This article provides a comparative analysis of the investment attractiveness of four leading banks in Kazakhstan whose shares are traded on the Kazakhstan Stock Exchange (KASE): Halyk Bank, Kaspi Bank, Bank CenterCredit, and Forte Bank. The study covers the period from 2023 to 2025. The purpose of the work is to evaluate the intrinsic business value of each financial institution through the prism of key indicators based on the principles of classic value investing, dating back to the methodology of Benjamin Graham and Warren Buffett. Return on equity (ROE), return on assets (ROA), capital adequacy, and asset growth dynamics are used as the main indicators. The empirical base is formed from the financial statements of issuers on the KASE platform. The analysis revealed significant differentiation: Kaspi Bank demonstrates the highest but normalizing profitability (ROE dropped from 77.0% to 41.1% with asset growth of 32.3%); Halyk Bank stands out for its stability as a high-quality long-term asset (stable ROE of 28-30% and ROA of 5.1%); Bank CenterCredit shows aggressive asset growth with moderate leverage; Forte Bank lags behind competitors with the lowest ROA (2.9%) and a decrease in capital adequacy to 10.6%. The results are of practical significance for institutional and retail investors when evaluating banking sector stocks on KASE.

MUSIROV G.M.

Candidate of economic sciences, associate professor, K. Zhubanov Aktobe regional university, Aktobe, Kazakhstan

E-mail: mysirov@mail.ru, https://orcid.org/0000-0003-2853-6504

KAZHYGALIEV T.M.

Master's student, K. Zhubanov Aktobe regional university, Aktobe, Kazakhstan

E-mail: tem1rlankazygal1ev@gmail.com, https://orcid.org/0009-0008-1141-327X

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investment attractiveness, banking sector, KASE, value investment, ROE, ROA, capital adequacy, stock market of Kazakhstan