Reset now behind us; recovery being overlooked – reiterate Buy

研报英文原文证据摘录

Reset now behind us; recovery being overlooked – reiterate Buy

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ASX Limited

Reset now behind us; recovery being

overlooked – reiterate Buy

Reiterate Rating: BUY | PO: 56.60 AUD | Price: 50.11 AUD

ASX settles ASIC litigation 15 June 2026

ASX has announced a settlement of the ongoing litigation brought by ASIC for misleading Equity

statements regarding the progress of the company’s failed CHESS replacement project.

The company has admitted to contravening sections 12DA and 12DB of the ASIC Act

Key Changeswhen it made representations that the project was “progressing well”. The trial was due

to begin today. As a result of the settlement, subject to approval of the Federal Court of (A$) Previous Current

Australia, ASX will pay a penalty of A$20.5m and contribute A$3m to ASIC’s legal costs. 2026E EPS 2.71 2.74

These costs will be recognised as significant items in FY26 (BofAe A$23m post-tax). We 2027E EPS 2.52 2.55

refresh our estimates for latest activity data from May and raise our underlying NPAT 2028E EPS 2.45 2.48

forecasts by 1% over FY26-28E. We lower FY26E stat NPAT by 3%. 2026E DPS 2.04 2.06

Another overhang removed Freya Kong >>

While the cost of ASX’s settlement is not an insignificant figure (and not previously part ResearchMerrill LynchAnalyst(Australia)

of our forecasts), we think it should be taken well by the market as it removes another +61 2 9226 5840

overhang on shares. We are not aware of any outstanding legal actions against ASX. freya.kong@bofa.com

Stephanie Deeb >>

Reiterate Buy; reset is done with pricing power overlooked ResearchMerrill LynchAnalyst(Australia)

We reiterate our Buy rating on ASX with our PO of A$56.60 (unchanged) suggesting 17% stephanierebecca.deeb@bofa.com

total return potential.