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A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 14 September 2018. BDN financial editor Roger Willis reports.

Over the past week, liveliest action — if not always positive — could be found in Asia and the Far East. The biggest story covered events in India, where deepening currency woes are now seriously undermining business confidence, cranking up the nation’s current-account deficit and stoking inflation. The rapidly depreciating rupee, already down by 14% this year against the US dollar, suddenly dropped to a new record low and became Asia’s worst performing currency. That provoked Narendra Modi’s government into announcing special measures to curb “non-essential” imports. This is because it’s struggling to pay for essential dollar-denominated energy supplies, given 80% of Indian oil consumption is imported.

The BSE Sensex 30 index fell sharply by 2% mid-week, as equities tracked the rupee’s plunge. Fortunately, everybody took a day off on Thursday to celebrate the birth of Hindu deity Lord Ganesha with a spot recreational idol worship. And on Friday, after such light relief, some stocks rallied sufficiently for the Sensex to close only 0.2% in arrears week-on-week. Generally, biker stocks suffered more. Hero finished 4.3% down and Mahindra lost 2.2%. Bajaj and TVS fell respectively by 1.6% and 0.5%. But Eicher shrugged off the gloom with a 2.4% rise.The Japanese, meanwhile, were mightily cheered by news of the US inviting China to a fresh round of trade talks. Tokyo’s Nikkei 225 index surged by a muscular 3.8% but motorcycle manufacturers couldn’t match that pace. Nearest was Yamaha with a 3% recovery from its loss in the previous week. Kawasaki added 1.9% and Honda 1.4%. Suzuki’s extensive dependence on now-troubled India did the company no favours and it fell by 2.8%.

China was slightly more relaxed on the back of renewed trade negotiation prospects and share-price attrition slowed. Although Shanghai’s SSE Composite index ended negative by 0.6% amid volatile trading, there were some winners for the Chinese bike industry. Most notably, Jianshe put on 4.1% and Guangzhou Auto was 2% up. Zongshen was 0.4% higher, while Linfan and Loncin were both dead flat. The largest loss was 3% for CFMoto, followed by Jialing’s 2.2% retreat. Linhai and Qianjiang respectively dropped by 1.4% and 1.2%. A renewal of US trade-war rhetoric in Washington on Friday afternoon had no affect whatsoever in either China or Japan, owing to the massive 13-hour time lag.

In the western world, Europe was particularly upbeat, led by automotive and associated biker stocks, and the energy sector — which is happy about the increasing price of crude oil. The pan-eurozone Eurofirst 300 index was 1.1% up, beaten by Frankfurt’s Xetra DAX with a 1.5% gain and Milan’s MIB on a 2.1% hike. Volkswagen was star of the show, jumping by 5.4%. Main driver for such a strong advance was news that VW’s supervisory board is shortly to discuss a potential disposal by flotation of its heavy truck division. If VW chief executive Herbert Diess achieves this target, Ducati will be the next non-core operation to go. Teutonic investor largesse also spread further. BMW rose by 2% and KTM added 3%. Separately, Italian optimism pushed Piaggio’s shares 4.1% higher.

Finally, various batches of economic data primarily impinged on US sentiment. American retail sales growth in August had been weaker than expected but consumer confidence was improving and industrial production grew much faster than forecast. Overall, market movers were in their comfortable zone and New York’s benchmark S&P 500 index climbed tentatively by 0.8%. The Dow Jones Industrial Average was slightly behind, just 0.6% up. Motorcycling stocks weren’t particularly popular, though. Harley slipped marginally downwards by 0.2% and Polaris sank by 1.8%.          

