Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Texas Roadhouse reported its second quarter results, showcasing strong performance and strategic growth plans.</li><li>While the revenue exceeded $1.5 billion for the first time, driven by a 5.8% increase in same-store sales and strong traffic growth, it was met with increased challenges.</li><li>Here's a balanced analysis of the positives and negatives from the earnings call.</li></ul>

Texas Roadhouse reported its second quarter results, showcasing strong performance and strategic growth plans.While the revenue exceeded $1.5 billion for the first time, driven by a 5.8% increase in same-store sales and strong traffic growth, it was met with increased challenges.Here's a balanced analysis of the positives and negatives from the earnings call.

Texas Roadhouse: Dealing With Workforce Retention & Productivity Challenges In The Hope Of Achieving Operational Success!

<ul><li>Texas Roadhouse reported its first quarter financial results, demonstrating both strengths and challenges in its business performance.</li><li>The company recorded a revenue of over $1.4 billion, with same-store sales increasing by 3.5% and average weekly sales reaching all-time highs.</li><li>Notably, March experienced the highest weekly sales across Texas Roadhouse’s three brands: Texas Roadhouse, Bubba's 33, and Jaggers.</li></ul>

Texas Roadhouse reported its first quarter financial results, demonstrating both strengths and challenges in its business performance.The company recorded a revenue of over $1.4 billion, with same-store sales increasing by 3.5% and average weekly sales reaching all-time highs.Notably, March experienced the highest weekly sales across Texas Roadhouse’s three brands: Texas Roadhouse, Bubba's 33, and Jaggers.

Texas Roadhouse: A Tale Of Smart Menu Pricing & Inflation Defense Tactics!

<ul><li>Texas Roadhouse, Inc. reported robust financial and operational metrics for the fiscal year 2024, marking it as another successful year for the company.</li><li>The restaurant chain achieved a revenue milestone, nearing $5.4 billion, driven by positive traffic growth across its brands.</li><li>The average unit volume exceeded $8 million for the first time in the company’s history, thanks to double-digit growth in restaurant margin dollars, income from operations, and earnings per share for a consecutive year.</li></ul>

Texas Roadhouse, Inc. reported robust financial and operational metrics for the fiscal year 2024, marking it as another successful year for the company.The restaurant chain achieved a revenue milestone, nearing $5.4 billion, driven by positive traffic growth across its brands.The average unit volume exceeded $8 million for the first time in the company’s history, thanks to double-digit growth in restaurant margin dollars, income from operations, and earnings per share for a consecutive year.

Texas Roadhouse: Operational Enhancements, Off-Premise Growth & Other Major Drivers

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

<ul>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)</li>
<li>As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.</li>
<li>We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.</li>
</ul>


The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.


20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

<ul>
<li>A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.</li>
<li>We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).</li>
<li>Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.</li>
</ul>


A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.
We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).
Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.


Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

United States

Texas Roadhouse, Inc. is a full-service, casual dining restaurant chain, which offers assorted seasoned and aged steaks hand-cut daily on the premises and cooked to order over open gas-fired grills. It operates restaurants under the Texas Roadhouse and Aspen Creek names. The company also offers its guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork and vegetable plates, an assortment of hamburgers, salads and sandwiches. It also provides supervisory and administrative services for other license and franchise restaurants. Texas Roadhouse was founded by W. Kent Taylor on February 17, 1993 and is headquartered in Louisville, KY.

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Texas Roadhouse (TXRH US)

Texas Roadhouse: Dealing With Workforce Retention & Productivity Challenges In The Hope Of Achieving Operational Success!

Texas Roadhouse reported its second quarter results, showcasing strong performance and strategic growth plans. While the revenue exceeded $1.5...

Baptista Research

Texas Roadhouse: A Tale Of Smart Menu Pricing & Inflation Defense Tactics!

Texas Roadhouse reported its first quarter financial results, demonstrating both strengths and challenges in its business performance. The company...

Baptista Research

Texas Roadhouse: Operational Enhancements, Off-Premise Growth & Other Major Drivers

Texas Roadhouse, Inc. reported robust financial and operational metrics for the fiscal year 2024, marking it as another successful year for the...

Baptista Research

20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

20-Day MA Supports Holding on $SPX, $QQQ, and $IWM. As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4...

Vermilion Research

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Upgrading Consumer Discretionary $XLY to Overweight; 5700-5785 $SPX Gap Support Holding as we expected/discussed last week. 4.7-4.8% on 10y...

Vermilion Research

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