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Share prices

02/07/2018

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 29 June 2018. BDN financial editor Roger Willis reports.

Global trade tensions stirred up by President Trump’s tariff warfare cast a shadow over stock markets everywhere for much of the past week, provoking investors into selling off exporter shares. And although most of them rallied on Friday, thanks to a temporary absence of further extreme rhetoric from Washington, market indices remained universally negative at close of play.

In America, Wall Street’s S&P 500 finished 0.9% down and the Dow Jones Industrial Average was 0.8% lower. Harley-Davidson, a headline victim of the European tit-for-tat tariff response suffered far worse, its shares losing 5.1%. Polaris, with a much smaller volume of its Indian motorcycles going into Europe, took less punishment, sinking by 2.6%.

Given Trump has now threatened European (and primarily German) car makers with punitive tariffs on their US sales, there was even less confidence on this side of the Atlantic. Frankfurt’s DAX Xetra index dropped by 1.5% and the pan-eurozone Eurofirst 300 fell by 1.2%. Volkswagen and BMW lost considerably more, respectively 4.5% and 3.4% down. But KTM apparently wasn’t on the same planet, gaining 2.9%.

Different agendas were at large in Italy too. Milan’s MIB index slumped by a relatively minor 0.5%. Piaggio lunged upward by just over 8% on Monday, as analysts anticipated improving first-half sales, before falling back to close on a still very respectable 4.4% rise. On Wednesday morning, electric bike manufacturer Energica announced record first-half revenues, five times bigger than in the same period last year. Its shares, which had actually fallen slightly during the previous two days of trading, immediately went ballistic and finished with an impressive 35.2% weekly hike.

Returning to the harsh reality of trade-war worries. Japan was a pit of gloom. Tokyo’s Nikkei 225 index retreated by 1.1%. Among bike producers, Suzuki took the hardest hit, 3.2% lower. Honda and Yamaha copped respective 2.7% and 2.5% declines. Kawasaki oddly bucked this trend, adding 0.8%.

Emerging markets were similarly afflicted. India’s BSE Sensex only fell by 0.7% but leading Indian biker stocks were distinctly unpopular. TVS lost 5.1% and Hero was 4.5% in arrears. Eicher and Mahindra respectively slid by 1.9% and 1.2%. Bajaj got off lightly with a 0.8% fall. In China, Shanghai’s SSE Composite index dropped by 2%, despite a sharp recovery as the weekend approached. A majority of motorcycle manufacturers benefited with moderately improved share prices, but none of them clawed back any significant proportion of the previous week’s heavy losses. However, three of them missed the bounce entirely — Zongshen, Sundiro and Guangzhou Auto — the latter with a painful drop of 7.2%.

      

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

USA (US dollar)

Harley-Davidson    P 42.08  C +0.43%  R 56.50 - 39.34  Y -19.61%
Polaris    P 122.18  C +0.32%  R 137.66 - 86.51  Y +35.34%
Textron    P 65.91  C +0.3%  R 69.36 - 46.65  Y +40.13%
US Highland    P 0.0015  C -16.67%  R 0.0107 - 0.0006  Y -50%
Curtiss    P 0.40  C N/A  R 1.50 - 0.10  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 63.38  C -1.35%  R 66.36 - 37.06  Y +67.99%

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 21.85  C +0.46%  R 23.65 - 20.00  Y +4.87%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.43  C N/A  R 0.48 - 0.40  Y -7.53%

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

INDONESIA (rupiah)

Astra    P 6600  C +3.94%  R 9025 - 6275  Y -24.21%
Indomobil    P 3400  C -7.86%  R 4780 - 815  Y +213.29%

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 77.60  C -0.09%  R 97.50 - 77.03  Y -0.56%
VW    P 141.50  C -1.19%  R 191.80 - 127.50  Y +6.31%
KTM    P 64.00  C N/A  R 70.00 - 46.61  Y +36.26%
Piaggio    P 2.15  C +0.09%  R 2.86 - 1.97  Y +2.02%
Energica    P 3.92  C -5.31%  R 4.70 - 2.71  Y -6.63%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 510.00  C -0.2%  R 640.00 - 470.00  Y -15%
Pak Suzuki    P 393.00  C +1.17%  R 805.00 - 378.52  Y -50.44%

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

INDIA (rupee)

Hero    P 3473.50  C -1.21%  R 4200.00 - 3353.75  Y -4.69%
Bajaj    P 2810.30  C +3.47%  R 3472.60 - 2694.50  Y +2.71%
TVS    P 552.85  C -0.87%  R 794.90 - 527.65  Y +1.16%  
Eicher    P 28,590.45  C +0.58%  R 33,483.95 - 26,000.00  Y +6.09%
Mahindra    P 897.70  C -1.11%  R 933.50 - 612.00  Y +34.39%  
Maharashtra    P 2875.55  C +0.14%  R 3450.00 - 1831.10  Y +57.04%
Scooters India    P 39.80  C +4.74%  R 79.70 - 36.40  Y -16.21%

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 3253  C +0.74%  R 4151 - 3000  Y +9.32%
Yamaha    P 2786  C +2.5%  R 3935 - 2681  Y -0.99%
Suzuki    P 6118  C +0.1%  R 6811 - 5100  Y +16.26%
Kawasaki    P 3265  C +1.08%  R 4620 - 3145  Y +0.03%

CHINA (yuan)

Qianjiang    P 12.46  C +1.96%  R 23.99 - 11.78  Y -25.88%
Zongshen    P 4.90  C +2.3%  R 7.82 - 4.67  Y -34.61%   
Sundiro    P 4.20  C +1.94%  R 8.47 - 4.04  Y -48%
Jialing    P 4.68  C +2.18%  R 6.83 - 4.34  Y -27.89%
Lifan    P 5.23  C +2.35%  R 9.44 - 4.98  Y -34.54%
Loncin    P 5.43  C +2.65%  R 8.62 - 4.86  Y -21.24%
Linhai    P 6.82  C +2.4%  R 14.22 - 6.42  Y -50.03%
GAG    P 11.14  C +3.44%  R 21.44 - 10.43  Y -38.56%
CFMoto    P 20.70  C +2.22%  R 50.92 - 19.30  Y N/A

CHINA (Hong Kong dollar)

Jianshe    P 5.80  C +3.2%  R 11.65 - 5.30  Y -37.83%

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 6.14  C N/A  R 6.62 - 5.87  Y -1.97%
Hong Leong    P 11.36  C +1.43%  R 12.30 - 9.00  Y +17.05%

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

SOUTH KOREA (won)

KR    P 603  C N/A  R 1672.5 - 475.5  Y -55.68%
Daelim    P 76,500  C +0.53%  R 94,400 - 70,000  Y -12.98%

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.)