18 April – motorcycle industry share price guide

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 18 April 2014.

Proving just how fickle markets can be, the previous week’s sell-off in New York turned into a buy-fest during four days of trading abbreviated in the US and Europe by Easter. The benchmark S&P 500 index finished 2.7 per cent up, its highest weekly gain since last July. Harley-Davidson shares duly recovered by just over a dollar while Polaris bounced back to nearly five bucks up — a 3.7 per cent rise.

Europe told approximately the same story, as the FTSE Eurofirst 300 added 1.2 per cent. Piaggio was marginally behind that, with a 0.9 per cent improvement, VW was almost right on the button at 1.1 per cent up and BMW easily beat it on 3.1 per cent. Both of the latter companies are big enough, of course, to be formal members of Eurofirst’s averaged phalanx. As for KTM, there were precisely two minor transactions in the past week. On Monday, somebody acquired 200 shares at a three per cent discount from the previous Friday’s peak closure. A second 80-share trade on Wednesday took the price straight back up to just two cents off that peak.

In India, as its mammoth general election grinds on, most powered two-wheeler stocks fell by varying degrees — apart from Hero and Bajaj. However, BMW Motorrad associate TVS and Royal Enfield parent Eicher remained stars of the show, both having more than doubled in value over the past 12 months despite slight weekly declines.

There were winners and losers among listed bike makers on China’s Shanghai, Shenzhen and Hong Kong exchanges, with no discernible pattern. That was set against a background of uncertainty relating to slowing Chinese GDP growth in the first quarter, although investors were reportedly relieved that the news hadn’t been worse. Yamaha JV partner Linhai was strongest weekly performer, stacking on a juicy 11.7 per cent.

Tokyo’s Nikkei 225 index enthusiastically emulated and exceeded American confidence, climbing by four per cent over the week. As a result, most Japanese bike-related brands gained ground. Honda was the exception, slipping marginally. But Yamaha’s shares put on 4.2 per cent and Suzuki ruled the roost with 7.8 per cent. Kawasaki posted a below-par 1.4 per cent increase.

Easter oddity could be found in Taiwan, where Taipei brokers apparently took a distinct dislike to SYM manufacturer Sanyang Industry, wiping 21.8 per cent off its market capitalisation over a full five days of trading.         
                                  

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

USA (US dollar)

Harley-Davidson    P 66.64  H 67.06  L 66.25  C +0.14%  R 70.04 – 49.15  Y +30.43%

Polaris    P 135.39  H 137.70  L 135.22  C -1.05%  R 146.99 – 83.195 Y +60.15%

Arctic Cat    P 42.30  H 46.00  L 41.85  C -8.44%  R 61.13 – 41.00  Y +0.79%

US Highland    P 0.22  H 0.22  L 0.22  C -15.71%  R 0.36 – 0.22  Y N/A

Viper    P 0.016  H 0.016  L 0.016  C -11.11%  R 0.10 – 0.001  Y -48.39%

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 29.54  H 29.76  L 29.35  C +0.31%  R 31.98 – 21.50  Y N/A

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.
 

EUROPE (euro)

BMW    P 92.52  H 92.795  L 90.00  C +2.36%  R 94.23 – 63.82  Y +47.52%

Piaggio    P 2.808  H 2.862  L 2.77  C +2.48%  R 2.974 – 1.845  Y +58.34%

KTM    P 83.98  H 83.98  L 83.98  C +3.06%  R 84.00 – 50.15  Y 58.08

VW    P 191.72  H 193.00  L 189.45  C +0.9%  R 198.43 – 132.50  Y +44.17%

Notes: Volkswagen is the owner of Ducati Motor Holding
 

INDIA (rupee)

Hero    P 2218.85  H 2225.00  L 2165.00  C +2.33%  R 2320.00 – 1502.85  Y +52.1%

Bajaj    P 2016.05  H 2024.80  L 1984.00  C +0.77%  R 2195.00 – 1680.05  Y +15.19%

