Kazakhstan Stocks — Valuations, P/E & Dividends

This reporting season delivered a brutal reminder that not all growth is created equal. While precious-metal miners and niche digital plays surged at a breakneck pace, the energy and coal complex suffered a deep cyclical hangover. The median revenue growth across industries spanned a jaw-dropping 94 percentage points from top to bottom, and the valuation gap between the haves and have-nots is now wide enough to drive a mining truck through.

Revenue growth by industry (median YoY)

Gold and platinum miners minted money as commodity prices soared

The precious-metals complex was the undisputed star. Gold miners delivered a median revenue growth of 40.0%, but the real fireworks came from individual names: AngloGold Ashanti saw revenue surge 64.8% year over year, while Gold Fields posted a staggering 68.2% gain. Even more explosive was the platinum group: Impala Platinum grew revenue 43.7% and Northam Platinum an even more impressive 60.0%, with both companies reporting EBITDA growth of over 225%. The message is clear: when gold and platinum prices rally, these miners turn into cash machines.

Coal and oil companies are in a deep freeze, with revenue and profits collapsing

The energy sector was a wasteland. Coal miners suffered the worst, with median revenue down 17.7%: Whitehaven Coal saw revenue fall 27.7%, and Yancoal Australia dropped 15.3%, with EBITDA at both companies cut by more than 40%. Oil and gas wasn't much better: Santos reported an 8.4% revenue decline and a 33.2% drop in net profit, while ADNOC Gas saw revenue shrink 13.6% and net profit fall 15.0%. The petrochemical chain was equally ugly — Borouge revenue fell 17.2% and net profit cratered 44.5%. This is a textbook cyclical downturn, and there is no sign of a near-term catalyst.

The surprise twist: a parking lot operator and a digital bank outran almost everyone

The biggest surprise came from the most unlikely places. Parkin, a Dubai parking operator, accelerated from 17.5% revenue growth to 41.0% year over year, with net profit jumping 35.6%. Even more remarkable was Nu Holdings, the Brazilian digital bank, which accelerated from 43.4% revenue growth to 57.2%, while net profit rose 56.5%. These are not commodity plays; they are structural growth stories in tollbooth-like businesses and fintech, respectively. Their valuations — Parkin at 25.1x P/E and Nu at a breathtaking 124.0x P/E — reflect the market's willingness to pay up for compounding, not just cyclical tailwinds.

Value is hiding in plain sight: growth at a single-digit P/E is available, but with a catch

For value hunters, the dispersion is a gift. Emaar Development grew revenue 36.5% and net profit 52.4%, yet trades at a P/E of just 4.5x and an EV/EBITDA of 0.6x — a valuation that screams skepticism about sustainability. Similarly, KEGC, a Kazakh utility-like name, grew revenue 43.6% and net profit 79.8%, with a P/E of only 4.7x and a dividend yield of 5.6%. On the other end, Talabat, a food-delivery platform, trades at 59.6x P/E despite a 25.7% revenue gain and a net profit decline of 16.1%. The market is paying a huge premium for growth stories and discounting asset-heavy cyclicals; the question is which side is right.

Dividend yields tell a story of their own: some payouts are generous, others are a mirage

For income-focused investors, the standout is KZTO, a Kazakh transport operator, offering a dividend yield of 9.7% based on a DPS of 118.0 tenge against a price of 1,211.24 tenge. ASBN and AIRA also offer yields above 7.7%, though AIRA's net profit swung sharply negative, making its payout less secure. By contrast, many high-growth names like Nu Holdings and Talabat pay no dividend at all. The trade-off is stark: you can buy a 9.7% yield from a slow-growing utility-like stock, or you can chase 57% revenue growth with zero income.

The long view: three-year CAGRs reveal who is building, and who is just riding a wave

Looking beyond a single quarter, the 3-year revenue CAGRs separate the builders from the benders. Aldar Properties leads with a 44.5% CAGR, followed by KSPI at 47.1% and Old Mutual at an astonishing 61.2%. These are companies that have compounded revenue through multiple cycles. In contrast, the coal and oil laggards show negative CAGRs: Yancoal at -18.3%, Borouge at -8.3%, and Santos at -14.0%. The next season will test whether the current winners can sustain their momentum or if the energy cycle eventually turns. For now, the smart money is on precious metals and digital tollbooths.

Players: growth & yield (no absolute levels)