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Share prices

07/10/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 4 October 2019. BDN financial editor Roger Willis reports.

Perennial optimists on Wall Street clutched at the straws provided by fairly inconclusive monthly US employment growth data on Friday, briefly lifting a gloomy mood that had pushed share prices steadily lower over the previous four sessions. Ramped-up recessionary fears had been driven by a wave of grim statistics on service and manufacturing sector underperformance in America and elsewhere.

Despite the late rally, US indices closed negative for a second consecutive week, the S&P 500 and Dow Jones Industrial Average posting respective 0.3% and 0.9% losses. Almost a dollar down midweek, Harley-Davidson recovered to finish just 1% in arrears. Polaris did better, ending with a marginal 0.2% decline. But Textron sank by 3.4%.

Northern Europe was more consistently miserable, assailed with even worse economic indicators. Frankfurt’s Xetra Dax market index dropped by 3%. Volkswagen plunged further, by 4%. BMW and KTM respectively fell by 1.7% and 1.2%. Further south, investor sentiment wasn’t much stronger. The Borsa Italiana’s MIB index lost 2.5% and Piaggio suffered a 3.7% reversal.

The Japanese were also infected by crumbling confidence. Tokyo’s Nikkei 225 index ended the week 2.1% down and all four indigenous motorcycle manufacturers retreated. Suzuki was hit hardest with a 3.9% slide after its key Maruti car subsidiary in India revealed a 27% sales slump during September. Honda fell by 3%. Kawasaki and Yamaha respectively dropped by 2.5% and 1.7%.

Increasing Indian economic woes had been underlined additionally by the Reserve Bank of India reducing its full-year GDP growth forecast to 6.1% — a figure which cynical observers still regarded as a fancifully gross overestimate — and raising its Q3 consumer inflation forecast to 3.4%. The Bombay Stock Exchange’s BSE Sensex 30 tracker signalled a 3% retreat. Most big-league local bike producers went backwards too. TVS and Bajaj copped respective 3.9% and 3.2% punishment. Hero was 2.2% down. Eicher bucked the trend, rising by 1.2% — presumably because Royal Enfield sales shrinkage wasn’t as bad as the others.

China didn’t escape from this litany of global grief either. Shanghai’s SSE Composite index finished 0.9% down. The average loss across listed Chinese motorcycle makers was 0.6%. Interestingly, the only two achieving positivity were those with the highest export profiles, CFMoto and Qianjiang. The former, boasting a close relationship with KTM, stacked on 4.6%. The latter, owner of Benelli and now a contract chum to Harley-Davidson, added 1.5%.        

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

USA (US dollar)

Harley-Davidson    P 35.37  C +0.86%  R 44.70 - 30.17  Y -16.06%
Polaris    P 86.46  C +1.97%  R 103.19 - 70.27  Y -8.89%
Textron    P 47.55  C +0.61%  R 72.16 - 42.30  Y -32.97%
Curtiss    P 0.20  C -2.39%  R 0.55 - 0.07  Y N/A

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 51.18  C +0.51%  R 60.90 - 32.34  Y -9.41%

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 20.80  C N/A  R 23.50 - 19.35  Y +6.18%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.20  C -2.86%  R 0.37 - 0.20  Y -44.11%

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

INDONESIA (rupiah)

Astra    P 6425  C -0.77%  R 8775 - 6250  Y -6.53%
Indomobil    P 1380  C -6.44%  R 3570 - 1375  Y -24.45%

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 62.58  C -0.37%  R 79.38 - 57.99  Y -15.02%
VW    P 149.50  C -0.27%  R 167.40 - 128.60  Y +4.79%
KTM    P 49.00  C N/A  R 68.80 - 47.00  Y -28.17%
Piaggio    P 2.60  C -1.06%  R 2.99 - 1.69  Y +42.45%
Energica    P 2.18  C -0.46%  R 3.97 - 2.15  Y -41.08%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 304.00  C +0.33%  R 450.00 - 290.00  Y N/A
Pak Suzuki    P 173.16  C +1.61%  R 340.41 - 150.65  Y N/A

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

INDIA (rupee)

Hero    P 2668.30  C +0.03%  R 3382.70 - 2225.60  Y -0.37%
Bajaj    P 2863.55  C -1.19%  R 3149.95 - 2400.00  Y +10.16%
TVS    P 396.35  C -2.21%  R 594.00 - 338.25  Y -24.34%  
Eicher    P 17,999.00  C -1.56%  R 25,350.00 - 15,196.95  Y -17.22%
Mahindra    P 564.25  C +0.28%  R 814.00 - 502.55  Y -27.99%  
Maharashtra    P 4392.85  C -0.81%  R 4786.00 - 2010.00  Y +81.64%
Scooters India    P 29.20  C +4.85%  R 41.90 - 21.20  Y -12.97%

Notes: Hero MotoCorp is India’s largest indigenous bike manufacturer. Bajaj has a major shareholding in KTM and contractual manufacturing ties with it. TVS is an own-brand manufacturer 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 sourced from Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 2755  C +0.46%  R 3402 - 2412  Y -14.37%
Yamaha    P 1938  C +0.05%  R 3200 - 1657  Y -35.38%
Suzuki    P 4409  C +0.14%  R 6461 - 3501  Y -29.92%
Kawasaki    P 2358  C +1.16%  R 3345 - 1979  Y -26.47%

CHINA (yuan)

Qianjiang    P 9.53  C +1.49%  R 12.38 - 7.50  Y +3.81%
Zongshen    P 5.67  C -1.39%  R 10.57 - 4.08  Y +19.99%   
Sundiro    P 2.33  C -0.85%  R 4.44 - 1.74  Y -28.53%
CETC    P 6.08  C -1.94%  R 8.12 - 3.52  Y +24.08%
Lifan    P 3.48  C -1.97%  R 9.65 - 3.06  Y -25%
Loncin    P 3.52  C -1.95%  R 5.75 - 3.40  Y -27.4%
Linhai    P 6.83  C -0.87%  R 10.26 - 4.90  Y +3.8%
GAG    P 12.27  C N/A  R 15.00 - 10.00  Y +14.42%
CFMoto    P 33.30  C +4.55%  R 34.20 - 14.01  Y +105.49%

CHINA (Hong Kong dollar)

Jianshe    P 5.13  C -2.84%  R 8.96 - 4.20  Y -35.88%

Notes: Qianjiang owns the Keeway and Benelli brands and is a contract manufacturer for Harley-Davidson. Zongshen makes own-brand bikes and proprietary engines, including a 650cc motor licensed from Norton, and has JV partnerships with Piaggio, (scooters), and Harley-Davidson (parts). Sundiro is a Honda JV partner. CETC Energy makes Jialing-branded bikes using Honda licensed technology, lithium-ion batteries and pedelecs. Lifan makes own-brand bikes. Loncin is a Kawasaki JV partner, OEM engine contractor to BMW Motorrad and MV Agusta JV partner. 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, and has a JV partnership with KTM.

MALAYSIA (ringgit)

Oriental Holdings    P 6.49  C -0.31%  R 6.67 - 5.65  Y +11.45%
Hong Leong    P 10.22  C -0.58%  R 11.60 - 8.34  Y -0.41%

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

SOUTH KOREA (won)

KR    P 506  C -0.2%  R 645 - 460  Y -16.78%
Daelim    P 97,400  C -2.6%  R 122,500 - 72,600  Y +13.8%

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.)