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The Australian Securities Exchange is a vertically integrated securities exchange business offering listing, data, trading, clearing, and settlement services across equities, debt, and derivatives. ASX benefits from various effective monopolies across its business and a disproportionately large listings business from Australia's outsize natural resources sector.

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	Australia&#39;s stock market operator ASX, Ltd (OTC: ASXFF) (OTC: ASXFY) draws regulatory attention over a troubled rebuild of its trading software.


Australia Stock Market Operator Draws Regulatory Attention, Could Accrue Material Penalty

Earnings

ASX Full-Year Net Profit Rises 2.7%

ASX H1 Profit Down 2.5%

ASX Ltd

<ul>
<li>Australia&#39;s stock market operator&nbsp;ASX, Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/asxff#OTC">ASXFF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/asxfy#OTC">ASXFY</a>) draws regulatory attention over a troubled rebuild of its trading software.</li>
<li>The&nbsp;Australian Securities and Investments Commission&nbsp;(ASIC) is investigating &quot;suspected contraventions&quot; of laws around continuous disclosure of market-sensitive information, misleading or deceptive conduct, and exercising duties responsibly, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/technology/australia-begins-investigation-against-asx-over-software-replacement-2023-03-28/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>&nbsp;citing an ASX statement.</li>
<li>The ASIC investigation covered ASX directors&#39; actions from October 28, 2020, to March 28, 2022, ASX&#39;s statement said. On the first date, ASX gave a &quot;go-live&quot; date of April 2023 for the blockchain-based overhaul; on the second date, the exchange said the project was delayed but progressing well.</li>
<li>On Wednesday, CEO Helen Lofthouse called a virtual all-staff meeting and told the 760 employees to focus on their work.&nbsp;</li>
<li>Lofthouse has been the CEO since August 2022 and worked at the company during the investigation period but was not on the board. ASX&#39;s Chair and CEO during the investigation period have since left.</li>
<li>The investigation into the stock exchange marks an escalation in the backlash since it pulled a blockchain-based overhaul of its trading, clearing, and settlement system last November.</li>
<li>The ASIC and Reserve Bank of Australia had demanded more thorough reporting on plans to update ASX&#39;s 30-year-old software at the heart of the economy.&nbsp;</li>
<li>The federal government wants to break up ASX&#39;s monopoly over clearing and settlement.</li>
<li>Under Australian corporate law, companies can face fines of up to A$10.5 million ($7 million) for misleading disclosures. In comparison, company directors can face prison sentences of up to 15 years and fines of up to A$1.1 million.</li>
<li>Experts found it a wide-ranging investigation accruing significant penalties.</li>
<li>Price Action:&nbsp;ASXFF shares closed lower by 2.61% at $42.90 on Tuesday.</li>
</ul>

Australia's exchange operator ASX (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) reported a 2.7% rise in its full year earnings.

ASX's net profit for the year surged to 348.2 million Australian dollars (US$312.6 million), from a year-ago profit of A$339.2 million. However, analysts were expecting a profit of A$347.5 million. 

Its revenue rose 1.1% to A$617.4 million. ASX also announced its plans to pay a final dividend of A$0.823 per share.

ASX shares closed at $32.00 yesterday.

ASX (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) reported a 2.5% drop in its first-half profit.

ASX's net profit for the period fell to A$171.1 million Australian dollars (US$175.5 million), from A$175.6 million, in the year-ago period.

Its underlying profit declined 5.3% to A$171.1 million, from A$180.7 million, in the year-ago period. However, analysts were expecting underlying profit of A$168.3 million.

Its cash market revenue dropped 18% to A$54.9 million. ASX also announced its plans to pay an interim dividend of 87.9 cents, versus 92.8 cents in the year-ago period.

ASX shares closed at $38.01 yesterday.

ASX Ltd (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) reported a 3.7% drop in its full-year profit.

Its net profit for the period declined to A$339.2 million (US$356 million), versus A$352.3 million, in the year-ago period. However, analysts were expecting a net profit of A$341 million.

Its cash market revenue dropped 7% to A$124.5 million, while listings revenue declined 11.2% to A$133.4 million.

