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Share prices

02/12/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 29 November 2019. BDN financial editor Roger Willis reports.
   
Both gullible and greedy, American investors grasp at any chance to big-up an opportunity, however feeble the information upon which it’s premised. Changing his story yet again at the beginning of last week, President Trump intimated an interim US trade agreement with China could be “very close”. News that the Chinese were now prepared to concede a tightening of their own rules on intellectual property theft helped to bolster this mood swing. So US stock market indices recovered rapidly from the previous week’s reversal.

It didn’t last. Mid-week, Trump ignored China’s insistence that he block US Congressional legislation interfering in its internal affairs, by signing into law a bill backing Hong Kong pro-democracy activism. Those same investors promptly started to worry about just how many toys an irate Xi Jinping would throw out of his Chinese presidential pram in retaliation. Market reaction was delayed by the necessity to eat turkey on Thursday, during the annual US Federal public holiday of Thanksgiving. But as soon as the NYSE resumed for a short session on Friday, the aforementioned indices slumped again.

Retreating from their mid-week peaks, the S&P 500 and Dow Jones Industrial Average respectively closed with truncated gains of 1% and 0.6%. US biker stocks were lower. Polaris finished dead flat, while Harley-Davidson lost 0.2%. Textron was 0.1% down.

European markets followed a more-or-less parallel trajectory for the same reasons. Earlier improvements for Frankfurt’s Xetra Dax shrank to only 0.6% up by knocking-off time on Friday. And similarly, motorcycle-related shares lagged behind. Volkswagen fell by 2.1% and BMW was 1.1% in arrears. Pierer Mobility sank by 0.8%. Further south, the Borsa Italiana’s MIB index in Milan returned to its starting point, dead flat — as did Piaggio. However, Energica basked in a blossoming of global interest, after publicity-generating journalists were let loose on its fleet of MotoE race bikes once the final MotoGP (and MotoE) championship event had concluded at the Valencia circuit in Spain. Energica’s share price was duly electrified by a 6.5% jolt.

Also slavishly tracking American sentiment, Japan’s Nikkei 225 index in Tokyo flip-flopped to a 0.8% rise at close of play — although most of its motorcycle manufacturers stayed shiny side up too. Yamaha put on 1.1% and Kawasaki was 0.7% higher. Suzuki managed a more marginal 0.4% increase. Honda was the exception, losing 1.3%.

Highlighting its unresolved trade-war woes, China was assailed by a fresh swathe of negative economic data, indicating a substantial degree of damage to growth prospects from US tariffs. Shanghai’s SSE Composite index declined for a third consecutive week, this time by 0.5%. However, bucking that overall market trend, the 10 listed Chinese bike producers averaged a 1.6% gain. Six of them were actaully positive, with Guangzhou Auto and Jianshe making the biggest respective weekly improvements of 5.2% and 5.1%. Jialing brand owner CETC Energy was also hunky, adding 4.2%.

For the Indians, hope obviously springs eternal, despite plunging domestic motorcycle sales and a widespread economic downturn. Mumbai’s BSE Sensex 30 rose by 1.1% and BMW Motorrad contractor TVS stood out with a muscular 7.7% share price hike. Bajaj and Eicher were marginally positive but Mahindra and market leader Hero suffered respective losses of 2.8% and 0.3%.                  

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

USA (US dollar)

Harley-Davidson    P 36.38  C -1.6%  R 43.69 - 30.17  Y -10.26%
Polaris    P 97.70  C -2.49%  R 104.25 - 70.27  Y +3.62%
Textron    P 46.24  C -1.05%  R 58.00 - 42.30  Y -17.5%
Curtiss    P 0.30  C N/A  R 0.50 - 0.07  Y -14.29%

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

CANADA (Canadian dollar)

BRP    P 65.02  C -2.08%  R 67.32 - 32.34  Y +38.63%

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 21.05  C -0.71%  R 23.50 - 19.70  Y +7.46%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.24  C +4.29  R 0.35 - 0.20  Y -20.33%

