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    David Shapiro

    Research Analyst at Vanshap Capital

    David Shapiro is Managing Partner and Co-Founder at Vanshap Capital, specializing in deep value, globally oriented investment strategies focused on capital-constrained and neglected markets. Since April 2012, his investment leadership has delivered a net annualized return of 7.9%, significantly outperforming the MSCI Emerging Markets ex-China Index, with coverage spanning sectors such as homebuilders, toll roads, shipping, mid-priced hotels, and banks, including detailed company research within these areas. Shapiro began his career as a Senior Investment Analyst at Aegis Financial Corporation, where he spent nine years before co-founding Vanshap Capital in 2012. He holds a CFA designation, a Bachelor of Science in Management from Tulane University, and maintains Series 63 and 65 securities licenses, qualifying him as both a securities agent and investment adviser representative.

    David Shapiro's questions to Joint Stock Co Kaspi.kz (KSPI) leadership

    David Shapiro's questions to Joint Stock Co Kaspi.kz (KSPI) leadership • Q3 2024

    Question

    David Shapiro of Vanshap Capital asked how Kaspi plans to motivate Hepsiburada's founder and management team after acquiring a controlling share. He also questioned whether the expansion into Turkey and potential entry into Uzbekistan means Kaspi's plate is full for further international growth.

    Answer

    CEO Mikheil Lomtadze highlighted the strong alignment of vision and values with Hepsiburada's founder, Hanzade, who will assist in a smooth transition. He expressed confidence in the collaborative potential between the two entrepreneurial companies. Regarding expansion, he noted that the Turkish and Uzbek markets are exciting and will 'surely keep us busy,' suggesting a focus on these regions for the time being while referencing the broader goal of serving a 100-million-person market.

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