ASX -4.00%: the operator of the domestic share market struggled as costs weighed on the 1H result. Revenue of $511.7m was up marginally on 1H23 but EBIT fell more than 10% to $291m, around 5% below consensus. The ASX has been bleeding money as they work on upgrading the ageing CHESS system, a project they finally brought consultants in to manage last year. Costs, (including Depreciation & Amortization) were up 27% for the half but the company opted to leave cost guidance unchanged at 12-15% which will require nearly no growth in the second half. Interest income has also remained soft with the company saying it is expected to be weak into the FY25.
- The risk/reward is unappealing after it rallied into this soft result.
MM has no interest in ASX
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