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

USA (US dollar)

Harley-Davidson    P 44.27  C -0.63%  R 56.50 - 39.34  Y -4.78%

Polaris    P 108.96  C +1.16%  R 137.66 - 101.06  Y +5.07%

Textron    P 70.57  C +1.02%  R 70.61 - 51.07  Y +36.91%

US Highland    P 0.0009  N/A  R 0.0107 - 0.0006  Y +12.5%

Curtiss    P 0.70  C N/A  R 1.50 - 0.20  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 60.20  C -2.24%  R 74.78 - 38.94  Y +48.75%

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 20.75  C +0.24%  R 23.65 - 20.00  Y +3.85%

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


VIETNAM (Hong Kong dollar)

VMEPH    0.36  C -1.35%  R 0.48 - 0.36  Y -20.65%

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


INDONESIA (rupiah)

Astra    P 7225  C +2.12%  R 8750 - 6100  Y -6.26%

Indomobil    P 2090  C +24.78%  R 4780 - 815  Y +133.99%

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 82.47  C -0.23%  R 97.50 - 76.50  Y +1.78%

VW    P 140.60  C +1.08%  R 191.80 - 132.40  Y +2.62%

KTM    P 69.00  C +1.47%  R 70.00 - 48.01  Y +44.45%

Piaggio    P 2.02  C -0.2%  R 2.86 - 1.84  Y -15.63%

Energica    P 4.08  C +0.25%  R 5.92 - 2.71  Y +31.61%

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


PAKISTAN (Pakistani rupee)

Atlas Honda    P 430.00  C -1.15%  R 640.00 - 412.01  Y -18.25% 

Pak Suzuki    P 266.00  C -3.2%  R 578.24 - 252.00  Y -43.14%

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


INDIA (rupee)

Hero    P 3186.65  C +0.72%  R 3983.70 - 3033.75  Y -15.89%

Bajaj    P 2877.50  C +0.33%  R 3472.60 - 2604.00  Y +0.25%

TVS    P 586.65  C +1.4%  R 794.90 - 507.00  Y -8%  

Eicher    P 29,383.75  C +1.98%  R 32,978.00 - 26,000.00  Y -7.99% 

Mahindra    P 951.90  C +1.47%  R 993.00 - 612.00  Y +48.7%  

Maharashtra    P 2913.55  C +0.81%  R 3399.40 - 2103.55  Y +1.89% 

Scooters India    P 38.40  C +4.92%  R 79.70 - 32.70  Y -12.53% 

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 3217  C +1.23%  R 4151 - 3107  Y +3%

Yamaha    P 2814  C +2.59%  R 3935 - 2676  Y -9.15%

Suzuki    P 6895  C -2.6%  R 7680 - 5444  Y +17.77%

Kawasaki    P 3005  C +1.86%  R 4620 - 2890  Y -13.66%


CHINA (yuan)

Qianjiang    P 8.88  C -1.66%  R 23.99 - 8.44  Y -51.69%

Zongshen    P 4.65  C -1.06%  R 7.78 - 4.46  Y -37.2%   

Sundiro    P 3.27  C +0.62%  R 7.71 - 3.05  Y -57.59%

Jialing    P 4.99  C -0.6%  R 6.75 - 4.23  Y -24.05%

Lifan    P 4.61  C -0.43%  R 9.44 - 4.50  Y -46.14% 

Loncin    P 4.91  C +0.41%  R 8.62 - 4.75  Y -38.64%

Linhai    P 6.55  C N/A  R 12.44 - 5.96  Y -45.78%

GAG    P 10.43  C +1.96%  R 21.44 - 10.00  Y -42.59% 

CFMoto    P 16.94  C -3.2%  R 40.60 - 15.18  Y -57.8% 


CHINA (Hong Kong dollar)

Jianshe    P 7.58  C -1.17%  R 11.65 - 5.30  Y -33.33% 

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 6.23  C +0.48%  R 6.55 - 5.87  Y +0.37%

Hong Leong    P 10.76  C +1.7%  R 12.30 - 9.00  Y +11.97%

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



KR    P 613  C N/A  R 885 - 475.5  Y -29.9%

Daelim    P 84,200  C +0.96%  R 93,300 - 70,000  Y +6.43%

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.)