2305 GMT - ASX's dividend payout ratio looks ripe for change, suggests Macquarie. It is currently 75%-85%. Management has guided to it being at the bottom end of the range until at least 1H27. Macquarie doesn't see ASX achieving its A$150 million additional capital target at the end of FY27. "As such we model the payout ratio to be 75% in perpetuity, and now expect the guidance range to be reset lower by the new management team at an investor day set to be held in June 2027," Macquarie says. It downgrades ASX to "underperform," from "neutral."