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[@TeaParty_1234](/creator/twitter/TeaParty_1234)
"1/x see a lot of slop-posting here on X about how cheap $KSPI is. Im not saying Kaspi cant be a good investment it might be. But buying something just because it looks cheap is rarely smart. So heres a thread on the risks and blind spots most seem to ignore. 👇"  
[X Link](https://x.com/TeaParty_1234/status/1979498049794716138) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, 1693 engagements


"2/x Higher-rate environment Kaspis lending arm thrived on cheaper credit. With rates staying high funding costs rise and loan demand softens. Margins could compress even if loan quality holds up. The easy money tailwind is gone"  
[X Link](https://x.com/TeaParty_1234/status/1979498051627561139) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"3/x Marketplace headwinds Growth risks slowing especially in smartphones and electronics. New regulations + weak demand are dragging this key GMV driver. If consumer electronics keep weighing on results e-commerce momentum fades"  
[X Link](https://x.com/TeaParty_1234/status/1979498053452157309) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"4/x New bank tax The Kazakh govt introduced a new banking tax directly cutting into Kaspis bottom line. When a company becomes systemically important regulators tend to want a slice of the profits"  
[X Link](https://x.com/TeaParty_1234/status/1979498055700250662) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"5/x Standardized QR & Digital Tenge threat Kaspis payment moat is under attack. The national QR system + upcoming digital tenge could commoditize payments hitting margins & transaction volume. This isnt a far-off risk its immediate"  
[X Link](https://x.com/TeaParty_1234/status/1979498057449267710) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"8/x Macro & currency risk The tenge remains volatile. Even if Kaspi performs well operationally FX can erode USD returns quickly. Add in political & regulatory risk and the Kazakhstan discount is justified to a degree"  
[X Link](https://x.com/TeaParty_1234/status/1979498063145181611) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"9/x Kaspi is a strong company no doubt. But low multiples low risk. Between rates regulation competition & capital choices there are cracks under the surface. Cheap can stay cheap when the market sees structural headwinds"  
[X Link](https://x.com/TeaParty_1234/status/1979498064923463743) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-18T10:41Z XX followers, XXX engagements


"@MagicCompounds Fair point but I still see it as a net negative since the closed payments enhanced Kaspis ecosystem and the take rates"  
[X Link](https://x.com/TeaParty_1234/status/1980351936391196948) [@TeaParty_1234](/creator/x/TeaParty_1234) 2025-10-20T19:14Z XX followers, XX engagements