We note that unlike most Kazakhstan banks, Kaspi Bank, generally, has no hidden problems that could become an unpleasant surprise if discovered in future. The main problem for investors is the relative unattractiveness of the Bank's debt instruments. In view of the fact that about 77% of Kaspi bonds in circulation are in the portfolio of the UAPF, its bonds are not liquid enough, and their profitability is lower than the interest rates on deposits. Based on stable financial position and improvement of performance on the one hand and low liquidity and profitability on the other, we maintain our recommendation to Hold the bank's bonds until maturity.
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