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    Ronak Gadhia

    Director of Banking and Sub-Saharan Africa Financials specialist at EFG Hermes Holding S.A.E.

    Ronak Gadhia is a Director of Banking and Sub-Saharan Africa Financials specialist at EFG Hermes UK Ltd., providing in-depth coverage of leading African banks such as Kaspi.kz AO, Standard Chartered, and several major Kenyan financial institutions. Gadhia joined EFG Hermes in September 2017 after building a reputation for insightful sector analysis, and he regularly features in regional finance discussions demonstrating expertise in bank operating performance and sector risks. With the Chartered Financial Analyst (CFA) designation, he leverages over a decade of emerging market experience, focusing on driving investor returns through top-tier research and actionable investment calls. He is recognized for his clear sector forecasts and extensive corporate network, contributing significantly to EFG Hermes’ reputation as a top emerging markets research house.

    Ronak Gadhia's questions to Joint Stock Co Kaspi.kz (KSPI) leadership

    Ronak Gadhia's questions to Joint Stock Co Kaspi.kz (KSPI) leadership • Q1 2025

    Question

    Ronak Gadhia pointed to the consistent decline in the Payments take rate over recent quarters and asked for the underlying drivers and where the take rate is expected to normalize in the long term.

    Answer

    Executive David Ferguson explained the gradual decline is a result of mix shift, as lower-take-rate services like Kaspi Pay (0.95%) and B2B payments grow faster than legacy products. CEO Mikheil Lomtadze confirmed this is a long-standing trend and that the blended take rate will continue to move gradually towards the 0.95% rate of Kaspi Pay, its fastest-growing and largest transaction component.

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

    Question

    Ronak Gadhia of EFG Hermes questioned the all-cash structure of the Hepsiburada deal, asking if keeping former owners involved with equity would be more prudent. He also asked about the medium-term implications for Kaspi's dividend payout ratio and whether Hepsiburada required a cash injection.

    Answer

    An executive, likely David Ferguson, dismissed the idea that Hepsiburada's owners were selling due to cash needs. He stated that near-term cash is prioritized for the transaction, but medium-term capital policy will follow Kaspi's track record of investing sustainably and returning excess cash. CEO Mikheil Lomtadze added that the deal's structure is based on the exciting opportunity presented by two 'like-minded' companies getting together and Kaspi's belief that putting its cash to work in this instance is a valuable opportunity.

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