ASX Fiscal-Year Profit Down 3.7%

ASX Limited (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) reported a 2.9% decline in its net profit for the nine months to March 31.

ASX's statutory profit after tax dropped to A$256.3 million.

ASX Net Profit Down 2.9%

ASX Ltd (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) named former casino and wagering boss Elmer Funke Kupper as its new chief executive. 

Elmer Funke Kupper succeeds Robert Elstone as new chief executive. 

ASX shares dropped 1.71% to close at $30.43 yesterday.

Management

ASX Appoints Elmer Funke Kupper As New CEO

Tech Data Corp (NASDAQ: <a class="ticker" href="/stock/tecd#NASDAQ">TECD</a>) reported a 23% rise in its fiscal second-quarter earnings. Tech Data reported its quarterly profit at $50.1 million, or $1.10 per share, up from $40.9 million, or $0.82 per share, in the year-ago period. Its net sales surged 18% to $6.45 billion. However, analysts were expecting earnings of $0.95 per share on sales of $6.14 billion.

Sears Holdings Corp (NASDAQ: <a class="ticker" href="/stock/shld#NASDAQ">SHLD</a>) reported wider-than-expected loss for the fiscal second-quarter on Thursday. Sears Holdings' quarterly loss came in at $146 million, or $1.37 per share, versus a loss of $39 million, or $0.35 per share, in the year-ago period. Sears Holdings' adjusted loss came in at $1.13 per share. Its shares outstanding dropped 5.2% to 106.8 million. Its revenue dropped to $10.33 billion from $10.46 billion. However, analysts were expecting a loss of 0.46 per share on revenue of $10.13 billion. Sears Holdings' comparable-store sales declined 0.7% in the US and 4.8% in Canada.

Perry Ellis International Inc (NASDAQ: <a class="ticker" href="/stock/pery#NASDAQ">PERY</a>) swung to a fiscal second-quarter profit and raised its earnings forecast for the year. Perry Ellis reported its quarterly profit at $1.8 million, or $0.11 per share, from a year-ago loss of $2 million, or $0.15 per share. Its revenue surged to $214.4 million. However, analysts were expecting earnings of $0.04 per share on revenue of $204 million. Perry Ellis lifted its earnings forecast for the year to $2.45 to $2.52 per share on revenue of more than $1 billion, up from its earlier forecast of $2.40 to $2.50 per share on revenue of $1 billion. 

Children's Place Retail Stores Inc (NASDAQ: <a class="ticker" href="/stock/plce#NASDAQ">PLCE</a>) released its results for the fiscal second-quarter on Thursday. Children's Place reported a quarterly net loss at $9.8 million, or $0.38 per share, versus a loss of $8.2 million, or $0.30 per share, in the year-ago period. The retailer's revenue declined 0.5% to $343.5 million. Its comparable retail sales fell 5.6%. However, analysts were expecting a loss of $0.39 per share on revenue of $356.3 million. Children's Place also raised the lower end of its earnings guidance range for the year. It now projects earnings in the range of $3.13 to $3.25 per share, versus its earlier range of $3.10 to $3.25 per share. Analysts expected earnings of $3.25 per share.

Ross Stores Inc (NASDAQ: <a class="ticker" href="/stock/rost#NASDAQ">ROST</a>) reported a rise in its Q2 profit. Ross Stores reported its quarterly net income at $148.3 million, or $1.28 per share, up from $129.3 million, or $1.07 per share, in the year-ago period. Its total sales climbed 9% to $2.089 billion. However, sales at stores open at least a year surged 5%. Ross Stores projects Q3 profit of $1.00-$1.04 per share and same store sales to surge 1%-2%. Analysts were expecting earnings of $1.13 per share.

GameStop Corp (NYSE: <a class="ticker" href="/stock/gme#NYSE">GME</a>) reported a decline in its quarterly profit. GameStop reported its second-quarter net income at $30.6 million, or $0.22 per share, down from $39.8 million, or $0.26 per share, in the year-ago period. The company's sales came in at $1.7 billion. However, analysts were expecting earnings of $0.22 per share on revenue of $1.83 billion. GameStop projects Q3 comparable store sales to rise 2% to 4%. 

