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Share prices

11/06/2018

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 8 June 2018. BDN financial editor Roger Willis reports.

Share prices rallied remarkably for much of the past week in the US, before New York’s S&P 500 index turned marginally negative for the final two days, as concerns mounted about the weekend’s G7 economic summit and Trump-provoked tariff wars it was set to discuss. Nevertheless, the S&P hung on to 1.4% growth at close of play and the Dow Jones Industrial Average finished 2.4% up. Harley-Davidson bounced by 4.8%, recovering all of its previous week’s losses. Polaris did much better, surging by 9.7%.

As usual, Japan followed American cues. Tokyo’s Nikkei 225 index put on 1.5%, a rise exactly matched by Honda. Kawasaki and Suzuki beat that with respective 5.6% and 2.5% gains. Yamaha spoilt the party by losing 1.6%.

Europe was distinctly less bright. News of a fourth successive monthly decline for German industrial orders and low expectations for the G7 meeting pushed both the pan-eurozone Eurofirst 300 and Frankfurt’s DAX Xtra indices downwards by 0.6%. BMW stock fell by 1.8% while Volkswagen managed a slim 0.5% rise. However, Austria’s KTM completely bucked any gloomy trend by stacking on 8.2%.

There was no escape for Italy, though, which now has a new Eurosceptic populist government of disruptive provenance. The Italian business community is clearly running scared and Milan’s MIB index plunged by 4.5%. Piaggio dropped by 2.4% and Energica was 1.7% down.

In the emerging world, India was mildly positive overall as the Bombay Stock Exchange’s Sensex rose by 0.8%. Most leading bike manufacturers, enjoying excellent seasonal sales increases, blew that into the weeds. Bajaj, TVS and Hero respectively added 4.2%, 3.4% and 2.3%. However, Eicher missed a gear and fell by 2.3%.

Ongoing Chinese worries about stalled trade negotiations with the US took the shine off Shanghai’s SSE Composite index, resulting in a 0.5% fall. A majority of motorcycle producers went more firmly negative. Honda JV partner Sundiro took the hardest knock, losing 6%. Qianjiang, Zongshen, Linhai, Loncin and Jianshe suffered in a 3-4% reversal range. Mysteriously, CF Moto delivered a dramatic lunge in the opposite direction, 9.5% up.         

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

USA (US dollar)

Harley-Davidson    P 42.65  C +0.24%  R 56.95 - 39.34  Y -17.39%
Polaris    P 126.01  C +0.92%  R 137.66 - 85.06  Y +47.28%
Textron    P 69.32  C +0.98%  R 69.36 - 45.00  Y +46.74%
US Highland    P 0.0025  C -7.41%  R 0.0107 - 0.0006  Y N/A
Curtiss    P 0.75  C -50.13  R 1.50 - 0.06  Y N/A

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

CANADA (Canadian dollar)

BRP    P 61.09  C -0.72%  R 63.15 - 37.00  Y +58.24%

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

TAIWAN (Taiwanese dollar)

Sanyang    P 21.65  C -0.23%  R 23.65 - 20.00  Y +4.62%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.44  C N/A  R 0.49 - 0.40  Y -8.33%

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

INDONESIA (rupiah)

Astra    P 6900  C -1.08%  R 9150 - 6525  Y -18.24%
Indomobil    P 4160  C +2.46%  R 4360 - 815  Y +279.84%

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 85.64  C -0.51%  R 97.50 - 77.07  Y +6.25%
VW    P 161.00  C -0.49%  R 191.80 - 127.50  Y +20.09%
KTM    P 63.00  C +1.61%  R 70.00 - 46.61  Y +33.87%
Piaggio    P 2.06  C -2.46%  R 2.86 - 1.91  Y +4.33%
Energica    P 2.93  C -0.68%  R 3.39 - 2.71  Y -8.04%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 603.10  C -0.3%  R 640.00 - 470.00  Y -0.15%
Pak Suzuki    P 449.00  C -0.77%  R 898.99 - 425.00  Y -49.61%

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

INDIA (rupee)

Hero    P 3635.15  C -0.45%  R 4200.00 - 3353.75  Y -1.54%
Bajaj    P 2874.05  C -0.5%  R 3472.60 - 2694.50  Y +2.31%
TVS    P 582.80  C +1.4%  R 794.90 - 524.50  Y +6.02%  
Eicher    P 29,513.00  C -0.67%  R 33,483.95 - 26,000.00  Y -0.52%
Mahindra    P 911.65  C -0.94%  R 933.50 - 612.00  Y +29.01%  
Maharashtra    P 2622.00  C +0.68%  R 3450.00 - 1831.10  Y +38.54%
Scooters India    P 45.20  C -3.83%  R 79.70 - 37.05  Y -27.39%

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 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 3517  C -0.54%  R 4151 - 3000  Y +17.7%
Yamaha    P 3075  C N/A  R 3935 - 2744  Y +6.12%
Suzuki    P 6436  C +0.94%  R 6811 - 5100  Y +21.82%
Kawasaki    P 3480  C -0.14%  R 4620 - 3150  Y +9.92%

CHINA (yuan)

Qianjiang    P 14.58  C -3.44%  R 23.99 - 14.49  Y -7.08%
Zongshen    P 5.26  C -2.05%  R 7.82 - 5.09  Y -28.24%   
Sundiro    P 5.16  C -4.27%  R 8.47 - 4.36  Y -36.11%
Jialing    P 4.91  C +1.03%  R 6.83 - 4.42  Y -22.43%
Lifan    P 5.68  C -1.05%  R 9.44 - 5.58  Y -28.91%
Loncin    P 5.68  C -0.7%  R 8.62 - 5.55  Y -16%
Linhai    P 8.70  C +1.4%  R 14.46 - 6.90  Y -34.53%
GAG    P 19.22  C -1.69%  R 30.01 - 17.00  Y -28.5%
CFMoto    P 25.55  C +2.24%  R 50.92 - 19.63  Y N/A

CHINA (Hong Kong dollar)

Jianshe    P 6.30  C -1.87%  R 11.65 - 6.22  Y -25.97%

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 6.50  C N/A  R 6.83 - 6.06  Y +1.55%
Hong Leong    P 11.48  C N/A  R 12.30 - 9.00  Y +20.67%

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

SOUTH KOREA (won)

KR    P 750  C -0.79%  R 1672.5 - 475.5  Y -43.57%
Daelim    P 84,700  C -0.35%  R 94,400 - 70,000  Y -3.65%

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.)