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Share prices

26/12/2017

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday, 22 December, 2017. BDN financial editor Roger Willis reports.

While pagans partied on and god-botherers prepared to kneel, equities activity across developed markets dwindled as the final pre-Xmas week progressed. However, large corporates with significant fiscal presences in the US had begin to calculate how much better off they were likely to be in the wake of President Trump’s tax giveaway reaching the statute books, and remaining investors who weren’t plastered or praying took note.

Although New York’s S&P 500 only rose by 0.2%, many key stocks comfortably outstripped the index. In our corner, Harley-Davidson boasted a 2.7% recovery from losses in the previous week and Textron added 2.8%. Polaris missed out, remaining flat in the face of a fresh batch of product recalls.

Similarly, a modest 0.5% improvement for the eurozone’s Eurofirst 300 index belied the benefits to European automotive players of diminishing US taxation exposure. Daimler, which builds and sells lots of Mercedes Benz motor cars in America, even sent out a press release saying its net profit could be lifted by up to a billion quid thanks to Trump’s largesse. BMW and KTM, also heavily dependent on US sales, saw their respective share prices climb by 2.5% and 6.5%. Piaggio, which has a relatively limited American profile, wasn’t on that guest list and continued its recent losing streak with a 1.7% decline.

Rapture was unbounded among Japanese exporting leviathans, which are obliged to pay a lot of US tax. Tokyo’s Nikkei 225 index stacked on 1.6%, its biggest weekly gain for more than a month. Yamaha led the biker charge, rising by 6.5%. Kawasaki followed, 3.5% up. Honda and Suzuki both put on 3.1%.

India’s business community had an entirely different excuse for wild celebration. In a crucial Gujarat state election, the ruling BJP managed to fend off a strong challenge from the resurgent left-wing Congress party, thereby boosting BJP prime minister Narendra Modi’s chances of clinging to power. Consequentially, the BSE Sensex bounced by 1.4% and all major Indian motorcycle manufacturers went along for the ride, to a greater extent. Hero Motocorp did best, leaping by 8.3%. Bajaj added 4.1%, Eicher 2.6% and TVS 1.9%.

Chinese bike producer sentiment was divergent from overall market optimism, though. Shanghai’s SSE Composite index grew by 0.9%, reportedly influenced by US tax-cut news. But almost every motorcycling stock lost ground. The exceptions were Loncin and Wuyang Honda parent Guangzhou Automobile Group.    

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

USA (US dollar)

Harley-Davidson    P 51.84  C +0.06%  R 63.40 - 44.52  Y -8.35%
Polaris    P 125.22  C -0.7%  R 134.66 - 77.91  Y +59.93%
Textron    P 56.76  C -0.73%  R 56.47 - 43.66  Y +13.8%
US Highland    P 0.0012  C N/A  R 0.0091 - 0.0003  Y +140%
Confederate    P 0.4799  C -3.05%  R 0.51 - 0.03  Y +1099.75%

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 46.97  C -0.91%  R 50.05 - 25.32  Y +67.58%

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 21.05  C +0.24%  R 23.20 - 20.00  Y +5.11%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.45  C N/A  R 0.61 - 0.43  Y N/A

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

INDONESIA (rupiah)

Astra    P 8200  C +1.23%  R 9350 - 7325  Y +11.1%
Indomobil    P 845  C N/A  R 1390 - 825  Y -38.5%

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 87.94  C +0.55%  R 91.76 - 77.07  Y +1.83%
VW    P 170.19  C +0.17%  R 175.40 - 127.50  Y +22.17%
KTM    P 6.05  C N/A  R 6.35 - 4.53  Y +21.7%
Piaggio    P 2.35  C -3.13%  R 2.86 - 1.45  Y +53.49%
Energica    P 3.10  C +1.37%  R 3.96 - 2.65  Y +11.91%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 513.99  C +2.8%  R 657.72 - 470.00  Y -10.77%
Pak Suzuki    P 482.11  C +0.54%  R 936.42 - 431.10  Y -22.99%

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

INDIA (rupee)

Hero    P 3792.80  C -0.35%  R 4200.00 - 2957.00  Y +29.6%
Bajaj    P 3328.95  C +1.2%  R 3373.80 - 2551.00  Y +32.44%
TVS    P 775.05  C -0.23%  R 792.85 - 346.00  Y +112.31%  
Eicher    P 30,250.75  C +0.01%  R 33,483.95 - 20,210.00  Y +42.46%
Mahindra    P 746.20  C +0.54%  R 785.70 - 570.70  Y +27.29%
LML    P 9.00  C +3.45%  R 14.50 - 7.10  Y -22.08%
Maharashtra    P 2784.90  C +0.6%  R 3450.00 - 1500.00  Y +85.59%
Scooters India    P 49.40  C +3.67%  R 75.95 - 34.70  Y +25.86%

Notes: Hero MotoCorp is a former Honda JV partner. 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 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 3899  C +0.13%  R 3927 - 3000  Y +12.4%
Yamaha    P 3755  C +1.21%  R 3765 - 2287  Y +43.85%
Suzuki    P 6513  C +0.2%  R 6586 - 4068  Y +57.98%
Kawasaki    P 3690  C +0.68%  R 4095 - 3130  Y +0.03%

CHINA (yuan)

Qianjiang    P 20.29  C -1.07%  R 23.99 - 14.14  Y +18.36%
Zongshen    P 6.40  C +1.59%  R 9.77 - 6.17  Y -32.36%   
Sundiro    P 5.37  C -0.37%  R 8.47 - 5.33  Y -31.57%
Jialing    P 6.43  C N/A  R 12.01 - 5.33  Y N/A [Trading halted]
Lifan    P 7.20  C -0.28%  R 11.20 - 7.03  Y -31.07%
Loncin    P 6.79  C +4.62%  R 9.33 - 6.36  Y -18.88%
Linhai    P 9.62  C -1.74%  R 21.57 - 9.28  Y -34.53%
GAG    P 24.58  C +1.74%  R 30.01 - 22.52  Y +7.11%
CFMoto    P 25.17  C +0.2%  R 50.92 - 19.63  Y N/A

CHINA (Hong Kong dollar)

Jianshe    P 8.67  C +0.58%  R 13.85 - 7.67  Y -31.73%

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. Recent new listing CFMoto exports to the UK under the WK Bikes brand.

MALAYSIA (ringgit)

Oriental Holdings    P 6.53  C +0.15%  R 6.85 - 6.45  Y -1.47%
Hong Leong    P 9.77  C +0.72%  R 10.60 - 9.08  Y +8.88%

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

SOUTH KOREA (won)

KR    P 325  C -2.11%  R 1115 - 317  Y -62.56%
Daelim    P 81,100  C -0.49%  R 94,600 - 77,600  Y -2.52%

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.)