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Shares of ASX Ltd (ASX: ASX) tumbled more than 10% on Tuesday after the Australian stock exchange operator warned investors about a significant increase in future spending tied to major technology upgrades and regulatory compliance projects. The sharp selloff pushed ASX stock down 10.6% to A$52.27 by 01:25 GMT, marking the company’s worst trading session in over three months.
The market reaction followed ASX’s updated financial outlook, which revealed higher operating expenses and increased capital expenditure targets for fiscal year 2027. The company now expects total expense growth between 18% and 21%, while FY27 capital expenditure is projected to rise to between A$180 million and A$200 million, above the previous forecast of A$160 million to A$180 million.
ASX stated that the increased spending is mainly linked to ongoing technology modernization initiatives, particularly upgrades to its CHESS clearing and settlement system. The company is also expanding its “Accelerate Program” after regulatory scrutiny and an inquiry conducted by the Australian Securities and Investments Commission (ASIC).
Looking ahead, ASX introduced FY28 capex guidance ranging from A$170 million to A$190 million. The company also lowered its medium-term return on equity target to 12%–14%, compared with its previous guidance of 12.5%–14%.
In addition, ASX said dividend payouts are likely to remain at the lower end of its 75%–85% payout ratio range for at least the next two dividend periods as it strengthens capital reserves.
Despite investor concerns over rising costs, ASX maintained its FY26 guidance. The company also reported that unaudited operating revenue for the year ending April 30 increased 12.5% to A$1.03 billion, supported by strong trading activity and higher derivatives volumes.
The latest ASX news highlights growing investor focus on technology investment costs, regulatory risks, and the future performance of Australia’s leading stock exchange operator.
