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>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

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>Wingstop's fiscal third quarter 2024 results show a robust performance, reflecting strong strategic execution and market presence.</li><li>These results highlight significant growth in domestic same-store sales, substantial increases in average unit volumes (AUV), and a high rate of new restaurant openings, which continue to drive Wingstop’s expansion and market penetration.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Wingstop's fiscal third quarter 2024 results show a robust performance, reflecting strong strategic execution and market presence.These results highlight significant growth in domestic same-store sales, substantial increases in average unit volumes (AUV), and a high rate of new restaurant openings, which continue to drive Wingstop’s expansion and market penetration.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Wingstop Inc.: The Tale Strong Unit Economics & Franchisee Growth! - Major Drivers

<ul><li>Wingstop's fiscal second quarter 2024 results display substantial growth in several critical metrics, indicating strong ongoing performance but also setting high expectations for future operations.</li><li>Wingstop reported a 28.7% increase in same-store sales growth, primarily driven by transaction growth, which indicates robust consumer demand and effective brand expansion strategies.</li><li>System-wide sales showed an impressive increase of 45%, enhancing the advertising power tied to the brand's visibility and marketing initiatives.</li></ul>

Wingstop's fiscal second quarter 2024 results display substantial growth in several critical metrics, indicating strong ongoing performance but also setting high expectations for future operations.Wingstop reported a 28.7% increase in same-store sales growth, primarily driven by transaction growth, which indicates robust consumer demand and effective brand expansion strategies.System-wide sales showed an impressive increase of 45%, enhancing the advertising power tied to the brand's visibility and marketing initiatives.

Wingstop Inc.: A Story Of Unit Growth and AUV Expansion! - Major Drivers

<ul><li>Wingstop has presented a robust fiscal first quarter 2024 report, indicating substantial growth across several metrics.</li><li>The company reported an impressive 21.6% increase in same-store sales, primarily driven by transaction growth.</li><li>Additionally, Wingstop opened 65 new restaurants, marking a 14% growth rate.</li></ul>

Wingstop has presented a robust fiscal first quarter 2024 report, indicating substantial growth across several metrics.The company reported an impressive 21.6% increase in same-store sales, primarily driven by transaction growth.Additionally, Wingstop opened 65 new restaurants, marking a 14% growth rate.

Wingstop Inc.: A Tale Of Strong International Expansion and Market Penetration! - Major Drivers

<ul><li>Wingstop Inc posted high performance for fiscal 2024 as reflected in its latest fourth quarter and full year results.</li><li>The industry-leading results demonstrate the strength and resilience of the strategies executed by the company, delivering a record-breaking 20th consecutive year of same-store sales growth.</li><li>The strategy aims at primarily driving transactions - a key growth metric for the business.</li></ul>

Wingstop Inc posted high performance for fiscal 2024 as reflected in its latest fourth quarter and full year results.The industry-leading results demonstrate the strength and resilience of the strategies executed by the company, delivering a record-breaking 20th consecutive year of same-store sales growth.The strategy aims at primarily driving transactions - a key growth metric for the business.

Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers

United States

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

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Wingstop Inc (WING US)

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

Wingstop Inc.: The Tale Strong Unit Economics & Franchisee Growth! - Major Drivers

Wingstop's fiscal third quarter 2024 results show a robust performance, reflecting strong strategic execution and market presence. These results...

Baptista Research

Wingstop Inc.: A Story Of Unit Growth and AUV Expansion! - Major Drivers

Wingstop's fiscal second quarter 2024 results display substantial growth in several critical metrics, indicating strong ongoing performance but...

Baptista Research

Wingstop Inc.: A Tale Of Strong International Expansion and Market Penetration! - Major Drivers

Wingstop has presented a robust fiscal first quarter 2024 report, indicating substantial growth across several metrics. The company reported an...

Baptista Research

Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers

Wingstop Inc posted high performance for fiscal 2024 as reflected in its latest fourth quarter and full year results. The industry-leading results...

Baptista Research

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