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

INDONESIA (rupiah)

Astra    P 6500  C +1.56%  R 8775 - 6250  Y -21.72%
Indomobil    P 985  C -1%  R 3570 - 970  Y -51.39%

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 73.19  C -0.65%  R 78.30 - 57.99  Y +6.66%
VW    P 173.10  C -0.8%  R 182.55 - 134.30  Y +22%
Pierer    P 47.00  C +1.73%  R 59.20 - 45.20  Y -17.65%
Piaggio    P 2.93  C -0.14%  R 3.16 - 1.71  Y +73.21%
Energica    P 2.47  C -0.4%  R 3.06 - 2.10  Y -5.73%

Notes:  Volkswagen Group owns Ducati. Pierer Mobility owns KTM, Husqvarna and GasGas. Energica Motor is an Italian electric superbike manufacturer.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 387.09  C +2.33%  R 439.99 - 290.00  Y N/A
Pak Suzuki    P 238.75  C +4.99%  R 340.41 - 148.79  Y N/A

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

INDIA (rupee)

Hero    P 2433.55  C -1.33%  R 3382.70 - 2225.60  Y -17.81%
Bajaj    P 3176.00  C -0.64%  R 3289.50 - 2400.00  Y +18.23%
TVS    P 477.25  C -2.16%  R 594.00 - 338.25  Y -14.13%  
Eicher    P 22,881.40  C -0.91%  R 24,349.55 - 15,196.95  Y -1.49%
Mahindra    P 530.55  C -2.1%  R 814.00 - 502.55  Y -31.96%  
Maharashtra    P 4742.70  C -0.73%  R 4950.00 - 2611.00  Y +72.03%
Scooters India    P 33.80  C -4.92%  R 50.55 - 21.20  Y +3.36%

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 eponymous bike range, recently became sole proprietor of French scooter brand Peugeot and owns formerly British BSA and branding rights for Czech Jawa. Maharashtra Scooters assembles CKD scooter kits sourced from Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3067  C -0.42%  R 3300 - 2412  Y -0.38%
Yamaha    P 2287  C -1.04%  R 2507 - 1657  Y +2.55%
Suzuki    P 4856  C -1.26%  R 5986 - 3501  Y -12.8%
Kawasaki    P 2458  C -2.38%  R 2980 - 1979  Y -4.45%

CHINA (yuan)

Qianjiang    P 10.85  C +0.18%  R 13.10 - 8.39  Y +12.32%
Zongshen    P 5.31  C +1.53%  R 10.57 - 4.22  Y +10.79%   
Sundiro    P 2.29  C N/A  R 4.44 - 1.74  Y -34.2%
CETC    P 4.97  C +0.4%  R 8.12 - 4.27  Y +13.73%
Lifan    P 2.86  C -0.35%  R 9.65 - 2.63  Y -32.71%
Loncin    P 3.57  C -0.28%  R 5.75 - 3.15  Y -16%
Linhai    P 6.24  C +0.97%  R 10.26 - 5.28  Y -1.27%
GAG    P 11.81  C +0.08%  R 15.00 - 10.14  Y +16.45%
CFMoto    P 36.42  C +0.91%  R 39.90 - 15.13  Y +119.93%

CHINA (Hong Kong dollar)

Jianshe    P 4.36  C N/A  R 8.35 - 4.08  Y -41.32%

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, and has a JV partnership with KTM.

MALAYSIA (ringgit)

Oriental Holdings    P 6.45  C -0.31%  R 6.67 - 5.74  Y +15.25%
Hong Leong    P 10.70  C N/A  R 11.60 - 8.34  Y +11.97%

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

SOUTH KOREA (won)

KR    P 325  C -29.96%  R 619 - 325  Y -36.52%
Daelim    P 89,900  C -2.39%  R 122,500 - 89,500  Y -3.6%

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.)