Halyk Bank of Kazakhstan Joint Stock Company (HSBK) Fair Value & Analysis
Financial Services · GB · Market cap $242B · ISIN US46627J3023
What is Halyk Bank of Kazakhstan Joint Stock Company really worth?
A solid business, trading 24% below our fair value of $45.06.
As of Aug 13, 2026, the fair value of Halyk Bank of Kazakhstan Joint Stock Company is $45.06 per share against a price of $34.20, so the fair value sits 32% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 4 valuation models · updated 23 days ago
Fair value updated Aug 13, 2026, revised from $0.0400 to $45.06 (+112,547.3%) since Jul 16, 2026. Share price +3.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $4.16 – $35.55 · fair‑value band $33.79 – $56.32 · the $34.20 price screens below the $45.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Halyk Bank of Kazakhstan Joint Stock Company (HSBK) currently trades at $34.20, while our model-based Fair Value estimate is $45.06, implying the stock looks roughly 24.1% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 26 models at a data quality of 95/100, which puts the evidence level at medium.
Over the trailing twelve months, Halyk Bank of Kazakhstan Joint Stock Company generated revenue of $1.9T at a net margin of 56.3%. Revenue declined 6.8% year over year. It earns a return on equity of 29.0%. The balance sheet holds a net cash position of $523B. Fundamentals as of Aug 13, 2026
Our scenario range runs from $33.79 (bear case) to $56.32 (bull case); at $34.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 32%, HSBK screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $5.21 per share, which is 11.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Economic Profit ($1,551) versus Asset-Based ($330.87). Highest evidence: P/E Multiple (63).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 77
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Halyk Bank of Kazakhstan Joint Stock Company, together with its subsidiaries, provides corporate and retail banking services in the Republic of Kazakhstan, Kyrgyzstan, Georgia, and Uzbekistan. It operates through four segments: Corporate Banking, SME Banking, Retail Banking, and Investment Banking.
Full company description
Halyk Bank of Kazakhstan Joint Stock Company, together with its subsidiaries, provides corporate and retail banking services in the Republic of Kazakhstan, Kyrgyzstan, Georgia, and Uzbekistan. It operates through four segments: Corporate Banking, SME Banking, Retail Banking, and Investment Banking. The company's products and services include current, education, term deposit, flexible deposit, accumulative deposit, deposit guarantee, and correspondent accounts; various deposit products; investment savings products; credit, digital, cash deposit, employees, business, first fuel for business, card for SP, card for IE, payroll, salary project, customs, and debit cards; consumer loans and mortgages; consumer loan, refinancing, mortgage, digital mortgage, housing mortgage, online, agriculture, auto, digital auto, and soft car custody loans, and foreign currency related services; overdrafts; other credit facilities; and letters of credit, trade finance products, foreign exchange, interbank operations, cash services, and documentary services. It also offers gold investment, metal account, cash services, safe boxes, transaction service, online services, custody, correspondent relations, treasury products, payment system, digital blank tender and digital blank performance guarantees, and letter of credit for business. The company was formerly known as Halyk Savings Bank of Kazakhstan Joint Stock Company and changed its name to Halyk Bank of Kazakhstan Joint Stock Company in June 2023. The company was founded in 1923 and is headquartered in Almaty, the Republic of Kazakhstan. Halyk Bank of Kazakhstan Joint Stock Company operates as a subsidiary of JSC Holding Group ALMEX.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Halyk Bank of Kazakhstan Joint Stock Company reported revenue of 3.1T KZT in FY2025 versus 791B KZT in FY2021, a compound +41.0%/yr. Reported net income was 1.1T KZT in FY2025, compounding +23.0%/yr from FY2021.
of which total revenue +28.3 % · buybacks/dilution +0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Banks - Regional · 1070 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.18 | $24.12 | +4% |
| BNP Paribas SA BNP | €104.54 | €144.64 | +38% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,423 | ₹835.21 | −41% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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