TVS    P 88.50  H 89.70  L 86.25  C +2.31%  R 101.50 – 28.10  Y +149.39%  

Eicher    P 5870.85  H 6030.00  L 5756.20  C -2.19%  R 6374.00 – 2662.35  Y +119.69%

Mahindra    P 996.95  H 1000.00  L 978.00  C +2.09%  R 1054.90 – 740.15  Y +11.93%

Maharashtra    P 478.90  H 484.00  L 472.00  C +1.03%  R 545.90 – 326.65  Y +34.85%

Scooters India    P 18.20  H 18.50  L 18.05  C -1.89%  R 24.20 – 13.50  Y -15.94%

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 312.00  H 312.00  L 302.50  C +0.72%  R 325.99 – 136.80  Y N/A

Pak Suzuki    P 218.85  H 227.80  L 216.50  C -3.91%  R 232.64 – 113.75  Y N/A

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

JAPAN (yen)

Honda    P 3427  H 3481  L 3411  C -0.93%  R 4405 – 3340  Y -9.08%

Yamaha    P 1672  H 1680  L 1651  C +1.64%  R 1825 – 1217  Y +26.48%

Suzuki    P 2849  H 2868  L 2837  C -0.28%  R 2982 – 2051  Y +23.93%

Kawasaki    P 373  H 374  L 368  C +1.36%  R 496 – 283  Y +13.81%
 

CHINA (yuan)

Qianjiang    P 5.56  H 5.59  L 5.49  C +0.54%  R 6.54 – 4.27  Y +22.03%

Qingqi    P 4.72  H 4.74  L 4.56  C +1.51%  R 5.19 – 3.34  Y N/A

Zongshen    P 5.36  H 5.46  L 5.29  C -2.01%  R 5.77 – 3.92  Y +7.18%   

Sundiro    P 3.97  H 3.98  L 3.94  C +0.25%  R 4.84 – 3.37  Y -15.82%

Jialing    P 4.22  H 4.33  L 4.16  C -1.4%  R 4.68 – 2.90  Y +7.38%  

Lifan    P 7.08  H 7.13  L 7.01  C +0.14%  R 7.64 – 5.11  Y +16.76%

Loncin    P 9.82  H 9.88  L 9.57  C -0.51%  R 11.10 – 6.78  Y +1.44%

Linhai    P 6.49  H 6.50  L 6.11  C +5.36%  R 6.50 – 4.42  Y +21.99%

CHINA (Hong Kong dollar)

Jianshe    P 5.74  H 5.74  L 5.68  C -0.17%  R 6.80 – 5.16  Y N/A  

Guangzhou Auto    P 8.68  H 8.70  L 8.43  C +1.05%  R 10.94 – 5.73  Y +47.22%

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 0.49  H 0.50  L 0.49  C -1.01%  R 0.70 – 0.45  Y –24.62%

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 34.80  H 37.75  L 34.70  C -6.7%  R 63.00 – 25.00  Y +31.13%

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

MALAYSIA (ringgit)

Oriental Holdings    P 7.58  H 7.60  L 7.52  C -0.26%  R 10.64 – 6.95  Y -22.78%

Hong Leong    P 6.50  H 6.52  L 6.49  C -0.31%  R 6.65 – 4.15  Y +61.2%

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 7825  H 7875  L 7750  C +0.97%  R 8050 – 5100  Y +4.72%

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)

S&T    P 1130  H 1140  L 1095  C +1.8%  R 1165 – 414  Y N/A

Daelim    P 83,400  H 84,200  L 82,800  C +0.6%  R 110,000 – 72,800  Y +8.01%

Notes: S&T Motors manufactures Hyosung-branded bikes and ATVs, exporting to the US, Europe including the UK and elsewhere. Its majority-stake parent is the S&T Holdings conglomerate. 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.)