ASX (ASX:ASX) is set for potential upside even in a volatile market, driven by stable earnings, effective cost control, and the ability to hike fees to offset substantial capital expenditure, according to a Thursday report by the Australian, citing JP Morgan.

JPMorgan analyst Siddharth Prameswaran said ASX is currently trading at a premium to the ASX 200 and noted that its operating cost control appears to be outperforming the full-year outlook.

The brokerage upgraded ASX's rating to overweight.