A snapshot of global bike and ATV industry share performance at the trading closure on Friday 17 October 2014.
Lurid activity on Wall Street earlier in the week resulted in violent price swings for US equities. But this wild trading gradually petered out and the S&P 500 index finished only 0.66 per cent in arrears on Friday. Somewhat oblivious to all of this turmoil, Harley-Davidson put on almost four per cent week-on-week, on the back of optimistic analyst research into potential contents of the company’s imminent third-quarter financial results.
Although the FTSE Eurofirst 300 dropped by one per cent over the past week’s trading, having mimicked some US angst for a couple of fraught days, it still made a biggest single-day gain for three years on Friday. All four motorcycle-related stocks improved on the previous weekly closure.
Asian markets were a mixed bag. In the developed world, economic pessimism enveloped Tokyo and the Nikkei 225 plunged by five per cent, its most dramatic weekly decline for six months. Japanese bike brand share price falls reflected that gloom without exception.
In contrast, emerging-market trading was buoyant on the Bombay Stock Exchange, with all the leading Indian indigenous motorcycle manufacturers flaunting substantial weekly gains. But Chinese investor confidence went in entirely the opposite direction. Every single bike maker quoted in Shanghai and Shenzhen suffered substantial share price deterioration, with a solitary exception. Yamaha’s principal Chinese JV partner Jianshe bucked this otherwise-overwhelming trend, posting a demure two per cent rise. Jianshe is unique as the only motorcycle producer listed on either of China’s mainland exchanges to have its stock price denominated in Hong Kong dollars rather than yuan-renminbi.
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)
USA (US dollar)
Harley-Davidson P 58.63 H 58.76 L 57.77 C +2.72% R 74.13 – 54.22 Y -9.44%
Polaris P 143.50 H 146.98 L 142.90 C -0.97% R 152.88 – 118.80 Y +7.97%
Arctic Cat P 32.22 H 34.57 L 32.13 C -5.51% R 61.13 – 30.926 Y -46.39%
US Highland P 0.45 H 0.45 L 0.45 C N/A R 0.59 – 0.22 Y N/A
Viper P 0.0055 H 0.0055 L 0.0055 C N/A R 0.05 – 0.0012 Y N/A
Notes: Polaris makes ATVs, snowmobiles, Victory and Indian motorcycles. Arctic Cat makes ATVs and snowmobiles. US Highland makes a range of four-stroke dirt bikes. Viper Powersports produces the Diamondback Super Cruiser with a British-built 2490cc Ilmor engine.
CANADA (Canadian dollar)
BRP P 23.97 H 24.45 L 23.61 C -1.76% R 31.98 – 23.51 Y -7.34%
Notes: Bombardier Recreational Products makes Can-Am ATVs and Spyder road trikes, as well as Ski-Doo snowmobiles, Sea-Doo personal watercraft and Rotax engines for a range of applications including motorcycles — most recently Buell’s EBR superbike.
EUROPE (euro)
BMW P 80.00 H 80.827 L 77.83 C +2.75% R 96.10 – 74.74 Y +0.63%
Piaggio P 2.106 H 2.13 L 2.05 C +2.63% R 3.092 – 1.93 Y +0.67%
KTM P 104.50 H 104.50 L 104.50 C N/A R 109.50 – 58.76 Y +70.94%
VW P 160.15 H 162.405 L 153.86 C +4.1% R 198.43 – 147.35 Y -4.32%
Notes: Volkswagen is the owner of Ducati Motor Holding
INDIA (rupee)
Hero P 2873.90 H 2909.10 L 2739.00 C +2.68% R 3080.00 – 1907.00 Y +42.11%
Bajaj P 2373.20 H 2405.00 L 2353.25 C +0.41% R 2457.00 – 1793.20 Y +12.62%
TVS P 229.85 H 231.50 L 225.45 C +2.31% R 242.50 – 45.25 Y +382.68%
Eicher P 11,334.35 H 11,439.00 L 11,005.00 C +2.73% R 12,372.50 – 3752.00 Y +193.96%
Mahindra P 1253.75 H 1268.00 L 1220.00 C +2.84% R 1433.70 – 839.66 Y +43.72%
Maharashtra P 905.05 H 928.00 L 897.00 C -1.09% R 940.15 – 379.00 Y +135.48%
Scooters India P 25.25 H 26.20 L 24.75 C -0.2% R 36.75 – 14.20 Y +44.29%
Notes: Hero MotoCorp is a former Honda JV partner. Bajaj has technical partnerships with KTM and Kawasaki. TVS is a former Suzuki JV partner. Bajaj and TVS also both export. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has a technical partnership with Taiwanese brand SYM and an own-brand motorcycle range. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj, which is also a substantial shareholder in the company. Scooters India manufactured Lambretta scooters until 1997 but now only makes Vikram three-wheeled taxis and light trucks. The Indian government has a majority stake.
