Culper Research short Kaspi.kz, says shares ‘headed lower’

In a recently published report, Culper Research says it is short Kaspi.kz as it believes the company “has systematically misled U.S. investors and regulators in its repeated claims – especially ahead of the company’s January 2024 NADSAQ listing – that the company has zero exposure to Russia.” “We believe that not only do Kaspi’s relationships with Russian partners permeate every segment of its business, but that in the wake of Russia’s February 2022 invasion of Ukraine and into 2024, Russia has contributed materially to Kaspi’s reported growth… We believe Kaspi’s premium valuation and U.S. listing are at risk, and shares are headed lower,” the report reads. “As the U.S. and other nations continue to broaden sanctions against those found to be aiding Russia’s wartime economy, we believe Kaspi now risks secondary sanctions,” Culper adds, further arguing that “Notwithstanding these concerns, we think Kaspi is wildly overvalued.” Shares of Kaspi.kz have dropped about 4% to $114.80 in morning trading.