Stage Stores Inc (NYSE: <a class="ticker" href="/stock/ssi#NYSE">SSI</a>) released its results for the second quarter on Thursday. Stage Stores' quarterly profit declined to $10.01 million, or $0.29 per share, from $10.33 million, or $0.27 per share, in the year-ago period. However, analysts were expecting earnings of $0.30 per share. Stage Stores' net sales rose to $352.8 million, from $345 million. Stage Stores projects a Q3 loss of $0.21 to $0.24 per share and a Q4 profit of $1.08 to $1.12 per share. It projects earnings of $1.10 to $1.16 per share for the full year, versus analysts' estimates of $1.13 per share.

J.M. Smucker Co (NYSE: <a class="ticker" href="/stock/sjm#NYSE">SJM</a>) reported an 8.4% rise in its net income for the fiscal first-quarter. Smucker's quarterly earnings rose to $111.5 million, or $0.98 per share, from $102.9 million, or $0.86 per share, in the year-ago period. Its adjusted profit came in at $1.12 per share. Its revenue climbed to $1.19 billion from $1.05 billion. However, analysts were expecting a profit of $1.08 per share on revenue of $1.26 billion. Smucker affirmed its FY12 adjusted earnings forecast of $5 to $5.15 per share. 

Buckle Inc (NYSE: <a class="ticker" href="/stock/bke#NYSE">BKE</a>) reported a 14% rise in its fiscal second-quarter earnings. Buckle's quarterly profit climbed to $23.6 million, or $0.50 per share, from $20.7 million, or $0.44 per share, in the year-ago period. However, analysts were expecting earnings of $0.51 per share. Earlier this month, Buckle reported that its sales climbed 13% to $212.4 million and same-store sales surged 8.9%.

Casual Male Retail Group Inc (NASDAQ: <a class="ticker" href="/stock/cmrg#NASDAQ">CMRG</a>) reported upbeat second-quarter profit and reaffirmed its forecast for the year. Casual Male reported its quarterly net income at $6.6 million, or $0.14 per share, up from $5.6 million, or $0.12 per share, in the year-ago period. Its sales climbed 4% to $100.9 million. However, analysts were expecting earnings of $0.13 per share on sales of $99.53 million. Casual Male's same-store sales surged 4.9%. Casual Male projects FY11 earnings of $0.40-$0.45 per share on sales of $405-$410 million. Analysts were expecting earnings of $0.41 per share on sales of $407.1 million. 

Stein Mart Inc (NASDAQ: <a class="ticker" href="/stock/smrt#NASDAQ">SMRT</a>) reported a decline in its fiscal second-quarter earnings. Stein Mart reported its quarterly profit at $1.3 million, or $0.03 per share, down from $11.3 million, or $0.25 per share, in the year-ago period. However, analysts were expecting earnings of $0.06 per share. Stein Mart's total sales dropped 2.1% to $270.2 million and same-store sales declined 1.1%.

Dollar Tree Inc (NASDAQ: <a class="ticker" href="/stock/dltr#NASDAQ">DLTR</a>) reported a 22% rise in its fiscal second-quarter earnings and lifted its earnings forecast for the year. Dollar Tree reported its quarterly profit at $94.9 million, or $0.77 per share, up from $78 million, or $0.61 per share, in the year-ago period. Its net sales surged 12% to $1.54 billion. Its same-store sales climbed 4.7%. However, analysts were expecting earnings of $0.75 per share on revenue of $1.55 billion. Dollar Tree now projects full-year earnings of $3.82 to $3.95 per share, up from its earlier outlook of $3.69 to $3.85 per share. It narrowed its sales forecast to $6.53 billion to $6.62 billion, versus $6.5 billion to $6.63 billion. 

JA Solar Holdings Co (NASDAQ: <a class="ticker" href="/stock/jaso#NASDAQ">JASO</a>) swung to a second-quarter loss and lowered its full-year sales volume guidance. JA Solar reported a quarterly loss of CNY228.9 million ($35.4 million), or CNY1.39 (22 cents) an American Depositary Share (<a class="ticker" href="/stock/ads#">ADS</a>), versus earnings of CNY196.2 million, or CNY1.20 (19 cents) an ADS, in the year-ago period. Its revenue climbed 12% to CNY2.7 billion ($413 million). However, analysts were expecting a loss of 3 cents on revenue of $419 million. 

