Update on JSC “National Company KazMunayGas” Valuation for 1H 2025. Based on our model, the target price per share has been revised upward to ₸19,397. KazMunayGas shares are trading at fair value levels. Recommendation: Hold
Equity research update of JSC Kaspi.kz following 1H 2025 Results Based on our model, we have updated the target price per share to KZT 57,922, implying a potential upside of 14% from the current market price, with a “Buy” recommendation
A revaluation of JSC “Air Astana” has been carried out based on the financial statements for the first half of 2025. According to our valuation model, the target price of the share is set at 6,32 $/GDR, which represents a 12,4% upside from the current
Valuation Update of NAC Kazatomprom JSC Based on Q1 2025 Financial ResultsAccording to our model, we have increased the value per share to ₸23,747, indicating a potential upside of 5% from the current market price. Rating: Hold
Updating the cost of JSC Kaspi.kz based on the results of reporting for the 1st quarter of 2025. According to our model, we have updated the value per share to ₸57,583, indicating a potential upside of 28% from the current market price, with a "Buy