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    Xian Siew

    Senior Analyst at BNP Paribas

    Xian Siew is a Senior Analyst at BNP Paribas Exane, specializing in U.S. Leisure equities with a focus on major consumer and leisure companies such as Brunswick, YETI Holdings, and Thor Industries. Since joining BNP Paribas in 2020, he has covered the consumer sector, building a performance record with an analyst rating success rate near 50% and an average return per rating at -24.4% over the past year, as tracked by TipRanks. He previously worked at Morgan Stanley within the Retail Hardlines team and has been active in the consumer coverage space since 2016. Xian Siew holds a Bachelor’s degree from Swarthmore College, is a CFA Charterholder, and contributes regularly to industry research updates for top U.S. leisure stocks.

    Xian Siew's questions to Planet Fitness (PLNT) leadership

    Xian Siew's questions to Planet Fitness (PLNT) leadership • Q2 2025

    Question

    Xian Siew inquired about the behavioral patterns of Gen Z members, including their membership tier choices, utilization, and churn. He also asked if improving unit economics were prompting franchisees to accelerate new club openings.

    Answer

    CEO Colleen Keating noted that while they don't break down data by cohort, overall member utilization is rising as Gen Z becomes the fastest-growing segment. She and CFO Jay Stasz confirmed that positive trends in real estate, build costs, and top-line performance are encouraging for franchisees, and new club cohorts are performing well.

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    Xian Siew's questions to Planet Fitness (PLNT) leadership • Q4 2024

    Question

    Xian Siew asked for color on how the key January sales period performed and whether the 2025 store opening guidance represents the 'consistent growth' cadence or if the pace could accelerate further.

    Answer

    CFO Jay Stasz declined to comment on Q1 performance, stating it would be discussed on the next earnings call. CEO Colleen Keating reiterated that while not guiding beyond 2025, the company is focused on accelerating new club growth in a 'healthy, sustained' manner to eventually reach 200 annual openings, implying a ramp-up from the 2025 level. She promised more specific long-range targets later in the year.

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    Xian Siew's questions to BRUNSWICK (BC) leadership

    Xian Siew's questions to BRUNSWICK (BC) leadership • Q2 2025

    Question

    Xian Siew from BNP Paribas questioned the Propulsion segment's 7% sales growth, which outpaced the 6% decline in retail, asking if this was due to market share gains or OEMs pre-ordering ahead of tariffs. He also asked about the engine pipeline target for year-end and the outlook for segment margins.

    Answer

    CFO Ryan Gwillim clarified the sales strength was primarily due to refilling a lean engine pipeline, which had been reduced by about 25% over the past six quarters. He stated that Brunswick is now matching wholesale shipments to its retail share gains and OEM production needs. Gwillim projected the engine pipeline would end the year down about 25% from the start of 2024 and does not anticipate significant further reductions in the second half.

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    Xian Siew's questions to BRUNSWICK (BC) leadership • Q3 2024

    Question

    Xian Siew asked about the drivers of the low implied Q4 Propulsion segment margin and the outlook for the European market, given comments about weakening demand and higher inventory.

    Answer

    CEO David Foulkes and CFO Ryan Gwillim explained that the primary driver for the lower Q4 Propulsion margin is significant negative absorption from planned production cuts of around 25% year-over-year. Regarding Europe, Foulkes noted that while they are managing pipelines carefully, slightly higher inventory levels are typical for the region due to longer transit times and logistics.

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    Xian Siew's questions to VAIL RESORTS (MTN) leadership

    Xian Siew's questions to VAIL RESORTS (MTN) leadership • Q3 2025

    Question

    Xian Siew from BNP Paribas, on for Laurent Basilasu, inquired about the outlook for securing international worker visas and the seasonal labor environment. He also asked for an update on the company's resource efficiency transformation plan.

    Answer

    EVP & CFO Angela Korch explained that the company has managed through various visa environments and has reduced its dependency due to high employee retention rates. Regarding the transformation plan, she noted the company successfully accelerated $8 million in savings into the current fiscal year and is on track to achieve its $100 million annualized goal by fiscal 2026.

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    Xian Siew's questions to BRP (DOOO) leadership

    Xian Siew's questions to BRP (DOOO) leadership • Q1 2026

    Question

    Xian Siew asked for an update on the mix of non-current inventory for BRP versus the industry and how dealer feedback on BRP's cleaner inventory position is influencing market share expectations.

    Answer

    CEO Jose Boisjoli noted that while the industry is improving, BRP is particularly well-positioned, citing the snowmobile business where BRP holds about one-third of the non-current inventory despite having two-thirds of the market share. He stated that while dealers are currently focused on reducing all inventory, BRP's strong product introductions, dealer value proposition, and healthier inventory levels position it to gain momentum and market share in H2.

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    Xian Siew's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership

    Xian Siew's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership • Q1 2025

    Question

    Xian Siew asked why the full-year net yield guidance was not raised more significantly following the Q1 beat and strong Q2 outlook. He also inquired about any differing booking trends between new and returning customers.

    Answer

    CFO Naftali Holtz explained that the guidance update primarily reflects the Q1 outperformance. He reiterated that yield growth cadence is affected by timing, with Q1 benefiting from a full quarter of Icon of the Seas and Q3 facing a headwind from the late arrival of Star of the Seas. CEO Jason Liberty added that while demand from new-to-cruise is 'exceptionally high,' the company is seeing significantly more repeat business from loyalty members, driven by successful cross-brand marketing.

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    Xian Siew's questions to Manchester United (MANU) leadership

    Xian Siew's questions to Manchester United (MANU) leadership • Q4 2022

    Question

    Xian Siew from BNP Paribas asked about the path to returning to pre-COVID EBITDA levels and how the new UEFA financial sustainability regulations might impact the club's strategy and competitive position.

    Answer

    CEO Richard Arnold stated that returning to historical EBITDA levels hinges on qualifying for the Champions League, normalizing player wage levels after recent elevated investment, and continued strong revenue growth. Regarding UEFA regulations, he noted the club supports them, believing they will foster a more sustainable football ecosystem and align with Manchester United's own goal of balancing effective investment for on-pitch success with long-term financial health.

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    Xian Siew's questions to Manchester United (MANU) leadership • Q2 2022

    Question

    Xian Siew from BNP Paribas asked for clarification on the timing and mix of the new international versus domestic broadcasting rights deals, and also inquired about any further business disruptions related to the situation in Ukraine.

    Answer

    CFO Cliff Baty and Chief Strategy Officer Hemen Tseayo addressed the broadcasting question. Baty highlighted that international rights revenue now surpasses domestic and is expected to continue growing. Tseayo clarified the U.S. deal is a renewal with NBC, ensuring broad reach, and noted the new distribution model includes a merit-based component. CEO Richard Arnold responded to the second question, confirming the suspension of rights for one partner and stating there were no other effects to flag at the time.

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    Xian Siew's questions to Manchester United (MANU) leadership • Q4 2021

    Question

    Xian Siew of Exane BNP Paribas inquired about the potential commercial revenue impact from signing Cristiano Ronaldo and whether commercial revenues could surpass pre-COVID levels. He also asked about the business environment in China, including the effects of lockdowns and fan engagement trends.

    Answer

    CFO Cliff Baty explained that excluding the impact of no summer tour, fiscal 2022 commercial revenue is expected to be similar to pre-COVID (FY 2019) levels. Group Managing Director Richard Arnold stated that it was too early to quantify Ronaldo's off-pitch impact and an update would be provided in the next quarter's results. Regarding China, Arnold highlighted the market's importance and the success of partnerships with Harves and others in driving engagement despite previous lockdowns.

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