4 NOVEMBER: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 4 November 2016.

Although conventional influences like upbeat October employment growth data versus another big drop in the price of crude oil weighed on US investors over the past week, Wall Street’s mood grew increasingly tense owing to the forthcoming presidential election on 8 November.

Responding to a very real risk that Donald Trump might win, the S&P 500 index sank by 1.37%. However, that wasn’t reflected in America’s motorcycling firmament. Harley-Davidson’s share price was almost dead flat, just 0.3% down. Polaris actually recovered by 1.9%.

Worries about the US election outcome instilled fear in European minds too, pushing the eurozone’s Eurofirst 300 much lower, by 2.92%. The three leading German automotives with biker sidelines and KTM fell further, all declining by more than 5%. Piaggio was far worse, plunging by 12.2%.

Election nerves were compounded in Japan by another bout of significant yen strengthening against the US dollar, as politically-motivated currency traders hedged their bets. Tokyo’s Nikkei 225 dropped by 3.1%. Yamaha shrugged that off, registering only a miniscule 0.1% drop, while Suzuki was roughly on the median with a 3.5% fall. But Honda and Kawasaki took painful kickings, respectively losing 9% and 7.1%.

Jitters about events in the US also spread like a disease through emerging markets. Muscular manufacturing and service data revelations in China ensured that most indigenous stocks traded in positive territory, including the swathe of motorcycle manufacturers we cover. But these indicators were then Trump-tempered to pull Shanghai’s Composite index backwards as the week progressed, finishing on a mere 0.67% gain.

In India, panic about the next White House incumbent’s ID knocked the BSE Sensex 30 down by 2.39%. Such negativity affected almost all listed Indian bike producers. TVS Motor took the largest drop, retreating by 3%. Eicher,which had just flaunted excellent half-yearly financial results, only lost 0.4%. The notable exception was Mahindra, which added 4.6%. For want of any other explanation, its unveiling of plans for a range of BSA-branded retro steeds aimed at overseas markets could have been related to that good fortune.   

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

USA (US dollar)

Harley-Davidson    P 55.88  C -0.07%  R 58.35 – 36.36  Y +17.18%

Polaris    P 76.73  C +1.17%  R 115.32 – 67.80  Y -31.1%

Arctic Cat    P 15.02  C +1.28%  R 22.53 – 8.90  Y -31.17%

US Highland    P 0.0005  C +66.67%  R 0.43 – 0.0002  Y N/A

Confederate    P 0.04  C N/A  R 0.33 – 0.04  Y N/A

Notes: Polaris makes Victory and Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Arctic Cat makes ATVs and snowmobiles. US Highland makes off-road bikes. Confederate Motors makes limited-edition cruisers.

CANADA (Canadian dollar)

BRP    P 24.71  C +0.2%  R 27.30 – 13.76  Y +6.65%

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 20.10  C +0.25%  R 23.90 – 19.80  Y -4.23%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.48  C N/A  R 0.53 – 0.36  Y -4.04%

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

INDONESIA (rupiah)

Astra    P 8125  C N/A  R 8875 – 5700  Y +26.07%

Indomobil    P 1500  C +7.91%  R 2755 – 1250  Y -45.18%

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 75.01  C -0.03%  R 104.85 – 63.38  Y -18.29%

Daimler    P 61.49  C -0.92%  R 85.50 – 50.83  Y -18.7%

VW    P 126.62  C -0.86%  R 146.50 – 106.65 Y +3.7%

KTM    P 4.12  C -1.9%  R 4.65 – 3.14  Y +29.79%

Piaggio    P 1.44  C -2.45%  R 2.50 – 1.43  Y -38.58%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 585.10  C -0.79%  R 611.75 – 349.00  Y N/A

Pak Suzuki    P 535.05  C -2.15%  R 595.00 – 363.01  Y N/A

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

INDIA (rupee)

Hero    P 3287.90  C -2.68%  R 3740.00 – 2375.00  Y +27.48%

Bajaj    P 2814.30  C -0.55%  R 3122.00 – 2171.95  Y +18.64%

TVS    P 392.70  C +0.05%  R 420.00 – 256.00  Y +40.29% 

Eicher    P 23,929.75  C -2.52%  R 26,641.30 – 14,800.00  Y +44.14%

Mahindra    P 1372.35  C +0.84%  R 1508.95 – 1091.25  Y +10.75%

Maharashtra    P 1815.40  C -4.84%  R 2170.00 – 1056.00  Y +35.94%

Scooters India    P 39.10  C -3.68%  R 44.85 – 22.65  Y +26.74%

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. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 2869  C -3.51%  R 4123 – 2417  Y -25.95%

Yamaha    P 2305  C +1.54%  R 3045 – 1409  Y -15.82%

Suzuki    P 3574  C -2.16%  R 4057 – 2450  Y -8.3%

Kawasaki    P 288  C -2.04%  R 502 – 257  Y -37.11%

CHINA (yuan)

Qianjiang    P 19.23  C -0.26%  R 20.08 – 6.71  Y +110.39%

Zongshen    P 10.16  C -0.39%  R 18.20 – 8.08  Y -36.29%  

Sundiro    P 9.02  C N/A  R 9.94 – 5.61  Y +20.58% [Trading halted]

Jialing    P 9.62  C -0.82%  R 10.99 – 5.67  Y +4.79%

Lifan    P 9.87  C -0.4%  R 19.47 – 8.05  Y -28.69%

Loncin    P 20.92  C -2.11%  R 25.52 – 14.80  Y -2.07%

Linhai    P 13.25  C +0.53%  R 14.71 – 8.41  Y N/A

GAG    P 24.81  C +6.57%  R 26.27 – 18.10  Y +8.14%

CHINA (Hong Kong dollar)

Jianshe    P 15.58  C +2.91%  R 19.20 – 11.25  Y N/A

Notes: Qianjiang owns Keeway and formerly Italian 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.

MALAYSIA (ringgit)

Oriental Holdings    P 6.98  C N/A  R 7.52 – 6.48  Y +1.22%

Hong Leong    P 9.80  C N/A  R 10.08 – 5.25  Y +67.1%

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

SOUTH KOREA (won)

KR    P 904.00  C -0.66%  R 1770 – 895  Y -13.08%

Daelim    P 82,900  C -1.43%  R 94,300 – 62,000  Y +10.88%

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.)