Research
Two types of work. Companies: how a company makes money and what has changed, based on its annual report. Trade: what Kazakhstan sells and buys, based on official statistics.
Oct 2026
Companies
Bigger but Less Profitable: Kaspi.kz after the Hepsiburada Acquisition
Revenue up 60%, net income up 1%: what the Turkish deal did to Kaspi's margins.
Oct 2026
Trade
Raw Materials Out, Machines In: Kazakhstan's Trade with China, 2020–2025
Trade more than doubled in five years, and a surplus turned into a $3.7 billion deficit.