Jusan could join forces with Kaspi.kz after sale, Freedom Broker says
A possible acquisition of Jusan Bank by Vyacheslav Kim, a majority shareholder in Kaspi.kz and the richest person in Kazakhstan, may lead to synergy between the two financial institutions. It would also be an additional driver for Kazakhstan’s stock market, analysts from Freedom Broker believe. They made this assumption within Freedom Broker’s review of prominent investment ideas for spring 2025.
In its survey, Freedom Broker also covered several Kazakhstani companies, whose stocks may show «quite a good performance.» These include KazMunayGas, which has a stake in the Tengiz field that is expected to significantly boost its production; Halyk Bank, with its anticipated dividend payout and Kaspi.kz, whose stock value may surge amid the upcoming release of its financial report and «special corporate events.»
Additionally, the majority of companies listed on the Kazakhstan Stock Exchange (KASE) Index make dividend payouts during the spring season, Freedom Broker noted.
«The stocks of Halyk Bank, Kazatomprom and KazMunayGas have high growth potential due to rising dividends. Furthermore, KazTransOil and Kegoc are worth monitoring. Although they have been in a sideways trend for a long time, they may still rise after dividend amounts are announced,» the analysts believe.
They also recommend that investors take into account Kazakhtelecom’s potential special dividend payout following the sale of Altel-Tele2.
«The spring of 2025 promises to be eventful for investors. The dividend season in Kazakhstan, growth in the commodity sector and promising corporate events open new horizons for profitable investments,» Freedom Broker summed up.
On top of that, analysts pointed to several international companies, the stocks of which may generate profits. In the sphere of technology and IT, they suggest purchasing shares of Nvidia, Microsoft and Dell; in the industrial and transportation sectors, Paccar; and in real estate and healthcare, Welltower Inc. and Edwards Lifesciences Corporation.
Artificial intelligence technologies, healthcare and logistics continue to attract major investors globally, the analysts said. According to them, smart diversification and trend analysis can help shape a balanced portfolio for successful investing this spring.
On Feb. 13, 2025, Vyacheslav Kim, co-owner of Kaspi.kz (20.39%), confirmed to Kursiv.media that he had indeed applied to Kazakhstan’s Agency for Regulation and Development of the Financial Market to acquire a 97.5% stake in Jusan Bank, emphasizing that this deal would not affect Kaspi.kz’s operations.
Kim is also the majority stakeholder in Alseco, a Kazakhstani software developer, and the ultimate beneficiary of the Magnum Cash & Carry retail chain. He is the richest Kazakhstani citizen, with a fortune estimated at $5.8 billion, according to Forbes.kz.
The owner of Jusan Bank is Galimzhan Yessenov, a Kazakhstani businessman, who holds a 19.67% stake in the bank directly and controls an additional 77.86% of shares through First Heartland Securities. In 2024, Forbes.kz ranked Yessenov as the 15th richest person in Kazakhstan with a net worth of $590 million.
