Kazakhstan Corporate Results: Growth & Yield Divergence
This season reveals a stark contrast: KASPI (+273.7% yoy_rev) and KSPI (+120.7%) lead explosive growth in the consumer/tech space, while HALYK (-2.0%) and FRHC (-5.4%) lag in financials. The median revenue growth across sectors is unavailable, but the extremes highlight a widening gap between high-growth digital platforms and mature banks.
Revenue growth, biggest movers (YoY)
Growth Leaders and Laggards
Top growth: KASPI (rev +273.7%, np +1.0%) and KSPI (rev +120.7%, ebitda +11.6%) dominate, both in consumer tech. ALTYNGOLD (rev +81.7%, ebitda +97.2%, np +134.7%) leads the mining sector. At the other end, KCEL (rev -20.5%) and FRHC (rev -5.4%) struggle, with KCEL’s ebitda (+18.7%) and np (+46.3%) improving despite revenue decline.
Deceleration is notable: ASBN slowed sharply from prior_yoy_rev +189.2% to +71.6%, and prior_yoy_np +37.7% to -31.5%. CCBN also decelerated from prior_yoy_rev +40.7% to n/a (current rev n/a), with np dropping from +49.6% to -25.1%. In contrast, KEGC accelerated from prior_yoy_rev +26.9% to +43.6%, and prior_yoy_np +37.1% to +79.8%.
Yield and Long-Term Growth
Dividend leaders: KZTO (div_yield 9.7%, DPS 118.0₸ / price 1211.24₸), ASBN (7.8%), and AIRA (7.7%) offer the highest yields. For long-term compounding, HALYK (rev_cagr_3y +59.0%) and KSPI (+47.1%) stand out, though HALYK’s current rev (-2.0%) and np (-14.6%) are weak. KEGC (rev_cagr_3y +22.3%) combines steady growth with a 5.6% yield.
Overall, the season underscores a bifurcated market: high-growth tech and mining names drive returns, while financials and utilities lag. Yield seekers can find comfort in KZTO, ASBN, and AIRA, but should watch for deceleration risks in ASBN and CCBN.
Players: growth & yield (no absolute levels)
| Company | Revenue YoY | EBITDA YoY | Net profit YoY | Div yield |
|---|---|---|---|---|
| KMGZ (FY) | +1.4% | -4.0% | +0.0% | 1.1% |
| KASPI (FY) | +273.7% | — | +1.0% | — |
| KZAP (FY) | -0.6% | +14.7% | -3.5% | 3.0% |
| KSPI (Q1) | +120.7% | +11.6% | +0.0% | 0.0% |
| KZTK (FY) | +21.6% | +24.1% | +98.1% | 0.8% |
| KZTO (FY) | +14.6% | +11.7% | +9.8% | 9.7% |
| HALYK (Q1) | -2.0% | — | -14.6% | 0.0% |
| ASBN (Q1) | +71.6% | — | -31.5% | 7.8% |
| KCEL (FY) | -20.5% | +18.7% | +46.3% | 0.0% |
| KEGC (Q1) | +43.6% | +51.3% | +79.8% | 5.6% |
| SOLIDCORE (FY) | +13.0% | +46.0% | +146.4% | — |
| FRHC (Q3) | -5.4% | -4.5% | -2.6% | — |
| ALTYNGOLD (FY) | +81.7% | +97.2% | +134.7% | — |
| AIRA (FY) | — | — | -86.7% | 7.7% |