ASX has released its monthly trading activity report for May 2021. Overall, we view ASX’s May trading statistics as broadly soft, with capital raisings/listings the only real bright spot. We make nominal changes to our ASX FY21F/FY22F EPS of -1%/2%, which reflects earnings adjustments on the back of the trading data. Our price target is largely unchanged at ~A$65. With the ASX share price having trended up nicely in recent months, it is now trading at a >10% premium to our price target and we move back to a Reduce recommendation. We see ASX’s current PE multiple of 32x as arguably stretched, given its current low-to-mid single digit EPS growth profile.
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