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Share prices

15/04/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 12 April 2019. BDN financial editor Roger Willis reports.

Caution and choppy trading characterised most of the past week in developed-world markets until some strong quarterly results from US banks perked up Wall Street on Friday. A resultant rally dragged both the benchmark S&P 500 and Dow Jones Industrial indices up into positive territory, finishing with respective weekly gains of 0.7% and 0.4%.

That saved Harley-Davidson’s bacon after a four-day slide which at one point had wiped four dollars off its big surge in the previous week. Harley shares bounced back to just above 40 bucks, closing 0.2% down. Polaris was on a different agenda, jumping by 5.7% on analyst predictions of good first-quarter performance due to be announced shortly.

Stocks rallied in Europe too as the weekend approached, based on news of a rebound for Chinese exports improving the global growth outlook. Although Frankfurt’s Xetra Dax ended with only a 0.2% weekly improvement, German automotives tied to China’s economic well-being for much of their profits were boosted mightily. BMW and Volkswagen enjoyed respective rises of 4.9% and 3.5%. But in Austria, KTM’s share price languished in stagnation — absolutely flat week-on-week — as investors mulled the possible impact of a renewed US tariff threat.

Further south in Italy, the Milan exchange’s MIB index put on a slightly better 0.4% and Piaggio beat it with a 1.7% increase. Energica was less electrifying and lost 2.1%.

An inevitable time-zone lag meant Japan only caught the tail-end of revived optimism in the US. So Tokyo’s Nikkei 225 index didn’t quite escape negativity, closing 0.1% down. Motorcycle manufacturers trailed a lot further behind market sentiment. Kawasaki was the biggest loser, falling by 4.6%. Honda sank by 3% and Suzuki by 1.5%. Yamaha got off more lightly, just 0.8% lower.

Indian investors on Mumbai’s Dalal Street were spooked by the spectacle of India’s largest private airline, Jet Airways, suddenly being grounded through insolvency. Consequentially, the BSE Sensex 30 and Nifty 50 indices both turned negative, respectively losing 0.3% and 0.4%. However, bike producers were basking in a sales boost from election euphoria — the country’s 900 million voters are currently queuing at polling stations — and bucked that otherwise gloomy influence. Bajaj Auto was the biggest beneficiary, 5.1% up. TVS and Mahindra both added 3%. Eicher rose by 1.8% and Hero by 0.8%.

Time-zone impact also had an adverse effect on China, because the revelation of upbeat Chinese export data came far too late to lift domestic stock exchanges by much on Friday. As a result, Shanghai’s SSE Composite index was still assailed by nervousness about trade talks with the US dragging on without resolution, and posted a 2.5% weekly retreat. Oddly, that did nothing to stymie enthusiasm for biker shares. The 10 listed Chinese motorcycle makers achieved average share price growth of a muscular 6%. Jialing and Linhai were megastars of this show, both achieving double-digit percentage rises — the latter by a seriously impressive 22.1%. The only losers were Qianjiang and CFMoto, respectively 2.5% and 1.9% down.        

Price (P) Daily change (C) 52-week range (R) One-year investment return (Y)  

USA (US dollar)

Harley-Davidson    P 40.22  C +2.03%  R 46.79 - 31.36  Y -1.02%
Polaris    P 96.45  C +1.58%  R 131.25 - 70.27  Y -19.6%
Textron    P 51.64  C +1.71%  R 72.87 - 43.27  Y -11.64%
Curtiss    P 0.15  C -6.25%  R 1.50 - 0.07  Y -62.5%

Notes: Polaris makes Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Textron produces own-brand ATVs. Curtiss Motorcycles, formerly Confederate Motors, makes limited-edition cruisers.

CANADA (Canadian dollar)

BRP    P 40.93  C -0.51%  R 74.78 - 32.34  Y -20.73%

Notes: Bombardier Recreational Products makes Can-Am ATVs and road trikes, Ski-Doo snowmobiles, Sea-Doo PWC and Rotax proprietary engines.

TAIWAN (Taiwanese dollar)

SYM    P 20.45  C +1.49%  R 23.50 - 19.35  Y -2.54%

Notes: Sanyang Motor (SYM) is the leading Taiwanese bike manufacturer.

VIETNAM (Hong Kong dollar)

VMEPH    0.28  C -3.51%  R 0.47 - 0.26  Y -34.52%

Notes: Vietnam Manufacturing & Export Processing Holdings, a JV partner of SYM, is the third-largest Vietnamese bike manufacturer.

INDONESIA (rupiah)

Astra    P 7475  C -0.99%  R 8775 - 6100  Y -0.32%
Indomobil    P 2560  C -0.39%  R 4780 - 1210  Y +90.72%

Notes: Astra International is a Honda JV partner. Its controlling shareholder is British conglomerate Jardine Matheson. Indomobil Sukses Internasional is a Suzuki JV partner.

