Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.</p>

Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months.

Global Equity Strategy: Stick With Reflation & Reopening Theme

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Controladora Vuela Cia De-A / Equity Bottom-Up

<ul><li>Operating revenues of US$678 M decreased by 12% YoY.</li><li>Top-line results were negatively impacted by a 29% YoY contraction yield, ending at US$39.</li><li>The ASM’s recovery of 6% and the 4% in RPMs led to a 1.6pp contraction in the load factor to 85.4%.</li></ul>

Operating revenues of US$678 M decreased by 12% YoY.Top-line results were negatively impacted by a 29% YoY contraction yield, ending at US$39.The ASM’s recovery of 6% and the 4% in RPMs led to a 1.6pp contraction in the load factor to 85.4%.

VOLARA MM - Actinver Research - VOLAR 1Q25: Soft Landing. Weak Q Results (Quick View)

<ul><li>Operating revenues of US$835 m decreased by 7% YoY.</li><li>Top-line results were negatively impacted by a 5% YoY contraction in the ASMs (due to mandatory engine inspections, which resulted in the landing of some airplanes) and a 6% YoY drop in RPMs. Yields in the quarter ended at US$50.0, implying an 8% YoY contraction.</li><li>The load factor in 4Q24 was 87.3%, with a 0.8 pp YoY contraction.</li></ul>

Operating revenues of US$835 m decreased by 7% YoY.Top-line results were negatively impacted by a 5% YoY contraction in the ASMs (due to mandatory engine inspections, which resulted in the landing of some airplanes) and a 6% YoY drop in RPMs. Yields in the quarter ended at US$50.0, implying an 8% YoY contraction.The load factor in 4Q24 was 87.3%, with a 0.8 pp YoY contraction.

VOLARA MM - Actinver Research - VOLAR 4Q24: Positive Quarterly Results (Quick View)

Grupo Aeroportuario del Pacifi / Equity Bottom-Up

<ul><li>Mexican Air transport sector posted positive quarterly results.</li><li>The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions.</li><li> VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.</li></ul>

Mexican Air transport sector posted positive quarterly results.The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions. VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

<ul><li>Operating revenues of US$813 m decreased by 4% YoY.</li><li>Top-line results were negatively impacted by a 14% YoY contraction in the ASMs (due to mandatory engine inspections, which resulted in the landing on average of 34 airplanes) and a 13% YoY drop in RPMs. Yields in the quarter ended at US$53.0, implying a 9% YoY gain and 7% above our estimate.</li><li>The load factor in 3Q24 was 87.4%, with a +1.0 pp YoY expansion.</li></ul>

Operating revenues of US$813 m decreased by 4% YoY.Top-line results were negatively impacted by a 14% YoY contraction in the ASMs (due to mandatory engine inspections, which resulted in the landing on average of 34 airplanes) and a 13% YoY drop in RPMs. Yields in the quarter ended at US$53.0, implying a 9% YoY gain and 7% above our estimate.The load factor in 3Q24 was 87.4%, with a +1.0 pp YoY expansion.

Actinver Research - VOLAR 3Q24: Positive Quarterly Results, Beating Our Estimates (Quick View)

Mexico

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. is a low-cost airline carrier based in Mexico.  The Company offers an unbundled pricing strategy which allows them to provide low base fares and enables its passengers to select and pay for a range of optional products and services for additional fees.

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Controladora Vuela Cia De-A (VOLARA MM)

Global Equity Strategy: Stick With Reflation & Reopening Theme

Our bullish outlook remains intact supported by the absence of breakdowns across major global indexes. Until this changes, we believe global...

Vermilion Research

VOLARA MM - Actinver Research - VOLAR 1Q25: Soft Landing. Weak Q Results (Quick View)

Operating revenues of US$678 M decreased by 12% YoY. Top-line results were negatively impacted by a 29% YoY contraction yield, ending at...

Actinver

VOLARA MM - Actinver Research - VOLAR 4Q24: Positive Quarterly Results (Quick View)

Operating revenues of US$835 m decreased by 7% YoY. Top-line results were negatively impacted by a 5% YoY contraction in the ASMs (due to...

Actinver

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

Mexican Air transport sector posted positive quarterly results. The company’s efforts to contain costs and a better tariff environment compared to...

Actinver

Actinver Research - VOLAR 3Q24: Positive Quarterly Results, Beating Our Estimates (Quick View)

Operating revenues of US$813 m decreased by 4% YoY. Top-line results were negatively impacted by a 14% YoY contraction in the ASMs (due to...

Actinver

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