) on Friday, October 18, 2024.
The purpose of the extraordinary meeting, details of which were furnished as Exhibit 99.1 in the Form 6-K submission, has not been disclosed in the filing. The company, listed under the SEC file number 001-41921, has also stated that this report will be incorporated by reference into the company's registration statement on Form S-8 (File No. 333-276609).
Kaspi.kz, which operates under the business services sector with a standard industrial classification code of 7389, is headquartered at 154A Nauryzbai Batyr Street in Almaty, Kazakhstan. The notice for the meeting is a procedural step for the company, which is required to inform shareholders of significant corporate events.
The notice was signed by Tengiz Mosidze, the Chief Financial Officer of Kaspi.kz, indicating the formal and official nature of the announcement. The company, which files annual reports under Form 20-F, adheres to international reporting standards as a foreign private issuer.
On a different note, Kaspi.kz has received an updated outlook from Wolfe Research. The firm has raised its price target for the company from $140 to $150, maintaining an Outperform rating. This adjustment is based on Kaspi.kz's consistent market share growth and the expectation of continued double-digit growth in the medium term. Wolfe Research also anticipates that Kaspi's diverse product offerings across its three main segments will contribute to an increase in average revenue per user as usage scales.
InvestingPro Insights
As Kaspi.kz prepares for its extraordinary general meeting, investors might find value in examining the company's recent financial performance and market position. According to InvestingPro data, Kaspi.kz has demonstrated strong revenue growth, with a 42.59% increase over the last twelve months as of Q2 2024, reaching 4.7 billion USD. This robust growth is complemented by an impressive operating income margin of 75.94% for the same period, highlighting the company's operational efficiency.
InvestingPro Tips suggest that Kaspi.kz is a prominent player in the Consumer Finance industry, which aligns with its position as a provider of business services in Kazakhstan. The company's stock price often moves in the opposite direction of the market, potentially offering diversification benefits to investors. Additionally, Kaspi.kz has maintained dividend payments for 5 consecutive years, with a current dividend yield of 5.15%, which may be attractive to income-focused shareholders.
It's worth noting that while the company's P/E ratio of 10.58 indicates a relatively low valuation compared to its near-term earnings growth, it's trading at a high Price / Book multiple of 8.23. This contrast might be a point of discussion at the upcoming shareholder meeting.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on Kaspi.kz, providing a deeper understanding of the company's financial health and market position.
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