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    Mikhail Butkov

    Research Analyst at The Goldman Sachs Group, Inc.

    Mikhail Butkov is an Equity Analyst at Goldman Sachs, specializing in coverage of leading Central and Eastern European financial institutions, including Bank Pekao S.A., Garanti BBVA, and Türkiye Vakıflar Bankası. Known for his comprehensive analysis and frequent participation in major bank earnings calls, Butkov provides insights that help inform investment decisions in the regional banking sector. He joined Goldman Sachs prior to 2023, and his research is widely cited by large publicly listed banks and investor relations platforms across Poland and Turkey. Butkov holds credentials consistent with leading sell-side equity analysts at global investment banks, covering major financial firms and regularly contributing to institutional research coverage.

    Mikhail Butkov's questions to Joint Stock Co Kaspi.kz (KSPI) leadership

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

    Question

    Mikhail Butkov of Goldman Sachs inquired about how Kaspi's core management team plans to allocate its time between its established Kazakhstan operations and the new, large-scale projects in Turkey and potentially Uzbekistan.

    Answer

    CEO Mikheil Lomtadze explained that there is no specific metric for time allocation. He stressed that Hepsiburada has a strong, existing management team and Kaspi's role is not to dictate but to collaborate. The approach will involve sharing technology, resources, and experience to help the company improve, rather than a top-down management takeover. He noted he would personally spend time in Turkey to facilitate knowledge sharing.

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