22 August – motorcycle industry share price guide

Illustrating the seesaw nature of rumour-fuelled equity markets, New York enjoyed a week of record highs, as investors took positive portents a speech by US Federal Reserve chair Janet Yellen, apropos interest rate movements. The benchmark S&P 500 index closed 1.9 per cent up. Harley-Davidson beat that with a 2.8 per cent weekly rise. However. nearest domestic competitor Polaris was almost entirely stacic on price.

Europe was hunky too, despite ongoing qualms about Ukraine’s proxy-war with Russia. The FTSE Eurofirst 300 climbed by 2.1 per cent, its best week for six months. Three of the four bike-related stocks listed here improved. KTM added the most, up by 4.2 per cent. Only Piaggio lost ground, down by two per cent as Italy’s worsening economic woes and plunge back into recession sank in.

India was still firmly optimistic, evidenced by S&P’s BSE Sensex 30 hitting an all-time high. Overall, prices on the Bombay Stock Exchange have risen by more than a 25 per cent average so far this year as international investors pumped an additional £7.6bn into India equities. The two biggest indigenous motorcycle manufacturers Hero and Bajaj added useful value this week, while the golden shares of TVS and Royal Enfield parent Eicher fell back a little on obvious profit-taking.

Asian markets elsewhere also grew. The Nikkei 225 in Japan was up by 1.4 per cent after a run of gains on four of the five trading sessions this week. At the weekly close,  Honda, Suzuki and Kawasaki all enjoyed improvements while Yamaha suffered a very minor reversal. China was good too with 70 per cent of listed bike stocks continuing to add value. Benelli and Keeway parent Qianjiang was the week’s classiest act, up by a solid five per cent.                     

Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)  
 

USA (US dollar)

Harley-Davidson    P 63.65  H 64.11  L 63.45  C -0.58%  R 74.13 – 58.55  Y +7.92%

Polaris    P 147.81  H 149.00  L 147.51  C -0.67%  R 151.59 – 108.68  Y +31.49%

Arctic Cat    P 36.76  H 37.15  L 36.72  C -0.59%  R 61.13 – 31.95  Y -34.94%

US Highland    P 0.51  H 0.51  L 0.51  C +2%  R 0.59 – 0.22  Y N/A

Viper    P 0.0055  H N/A  L N/A  C N/A  R 0.05 – 0.001  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 27.23  H 27.37  L 26.82  C -0.04%  R 31.98 – 25.00  Y -7.66%

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 89.08  H 90.18  L 88.55  C -0.74%  R 96.10 – 70.57  Y +21.87%

Piaggio    P 2.158  H 2.216  L 2.152  C -1.01%  R 3.092 – 1.912  Y +8.01%

KTM    P 98.50  H 98.50  L 98.50  C -0.45%  R 99.83 – 54.81  Y +81.23%

VW    P 171.35  H 174.20  L 171.15  C -0.7%  R 198.43 – 161.00  Y -1.22%

Notes: Volkswagen is the owner of Ducati Motor Holding

INDIA (rupee)

Hero    P 2536.45  H 2575.00  L 2508.45  C -0.84%  R 2787.70 – 1862.05  Y +42.87%

Bajaj    P 2266.35  H 2279.35  L 2239.00  C -0.07%  R 2364.85 – 1680.05  Y +30.12%

TVS    P 176.95  H 179.40  L 175.00  C -0.67%  R 187.90 – 28.75  Y +483.49%  

Eicher    P 10,014.00  H 10,210.20  L 9950.00  C +0.22%  R 10,634.40 – 3092.20  Y +214.69% 

Mahindra    P 1391.85  H 1398.00  L 1363.60  C +1.13%  R 1398.00 – 739.84  Y +73.05% 

Maharashtra    P 733.70  H 769.90  L 730.00  C -2.38%  R 785.00 – 347.00  Y +109.38% 

Scooters India    P 27.40  H 27.85  L 26.55  C +2.05%  R 36.75 – 14.20  Y +79.67% 

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 244.00  H 251.00  L 242.00  C +1.99%  R 328 – 191.50  Y N/A 

Pak Suzuki    P 264.00  H 272.55  L 263.60  C -1.73%  R 300.40 – 119.00  Y N/A

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

JAPAN (yen)

Honda    P 3572  H 3598.5  L 3562  C -0.21%  R 4385 – 3292  Y -2.08%

Yamaha    P 1887  H 1912  L 1872  C -1.77%  R 1955 – 1243  Y +45.86%

Suzuki    P 3423  H 3476.5  L 3414  C -0.19%  R 3530 – 2054  Y +54.46%

Kawasaki    P 395  H 397  L 392  C N/A  R 496 – 344  Y +10.26%

CHINA (yuan)

Qianjiang    P 6.98  H 7.08  L 6.51  C +6.89%  R 7.08 – 4.40  Y +41.3%

Qingqi    P 5.43  H 5.47  L 5.34  C -0.18%  R 6.10 – 3.34  Y N/A

Zongshen    P 5.47  H 5.62  L 5.34  C +0.74%  R 5.77 – 3.92  Y +20.41%   

Sundiro    P 4.60  H 4.62  L 4.46  C +2%  R 4.75 – 3.48  Y +27.42%

Jialing    P 6.12  H 6.16  L 6.06  C -0.65%  R 6.75 – 2.90  Y N/A  

Lifan    P 8.92  H 8.99  L 8.81 C -0.45%  R 9.63 – 5.59  Y +63.24% 

Loncin    P 12.32  H 12.40  L 11.76  C +3.7%  R 12.40 – 7.31  Y +68.88%

Linhai    P 8.36  H 8.40  L 8.22  C +0.12%  R 8.63 – 4.80  Y +66.68%

CHINA (Hong Kong dollar)

Jianshe    P 6.28  H 6.30  L 6.16  C +1.78%  R 6.80 – 5.16  Y N/A  

Guangzhou Auto    P 8.72  H 8.75  L 8.57  C +1.28%  R 10.94 – 6.72  Y +14.09%

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 0.425  H 0.43  L 0.42  C -1.16%  R 0.66 – 0.40  Y –11.46%

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 28.00  H 28.50  L 26.10  C -0.18%  R 63.00 – 25.20  Y -14.06%

Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand. 

MALAYSIA (ringgit)

Oriental Holdings    P 7.93  H 7.93  L 7.91  C +0.38%  R 9.15 – 6.95  Y -11.88%

Hong Leong    P 7.10  H 7.16  L 7.06  C -0.98%  R 7.24 – 4.75  Y +43.74%

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 7725  H 7750  L 7650  C -0.64%  R 8050 – 5100  Y +35.98%

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 965  H 972  L 931  C +2.77%  R 1495 – 425  Y +90.71%

Daelim    P 85,000  H 86,300  L 84,300  C -0.35%  R 110,000 – 77,000  Y +2.03%

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.)