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Share prices

10/09/2018

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 7 September 2018. BDN financial editor Roger Willis reports.

Despite latest monthly evidence of solid US wages and jobs growth for August, American equities investors struggled for direction over the past week. Their indecision was against a background of analysts debating whether President Trump’s planned fresh tariff onslaught on a further $200bn of Chinese exports would be the straw that breaks the camel’s back, provoking a global recession. In this edgy atmosphere, New York’s benchmark S&P 500 index closed 0.9% down and the Dow Jones Industrial Average was dead flat.

But at least Trump tirades against unpatriotic US bike manufacturers border-hopping production to evade retaliatory tariffs have clearly fallen on deaf ears. Harley-Davidson shares bucked the market trend to bounce back by 4.1% and Polaris added 2.3%.

Grimmer sentiment pervaded Northern Europe, following the realisation that EU overtures proposing reciprocal automotive tariff elimination hadn’t registered in Washington. The pan-eurozone Eurofirst 300 index finished 2.2% in arrears and Frankfurt’s Xetra DAX plunged further, by 3.1%. Decline swept across Teutonic petrolhead territory, with Volkswagen and BMW respectively losing 3.8% and 3.2% while KTM copped a similarly harsh 3.7% drop.

However, further south, unexpected genuflection to European Commission monetary policy edicts by Italy’s unruly populist government restored confidence on Milan’s Borsa Italiana and its MIB index rose by 0.9%. Piaggio massively outpaced that, surging upwards by 4.3%, thanks to revelations about the impending launch of fully electric and hybrid Vespa models. Inevitably, such news stole sparky thunder from niche e-superbike maker Energica — the shares of which slid by 2.2%.

On the other side of the developed world in Japan, Trumpist trade war risks continued to destabilise investment. Tokyo’s Nikkei 225 index suffered a 2.2% fall and most motorcycling stocks fared worse. Honda took the hardest hit, 3.6% down. Yamaha and Kawasaki both lost 3%. Suzuki got off lightly with a 1.9% decrease, having just disposed of its final car manufacturing joint venture in China, after long years of losses from Chinese operations — and is now free to concentrate on cash-cow domination of the Indian car market through hugely profitable Maruti-Suzuki.

At first glance, India appeared to be on the back foot too, as the Bombay Stock Exchange’s Sensex 30 dropped by 1%. Negativity was driven by falling energy stocks, though, as oil price fluctuations figured large. But latest Indian GDP growth above 8% boosted consumer-oriented companies and large indigenous bike producers were prime beneficiaries. Bajaj was leader of the pack, stacking on 6.5%. TVS boasted a 3.6% rise. Hero and Eicher achieved respective 2.3% and 2.2% increases.

The Chinese were scurrying about like headless chickens, assailed by conflicting rumours as to when or if Trump’s next trade shock wave would be announced. Shanghai’s SSE Composite index actually peaked 1.3% up mid-week but then a fresh bout of pessimism provoked a sharp sell-off, so it finished 0.5% down. As a result, there were wild differences in outcomes for biker shares. Losers eventually outweighed winners by Friday’s close of play. Qianjiang had plummeted by 10.3%, Jianshe by 8%, Sundiro by 6.8% and Loncin by 3.2%. On the winning team, CFMoto rose by 3.5%, Zongshen by 2.4% and Jialing by 2.2%.           

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

USA (US dollar)

Harley-Davidson    P 44.37  C +0.68%  R 56.50 - 39.34  Y -3.36%
Polaris    P 110.99  C +0.67%  R 137.66 - 97.00  Y +15.52%
Textron    P 69.15  C -0.66%  R 70.49 - 48.51  Y +40.63%
US Highland    P 0.0011  -12.5%  R 0.0107 - 0.0006  Y +31.25%
Curtiss    P 0.80  C N/A  R 1.50 - 0.19  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 70.75  C +1.03%  R 74.78 - 38.94  Y +79.54%

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 20.60  C -0.24%  R 23.65 - 20.00  Y +4.34%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.38  C N/A  R 0.48 - 0.36  Y -20%

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

INDONESIA (rupiah)

Astra    P 7175  C +5.51%  R 8750 - 6100  Y -3.87%
Indomobil    P 1700  C -1.16%  R 4780 - 815  Y +89.27%

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 80.86  C -0.04%  R 97.50 - 76.50  Y +2.59%
VW    P 133.40  C -0.6%  R 191.80 - 132.40  Y +0.43%
KTM    P 67.00  C N/A  R 70.00 - 47.99  Y +40.32%
Piaggio    P 1.94  C -0.92%  R 2.86 - 1.84  Y -20.68%
Energica    P 4.09  C +1.74%  R 5.92 - 2.71  Y +31.85%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 430.01  C -0.69%  R 640.00 - 417.00  Y -18.87%
Pak Suzuki    P 276.00  C -3.06%  R 578.24 - 276.00  Y -39.99%

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

INDIA (rupee)

Hero    P 3329.35  C +5.2%  R 4025.00 - 3033.75  Y -14.15%
Bajaj    P 2923.55  C +5.05%  R 3472.60 - 2604.00  Y +0.58%
TVS    P 589.85  C +3.54%  R 794.90 - 507.00  Y -6.26%  
Eicher    P 28,682.20  C -0.56%  R 33,483.95 - 26,000.00  Y -12.36%
Mahindra    P 973.70  C +4.14%  R 993.00 - 612.00  Y +46.52%  
Maharashtra    P 2970.70  C +0.33%  R 3450.00 - 2103.55  Y +6.06%
Scooters India    P 36.35  C +1.39%  R 79.70 - 32.70  Y -18.68%

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 3173  C -0.31%  R 4151 - 3038  Y +6.11%
Yamaha    P 2733  C -0.87%  R 3935 - 2681  Y -8.91%
Suzuki    P 7091  C -1.85%  R 7680 - 5444  Y +26.04%
Kawasaki    P 2948  C -0.67%  R 4620 - 2922  Y -9.06%

CHINA (yuan)

Qianjiang    P 9.08  C +0.44%  R 23.99 - 8.44  Y -47.36%
Zongshen    P 4.63  C +0.22%  R 7.78 - 4.46  Y -37.47%   
Sundiro    P 3.28  C +0.31%  R 7.77 - 3.25  Y -55.19%
Jialing    P 5.10  C -2.11%  R 6.83 - 4.23  Y -20.31%
Lifan    P 4.61  C +0.22%  R 9.44 - 4.55  Y -43.57%
Loncin    P 4.91  C -0.41%  R 8.62 - 4.86  Y -32.58%
Linhai    P 6.64  C +1.22%  R 12.50 - 5.96  Y -46.23%
GAG    P 10.23  C +0.89%  R 21.44 - 10.00  Y -43.79%
CFMoto    P 17.47  C -2.78%  R 43.09 - 15.18  Y -58.22%

CHINA (Hong Kong dollar)

Jianshe    P 7.28  C +0.83%  R 11.65 - 5.30  Y -23.77%

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 6.32  C +0.64%  R 6.59 - 5.87  Y +1.06%
Hong Leong    P 10.98  C -0.36%  R 12.30 - 9.00  Y +14.84%

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

SOUTH KOREA (won)

KR    P 604  C +0.67%  R 981 - 475.5  Y -38.15%
Daelim    P 82,300  C +0.73%  R 93,300 - 70,000  Y +0.63%

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.)