EUROPE (euro)

BMW    P 75.32  C +2.55%  R 93.87 - 67.73  Y -13.59%
VW    P 156.30  C +1.3%  R 178.00 - 128.60  Y -7.68%
KTM    P 54.00  C N/A  R 70.00 - 51.80  Y -6.42%
Piaggio    P 2.36  C +2.16%  R 2.41 - 1.69  Y +8.27%
Energica    P 2.37  C N/A  R 5.92 - 2.15  Y -25.24%

Notes:  Volkswagen Group owns Ducati. Energica Motor is an Italian manufacturer of electric superbikes

PAKISTAN (Pakistani rupee)

Atlas Honda    P 375.00  C N/A  R 640.00 - 360.00  Y -34.44%
Pak Suzuki    P 232.73  C +5%  R 514.70 - 170.00  Y -53.27%

Notes: Atlas Honda and Pak Suzuki are JV assembly partners.

INDIA (rupee)

Hero    P 2639.90  C +1.49%  R 3862.00 - 2515.00  Y -27.44%
Bajaj    P 3008.15  C +0.48%  R 3213.95 - 2420.00  Y +11.07%
TVS    P 500.00  C +3.25%  R 693.40 - 448.30  Y -21.51%  
Eicher    P 21,361.15  C +1.73%  R 32,236.70 - 18,780.00  Y -30.09%
Mahindra    P 678.20  C +0.81%  R 993.00 - 615.60  Y -13.21%  
Maharashtra    P 3694.45  C +0.54%  R 3835.00 - 2010.00  Y +53.67%
Scooters India    P 32.55  C N/A  R 64.75 - 25.95  Y -44.88%

Notes: Hero MotoCorp is India’s largest indigenous bike manufacturer. Bajaj has a major shareholding in KTM and ties with it and Kawasaki. TVS is a former Suzuki JV partner and BMW Motorrad contractor. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has an own-brand bike range, a majority stake in French scooter brand Peugeot and owns formerly British BSA and Czech Jawa brand rights. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3085  C +0.36%  R 3836 - 2733  Y -14.4%
Yamaha    P 2332  C +1.61%  R 3560 - 1971  Y -26.32%
Suzuki    P 4949  C -0.66%  R 7680 - 4853  Y -14.66%
Kawasaki    P 2708  C -0.11%  R 3840 - 2198  Y -16%

CHINA (yuan)

Qianjiang    P 11.32  C +0.89%  R 17.59 - 7.50  Y -31.89%
Zongshen    P 8.06  C +6.61%  R 8.30 - 4.08  Y +31.86%   
Sundiro    P 4.02  C +2.29%  R 6.37 - 2.41  Y -23.57%
Jialing    P 6.90  C +5.02%  R 6.90 - 3.52  Y N/A
Lifan    P 5.63  C +3.68%  R 6.39 - 3.65  Y -10.63%
Loncin    P 5.54  C +3.94%  R 6.50 - 3.61  Y -7.21%
Linhai    P 9.34  C +10.01%  R 9.34 - 4.90  Y +7.23%
GAG    P 13.57  C +0.07%  R 14.48 - 10.00  Y -2.19%
CFMoto    P 22.95  C +0.66%  R 27.47 - 14.01  Y -12.75%

CHINA (Hong Kong dollar)

Jianshe    P 8.10  C N/A  R 8.96 - 5.30  Y -0.61%

Notes: Qianjiang owns Keeway and Benelli. Zongshen makes own-brand bikes and proprietary engines, and has JV partnerships with Piaggio, (scooters), and Harley-Davidson (parts). Sundiro is a Honda JV partner. Jialing makes own-brand bikes using Honda licensed technology. Lifan makes own-brand bikes and distributes MV Agusta in China. Loncin is a Kawasaki JV partner and OEM engine contractor to BMW Motorrad. Linhai and Jianshe are Yamaha JV partners. Guangzhou Automobile Group (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang. CFMoto makes bikes and ATVs, exporting to the UK under the WK Bikes brand.

MALAYSIA (ringgit)

Oriental Holdings    P 6.75  C +1.2%  R 6.88 - 5.82  Y +14.51%
Hong Leong    P 10.48  C +1.16%  R 12.30 - 8.42  Y +0.02%

Notes: Oriental Holdings is a Honda JV partner. Hong Leong Industries is a Yamaha JV partner.

SOUTH KOREA (won)

KR    P 524  C -1.13%  R 760 - 460  Y -14.38%
Daelim    P 97,000  C -0.21%  R 108,000 - 72,300  Y +23.25%

Notes: KR Motors makes Hyosung bikes and ATVs. Daelim Industrial retains a controlling 59% stake in Daelim Motor, the largest bike manufacturer in Korea. (The remainder is British, owned by Standard Chartered Bank.)