<div id="readability-page-1"><div>** Analysts at Morningstar lower fair value estimate for Australia's bourse operator ASX by 4% to A$70; reiterates &#34;undervalued&#34; rating** Australian regulator on Monday imposed additional A$150 million ($99.56 million) charge on ASX** Exchange operator to cut its dividend payout ratio to 75%-85% of underlying NPAT, with payout ratio expected to be at the bottom end of the range for at least the next three allocations ** Investment research firm says ASX's near-term spending will remain high as it is under stiff media and regulatory scrutiny** Expects ASX's operating margins to start expanding again in FY29 and return to high-50s at the end of FY35 — Morningstar** ASX down 20% YTD, as of last close($1 = 1.5067 Australian dollars)</div></div>

Morningstar analysts cut ASX's fair value by 4% to A$70, maintaining an "undervalued" rating after a A$150 million fine. ASX will reduce its dividend payout ratio to 75%-85% of NPAT, likely at the lower end for upcoming allocations. Near-term spending remains high due to scrutiny, with operating margins expected to expand by FY29. ASX shares are down 20% YTD.

Morningstar cuts ASX fair value after $99.6 million regulator fine