PAKISTAN (Pakistani rupee)
Atlas Honda P 292.90 H 300.00 L 290.00 C -2.04% R 328 – 199.00 Y N/A
Pak Suzuki P 307.02 H 324.00 L 305.05 C -4.19% R 339.01 – 119.00 Y N/A
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
JAPAN (yen)
Honda P 3255 H 3300.5 L 3251.5 C -0.91% R 4385 – 3251.5 Y -15.47%
Yamaha P 1807 H 1842 L 1806 C -0.28% R 2188 – 1265 Y +23.06%
Suzuki P 3027.5 H 3085 L 3025.5 C -2.12% R 3827.5 – 2335 Y +26.47%
Kawasaki P 398 H 409 L 397 C -0.75% R 496 – 350 Y -3.07%
CHINA (yuan)
Qianjiang P 6.98 H 7.16 L 6.86 C -2.38% R 7.57 – 4.40 Y +46.95%
Qingqi P 5.94 H 6.14 L 5.81 C -2.78% R 6.77 – 3.34 Y N/A
Zongshen P 7.20 H 7.48 L 7.05 C -3.1% R 8.33 – 3.92 Y +42.31%
Sundiro P 5.38 H 5.61 L 5.25 C -3.58% R 5.95 – 3.48 Y +28.18%
Jialing P 7.02 H 7.22 L 6.81 C -1.54% R 7.95 – 2.90 Y +103.48%
Lifan P 8.30 H 8.46 L 8.15 C -1.31% R 9.63 – 5.65 Y +20.12%
Loncin P 16.62 H 16.90 L 16.26 C +1.47% R 18.81 – 7.74 Y +103.33%
Linhai P 9.83 H 10.36 L 9.50 C -4.56% R 10.88 – 4.80 Y +73.94%
CHINA (Hong Kong dollar)
Jianshe P 8.48 H 8.50 L 8.18 C N/A R 8.65 – 5.20 Y +56.75%
Guangzhou Auto P 7.29 H 7.32 L 7.06 C +0.41% R 10.94 – 6.72 Y -19.11%
Notes: Qianjiang owns both the exported Keeway brand and the formerly Italian Benelli brand. Qingqi is a Suzuki JV partner, a Peugeot scooter contractor and also makes Qingqi and Sinnis branded bikes. Zongshen produces own-brand bikes and proprietary engines, and has JV partnerships with Piaggio, producing scooters, and Harley-Davidson, making parts. Sundiro is the biggest Honda JV bike partner in China. Jialing makes and exports own-brand bikes using Honda licensed technology and is a Honda JV power products partner. Lifan makes and exports own-brand bikes, and distributes MV Agusta products 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 is the parent of Honda JV partner and own-brand bike manufacturer Wuyang. It also has JV car production partnerships with Honda and Toyota.
VIETNAM (Hong Kong dollar)
VMEPH P 0.475 H 0.50 L 0.475 C -2.06% R 0.69 – 0.40 Y -10.38%
Notes: Vietnam Manufacturing & Export Processing Holdings is the third-largest Vietnamese scooter and motorcycle manufacturer. It is a JV partnership with Taiwanese brand SYM. VMEPH is headquartered in Hong Kong and listed on both the HK and Taipei stock exchanges.
TAIWAN (Taiwanese dollar)
Sanyang P 27.25 H 27.90 L 27.20 C -2.68% R 63.00 – 25.20 Y -44.74%
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
MALAYSIA (ringgit)
Oriental Holdings P 7.23 H 7.30 L 7.10 C +1.4% R 9.15 – 6.95 Y -20.18%
Hong Leong P 4.20 H 4.22 L 4.03 C +5% R 7.543 – 3.95 Y -2.21%
Notes: Oriental Holdings is a Honda JV partner. Hong Leong Industries is a Yamaha JV partner and former owner of the German MZ concern.
INDONESIA (rupiah)
Astra P 6550 H 6600 L 6350 C +3.15% R 8050 – 6050 Y -2.18%
Notes: Astra International is a Honda JV partner. Its controlling shareholder is Jardine Matheson Holdings, a British-managed conglomerate domiciled in Hong Kong.
SOUTH KOREA (won)
KR P 960 H 998 L 950 C -3.71% R 1495 – 425 Y +87.13%
Daelim P 68,200 H 69,300 L 66,700 C +0.29% R 109,500 – 65,200 Y -34.98%
Notes: KR Motors (formerly S&T) manufactures Hyosung-branded bikes and ATVs, exporting to the US, Europe including the UK and elsewhere. Daelim Industrial is a diversified conglomerate which retains a controlling 59 per cent stake in Daelim Motor, the largest motorcycle and scooter manufacturer in Korea. (The remainder is British-owned, by the private equity arm of Standard Chartered Bank.)