Jason Del Vicario KASPI.KZ KSPI-LON TOP PICK Nov 17, 2023

Largest company in Kazakhstan. A super app, sort of like combining AMZN, PYPL, and FB. Originally a bank, then converted to a technology platform. Almost completely replaced Visa and MA in that country. Expanding. Checks all his boxes, plus trades at a reasonable valuation. Political risk, so size your position at about 1%. Yield is 0.92%. (Analysts’ price target is $124.63)

(A Top Pick Sep 29/21, Down 42%) Very strong business model with high penetration rate of app. Shares currently undervalued. Founder run and owned. Strong management team. Sizable dividend rate at ~6%. Will continue to hold and has added to position.

Domiciled in Kazakhstan. Super app. Extremely high consumer engagement. Black mark against them is where they're based. Geopolitical risk, so it's a 1% conviction level. Fabulous company. (Target price in USD.) Yield is 1.66%.

(Analysts’ price target is $98.04)

(A Top Pick Feb 08/23, Up 43%)

Has owned business since 2020. "Super App" business used by 75% of Kazakhstan population. Expedia/Doordash/Payments all combined. Very customer focused. Risky country to operate in, so small portion of portfolio.