Royal Boskalis Westminster NV (OTC: <a class="ticker" href="/stock/kkwff#OTC">KKWFF</a>) reported an 8% decline in its net profit for the first six months of 2011. The group's net profit for the period dropped to EUR114.1 million, from EUR123.9 million, in the year-ago period. Its revenue climbed to EUR1.25 billion, from EUR1.14 billion.

Holcim Ltd (OTC: <a class="ticker" href="/stock/hcmly#OTC">HCMLY</a>) reported a decline in its net profit for the three months to end June. Holcim's quarterly net profit declined 13% to 347 million Swiss francs ($436 million), from CHF399 million, in the year-ago period. Its revenue fell 11% to CHF5.49 billion from CHF6.16 billion.

SBM Offshore NV (OTC: <a class="ticker" href="/stock/sbffy#OTC">SBFFY</a>) reported a net loss for the first half of the year. SBM Offshore reported a net loss of $250.8 million with underlying profit of $199.2 million, versus net profit of $92.5 million in the year-ago period. SBM Offshore's EBITDA came in at $359.7 million, versus $293.5 million in the year-ago period.

China Mobile Ltd (NYSE: <a class="ticker" href="/stock/chl#NYSE">CHL</a>) reported a 6.3% rise in its net income for the half year ending June 30. China Mobile's net income for the period rose to 61.28 billion yuan ($9.59 billion), from 57.64 billion yuan, in the year-ago period, versus analysts' estimates of 60.46 billion yuan. China Mobile added 32.77 million cellular subscribers during the period. Its average revenue per user per month during the period came in at 70 yuan. China Mobile also declared an interim dividend of $1.58 Hong Kong dollars per share, up from HK$1.417 per share, in the year-ago period.

Wesfarmers Ltd (OTC: <a class="ticker" href="/stock/wfafy#OTC">WFAFY</a>) reported a 23% surge in its full-year profit. Wesfarmers' net profit for the period climbed to 1.92 billion Australian dollars ($2.03 billion), from A$1.57 billion, in the year-earlier period. However, analysts were expecting a net-profit of A$1.88 billion.

ASX Ltd (OTC: <a class="ticker" href="/stock/asxfy#OTC">ASXFY</a>) reported a 7.4% rise in its fiscal-year net profit. ASX's net profit for the period rose to 352.3 million Australian dollars ($371.5 million). Its underlying profit climbed 7.2% to A$356.6 million. However, its operating revenue gained 5% to A$617.6 million.

AMP Ltd (OTC: <a class="ticker" href="/stock/amltf#OTC">AMLTF</a>) released its results for the first-half. AMP's attributable net profit for the period came in at 349 million Australian dollars ($368.2 million), versus a profit of A$425 million, in the year-ago period. Its Uunderlying profit rose to A$455 million, from A$383 million, in the year-earlier period.

Lenovo Group Ltd (OTC: <a class="ticker" href="/stock/lnvgy#OTC">LNVGY</a>) reported a strong rise in its first-quarter net profit. Lenovo Group's quarterly net profit surged to US$108.8 million, from US$54.86 million, in the year-ago period. However, analysts were expecting a net profit of US$85.86 million. Its revenue climbed 15% to US$5.92 billion from US$5.15 billion, versus analysts' estimates of US$5.76 billion.

Pre-Market Outlook

Markets

AMLTF

CMRG

DLTR

HCMLY

JASO

KKWFF

LNVGY

PERY

PLCE

ROST

SBFFY

SHLD

SMRT

TECD

WFAFY

Earnings Roundup

ASX Ltd (OTC: ASXFY) reported a 7.4% rise in its fiscal-year net profit. 

ASX's net profit for the period rose to 352.3 million Australian dollars ($371.5 million). Its underlying profit climbed 7.2% to A$356.6 million. However, its operating revenue gained 5% to A$617.6 million.

ASX shares dropped 1.13% to close at $31.44 yesterday.

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