2025-06-11-花旗集团-澳大利亚证券交易所（ASX）_澳大利亚证券交易所（ASX.AX）_折旧与摊销增长快于预期_短期息税折旧摊销前利润目标看似艰难_19页_706kb

• 💼 Company Description: Australian Securities Exchange (ASX) is a key provider of cash and derivatives trading, clearing, and settlement services in Australia, along with market data.
• ☨️ Financial Summary:
  • D&A (Depreciation & Amortisation) increased significantly beyond expectations for FY26 and beyond, posing challenges to margins.
  • P/E ratio stands neutral compared to global peers, impacting valuation.
  • ASX targets medium-term EBITDA margin expansion but faces short-term regulatory cost pressures and slow material revenue growth.
• 📈 Growth Initiatives:
  • ASX is focusing on data monetization, new products like high-quality data sets and market activity summaries.
  • CHESS cash market clearing (Release 1) is set to launch in Q4 FY26, but Regulatory risks remain a concern.

es

• ⚠️ Analyst View: Neutral rating due to elevated D&A costs, valuation anchored around the target price, and the risk of regulatory costs.
• 💰 Valuation: Target price revised to A$71.60 due to EPS revisions.

Key Rating Change & Earnings Impact:

• Analyst Certification: Citi Research Global Markets Inc., regulated by various authorities; strict disclosure policies, no direct tie to specific recommendation incentives, risks include higher D&A and regulatory uncertainties.