11 July – motorcycle industry share price guide

A snapshot of global bike and ATV industry share performance at the trading closure on Friday 11 July 2014.

It was a tough week in most global stock markets, with a variety of factors to blame. US investors became predictably nervous as the quarterly results reporting season kicked in. Harley remained flat at two or three bucks below its most recent peak but Polaris and Arctic Cat both dropped more or less in line with S&P 500 index weekly negativity.

Anxiety in Europe was fuelled by fresh fears about the financial health of Portugal’s biggest bank (which, incidentally, also owns the Isle of Man Steam Packet ferry line) as well weak industrial output data from France and Italy, which may presage faltering Eurozone economic recovery. In response, most share prices fell. The FTSE Eurofirst 300 average sank by three per cent. Piaggio dropped sharply by eight per cent week-on-week and even mighty Volkswagen was nearly four per cent down.

Indian investors got the jitters following their new government’s debut budget, which was less business-friendly than expected. Despite announcements of excellent June sales figures by many of India’s motorcycle manufacturers, every single bike-related share price headed south. TVS, which has made magnificent gains in the past few months, took the worst hit and plunged by an unlucky 13 per cent.

Slavishly following US pessimism, the Nikkei 225 in Tokyo declined steadily on every single trading day, a trend which affected all four of its motorcycle brands. However, China managed to escape the gloom and there were more winners than losers among listed Chinese bike producers. Most notably, Lifan cheekily bounced back from its week of punitive suspension by Shanghai stock exchange regulators, boasting a muscular 15 per cent share price rise.          

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

USA (US dollar)

Harley-Davidson    P 68.35  H 68.41  L 67.56  C +0.87%  R 74.13 – 54.76  Y +23.93%

Polaris    P 132.02  H 132.17  L 130.28  C +1.37%  R 146.99 – 100.29  Y +32.32%

Arctic Cat    P 37.60  H 37.64  L 37.00  C +0.94%  R 61.13 – 31.95  Y -24.05%

US Highland    P 0.45  H 0.45  L 0.42  C +50%  R 0.59 – 0.22  Y N/A

Viper    P 0.013  H 0.013  L 0.013  C N/A  R 0.05 – 0.001  Y -77.19%

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 25.42  H 25.64  L 25.33  C -0.7%  R 31.98 – 25.10  Y -4.47%

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 92.11  H 92.77  L 91.50  C +0.52%  R 95.89 – 70.07  Y +34.49%

Piaggio    P 2.374  H 2.424  L 2.346  C +0.59%  R 3.092 – 1.912  Y +20.32%

KTM    P 95.30  H 95.30  L 95.30  C N/A  R 99.00 – 50.15  Y +87.76%

VW    P 184.07  H 185.45  L 183.513  C +0.23%  R 198.43 – 158.51  Y +16.95%

Notes: Volkswagen is the owner of Ducati Motor Holding
 

INDIA (rupee)

Hero    P 2433.15  H 2491.20  L 2397.95  C -0.24%  R 2787.70 – 1650.00  Y +50.03%

Bajaj    P 2133.95  H 2175.55  L 2101.50  C -0.85%  R 2364.85 – 1680.05  Y +16.62%

TVS    P 148.80  H 164.50  L 146.00  C -6.24%  R 174.50 – 28.10  Y +370.16%  

Eicher    P 8260.85  H 8519.95  L 8144.25  C +1.69%  R 9090.00 – 2965.00  Y +119.53%

Mahindra    P 1164.35  H 1175.00  L 1129.45  C -0.1%  R 1278.70 – 740.15  Y +30.25%

Maharashtra    P 644.50  H 677.95  L 632.10  C +0.01%  R 714.00 – 326.65  Y +75.7%

Scooters India    P 27.35  H 28.25  L 27.15  C -4.2%  R 36.75 – 13.50  Y +51.94%

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 230.50  H 230.50  L 230.50  C +0.96%  R N/A  Y N/A

Pak Suzuki    P 270.10  H 275.50  L 267.80  C -1.98%  R 291.48 – 119.00  Y N/A

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

JAPAN (yen)

Honda    P 3515  H 3550  L 3512  C -1.62%  R 4385 – 3292  Y -5.55%

Yamaha    P 1779  H 1792  L 1754  C -1.33%  R 1865 – 1240  Y +28.33%

Suzuki    P 3279  H 3285  L 3224  C +0.15%  R 3465 – 2054  Y +30.21%

Kawasaki    P 394  H 396  L 391  C -0.76%  R 496 – 328  Y +16.37%
 

CHINA (yuan)

Qianjiang    P 6.21  H 6.26  L 6.15  C N/A  R 6.86 – 4.40  Y +34.13%

Qingqi    P 4.09  H 4.10  L 3.92  C +3.54%  R 4.80 – 3.34  Y N/A

Zongshen    P 4.92  H 4.98  L 4.88  C +0.2%  R 5.77 – 3.92  Y +3.77%   

Sundiro    P 3.93  H 3.97  L 3.90  C +1.29%  R 4.40 – 3.42  Y +10.08%

Jialing    P 5.94  H 6.06  L 5.60  C +3.48%  R 6.26 – 2.90  Y N/A  

Lifan    P 7.63  H 8.09  L 7.57 C -2.43%  R 8.09 – 5.25  Y +42.65%
 
Loncin    P 10.15  H 10.33  L 9.75  C +2.84%  R 11.10 – 7.31  Y +26.75%

Linhai    P 6.66  H 6.75  L 6.46  C +2.15%  R 7.00 – 4.65  Y +33.2%

CHINA (Hong Kong dollar)

Jianshe    P 5.97  H 6.04  L 5.90  C N/A  R 6.80 – 5.16  Y N/A  

Guangzhou Auto    P 9.60  H 9.69  L 9.42  C +0.42%  R 10.94 – 6.72  Y +36.26%

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 0.425  L 0.42  C N/A  R 0.66 – 0.40  Y –15%

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 31.80  H 32.65  L 31.45  C +0.16%  R 63.00 – 25.20  Y +8.31%

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

MALAYSIA (ringgit)

Oriental Holdings    P 7.76  H 7.80  L 7.76  C -0.89%  R 10.04 – 6.95  Y -19.78%

Hong Leong    P 6.70  H 6.75  L 6.69  C N/A  R 7.00 – 4.68  Y +48.31%

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 7550  H 7750  L 7500  C -3.51%  R 8050 – 5100  Y +17.79%

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 1095  H 1135  L 1075  C -0.45%  R 1495 – 425  Y +147.18%

Daelim    P 88,500  H 89,400  L 85,900  C +1.14%  R 110,000 – 77,000  Y +5.98%

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.)