Kaspi.kz short report to remain share overhang, says JPMorgan

JPMorgan says Thursday’s short report on Kaspi.kz centered around the company’s exposure to Russia. The firm thinks many of the arguments in the report were already understood by investors, including Russian immigrants leaving Russia and moving to neighboring countries like Kazakhstan. but notes it received a number of questions around Kaspi’s account with Raiffeisenbank in Moscow, former shareholder Kairat Satybaldy, and sanctions. JPMorgan will continue to do due diligence into the short report’s rationale, while also seeking clarification from the company on a few of the points, the analyst tells investors in a research note. The firm, which keeps an Overweight rating on the shares, expects the short report to remain an overhang on the stock for the time being. Kaspi.kz in late morning trading is down 5% to $95.29.