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Share prices

17/07/2017

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 14 July 2017. BDN financial editor Roger Willis reports.

With the half-year and quarterly corporate results reporting season about to kick off, investors across the developed world were fairly bullish about earnings, pushing weekly market indices upwards.

New York led the way, its S&P 500 index 1.4% up to hit a record high. Polaris and Textron were both on board for this optimistic ride’s sharp end, posting respective 6% and 3.3% gains. However, Wall Street’s dim view of Harley-Davidson prospects continues to weigh on its share price. A 1.7% average fall over the past week was actually better than it looked, because Harley had dipped right down to 50 bucks at one point. Consistent losses over the past month now add up to nearly 10%.

Despite its banking sector’s ongoing drag on confidence, Europe was equally upbeat about industrial performance and the eurozone’s Eurofirst 300 index stacked on 1.6%. Germany’s three big automotives are all expected to do well in the half-yearly stakes and were regarded as good bets. VW topped the pile with a 3.4% rise, BMW put on 2.8% and Daimler managed 1.7%. In Italy, Piaggio’s miraculous ascendancy was uninterrupted too, albeit more modest with a 0.9% improvement. The company’s stock has now climbed by 15% in the past month. However, KTM fell by 1.9%, perhaps reflecting no satisfactory resolution of US threats to launch a tariff war on up-to-500cc European motorcycle imports.

Promises of profitability and fatter dividends cheered the Japanese to a reasonable extent too, even though the yen was strengthening against the US dollar again. Tokyo’s Nikkei 225 added 1%. Kawasaki and Suzuki were star turns, beating the average by respectively adding 3.5% and 3%. Honda was 1.5% up but Yamaha stayed dead flat.

In India, anything to do with high-volume automotive action was flavour of a week that saw the Bombay Stock Exchange’s Sensex yardstick surge by 2.1%. Among big bike producers, Bajaj led the field with a 3.7% gain and Hero put on 2.1%. Eicher and Mahindra were flat. TVS actually dropped by 0.9% but, given its recent remorseless advances, that smacked of profit-taking.

China was the only major player not invited to any global party. Against nervous trading prior to next week’s announcement of second-quarter GDP figures, Shanghai’s Composite index struggled for traction with a negligible 0.1% rise. Of eight active listed motorcycle manufacturers, six lost value. The two which didn’t, Loncin and Jianshe, made only very marginal gains.

                                 

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

USA (US dollar)

Harley-Davidson    P 51.62  C +0.39%  R 63.40 - 47.03  Y +10.14%
Polaris    P 93.09  C +1.43%  R 99.00 - 70.14  Y +8.48%
Textron    P 49.64  C +0.91%  R 50.93 - 37.19  Y +28.33%
US Highland    P 0.0043  C +10.26%  R 0.0099 - 0.0002  Y N/A
Confederate    P 0.07  C N/A  R 0.10 - 0.03  Y N/A

Notes: Polaris makes Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Textron produces own-brand ATVs. US Highland makes off-road bikes. Confederate Motors makes limited-edition cruisers.

CANADA (Canadian dollar)

BRP    P 38.45  C -2.04%  R 40.56 - 20.59  Y +84.26%

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

TAIWAN (Taiwanese dollar)

Sanyang    P 21.10  C +0.24%  R 23.90 - 20.00  Y +6.87%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.47  C N/A  R 0.61 - 0.41  Y +6.82%

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

INDONESIA (rupiah)

Astra    P 8725  C N/A  R 9350 - 6975  Y +25.22%
Indomobil    P 1090  C -0.91%  R 1830 - 1060  Y -25.02%

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 83.66  C -1.06%  R 91.76 - 71.94  Y +16.34%
Daimler    P 64.65  C -0.37%  R 73.23 - 56.56  Y +16.17%
VW    P 146.24  C +0.55%  R 157.40 - 119.92 Y +16.56%
KTM    P 4.71  C -0.11%  R 5.80 - 3.60  Y +26.66%
Piaggio    P 2.24  C -1.24%  R 2.30 - 1.39  Y +53.58%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 550.00  C -1.79%  R 657.72 - 372.00  Y N/A
Pak Suzuki    P 643.00  C -1.31%  R 936.42 - 395.00  Y N/A

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

INDIA (rupee)

Hero    P 3758.05  C +0.19%  R 3880.55 - 2844.40  Y +19.16%
Bajaj    P 2809.80  C +0.72%  R 3122.00 - 2510.00  Y +7.55%
TVS    P 569.50  C -0.4%  R 630.75 - 285.80  Y +88.16%  
Eicher    P 27,907.15  C -0.53%  R 30,051.00 - 19,450.00  Y +42.99%
Mahindra    P 1375.55  C +0.38%  R 1508.95 - 1141.40  Y -3.25%
LML    P 11.00  C -0.45%  R 17.35 - 7.30  Y +37.5%
Maharashtra    P 1919.00  C +0.09%  R 2170.00 - 1305.00  Y +44.27%
Scooters India    P 48.05  C N/A  R 75.95 - 27.25  Y +66.55%

Notes: Hero MotoCorp is a former Honda JV partner. Bajaj has a major shareholding in KTM and contract manufacturing ties with it. 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 brand rights. LML is a former Piaggio JV partner making Vespa-derived retro scooters. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3134  C +1.39%  R 3675 - 2683.5  Y +19.48%
Yamaha    P 2909  C +0.31%  R 3045 - 1631  Y +74.57%
Suzuki    P 5452  C +0.5%  R 5560 - 2999  Y +80.8%
Kawasaki    P 351  C +0.57%  R 411 - 270  Y +27.73%

CHINA (yuan)

Qianjiang    P 16.92  C N/A  R 20.48 - 13.30  Y +26.49%
Zongshen    P 7.36  C -0.54%  R 11.25 - 6.90  Y -33.6%   
Sundiro    P 8.11  C N/A  R 9.94 - 6.28  Y N/A [Trading halted]
Jialing    P 6.23  C +0.81%  R 12.01 - 5.33  Y N/A
Lifan    P 7.94  C -1%  R 11.84 - 7.69  Y -30.47%
Loncin    P 7.32  C +2.38%  R 10.14 - 6.83  Y -10.17%
Linhai    P 13.34  C +3.89%  R 21.57 - 11.00  Y +10.89%
GAG    P 26.18  C -0.34%  R 28.43 - 21.61  Y +17.18%

CHINA (Hong Kong dollar)

Jianshe    P 9.45  C -0.21%  R 15.68 - 7.99  Y -30.36%

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.

MALAYSIA (ringgit)

Oriental Holdings    P 6.58  C N/A  R 7.52 - 6.45  Y +4.43%
Hong Leong    P 10.46  C -0.19%  R 10.60 - 8.20  Y +30.68%

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

SOUTH KOREA (won)

KR    P 885  C -3.49%  R 1315 - 661  Y -25.32%
Daelim    P 91,200  C +1.22%  R 94,600 - 74,600  Y +15.72%

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.)