A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 4 April 2014.
The best news was closest to home as we crossed into April. Euro-zone economies are clearly perking up, as evidenced by powered two-wheeler stocks. A dramatic resurgence in Italian bike sales during March — the second month of solid growth adding up to recovery of more than 12 per cent in the first quarter — did Piaggio’s share price a power of good with sharp 13 per cent growth week-on-week.
KTM also attracted investor attention and saw its value lunge upwards by five per cent, peaking just a tad under the highest price ever. Excellent 2013 full-year results may have helped. But a recurrent rumour about the company’s two biggest shareholders (who between them own 98 per cent of KTM stock) taking the business private could have been the culprit.
India and big Asian markets in China and Japan were also buoyant for bikes. Although the Bombay Stock Exchange Sensex 30 dipped, punters betting on our business ignored it. While the majority held station, most impressive was Royal Enfield parent Eicher, which moved firmly up past the 6000-rupee marker and touched a record peak during the week.
With only one or two exceptions, Chinese motorcycle manufacturers quoted on the Shanghai and Shenzhen exchanges posted gains. The class act in China was Zongshen, which racked up an 8.3 per cent week-on-week improvement. Japan’s Nikkei 225 index finished up just below a three-week high, with only Honda failing to benefit among the four bike-related stocks.
However, the star turn was performing on South Korea’s stock exchange in Seoul. Hyosung manufacturer S&T’s share price suddenly blasted off with a 40 per cent rise week-on-week and has now more than doubled in the past 12 months. There must be suspicions of an imminent take-over bid behind that…
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)
USA (US dollar)
Harley-Davidson P 67.83 H 69.60 L 67.65 C -1.17% R 70.04 – 49.15 Y +35.7%
Polaris P 139.22 H 143.183 L 138.26 C -1.8% R 146.99 – 83.195 Y +60.06%
Arctic Cat P 45.68 H 47.54 L 44.675 C -3.36% R 61.13 – 38.19 Y +14.62%
US Highland P 0.261 H 0.27 L 0.261 C -3.33% R 0.45 – 0.261 Y N/A
Viper P 0.025 H 0.025 L 0.025 C N/A R 0.10 – 0.001 Y -28.57%
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 29.61 H 29.62 L 29.13 C +0.61% 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 93.15 H 94.23 L 92.53 C +0.3% R 94.23 – 63.27 Y +45.39%
Piaggio P 2.912 H 2.97 L 2.808 C -0.27% R 2.974 – 1.83 Y +51.13%
KTM P 79.50 H 79.50 L 76.00 C +2.58% R 80.02 – 50.15 Y +49.1%
VW P 186.75 H 187.40 L 184.63 C +1.32% R 198.43 – 131.30 Y +30.89%
Notes: Volkswagen is the owner of Ducati Motor Holding
INDIA (rupee)
Hero P 2250.90 H 2260.00 L 2226.00 C +0.01% R 2300.00 – 1434.05 Y +56.75%
Bajaj P 2028.90 H 2055.30 L 2017.20 C -1.19% R 2195.00 – 1665.00 Y +22.12%
TVS P 91.90 H 95.35 L 91.60 C -3.16% R 101.50 – 28.10 Y +161.48%
Eicher P 6049.75 H 6119.90 L 6000.05 C -1.71% R 6200.00 – 2611.15 Y +128.31%
Mahindra P 999.00 H 1006.00 L 991.15 C -0.81% R 1054.90 – 740.15 Y +21%
Maharashtra P 466.15 H 490.00 L 462.25 C -1.43% R 545.90 – 305.00 Y +33.17%
Scooters India P 17.60 H 17.60 L 16.70 C +2.92% R 24.20 – 13.50 Y -17.76%
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 305.00 H 305.00 L 301.00 C +0.99% R 305.00 – 136.80 Y N/A
Pak Suzuki P 201.00 H 204.00 L 197.00 C +1.44% R 215.00 – 103.00 Y N/A
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
JAPAN (yen)
Honda P 3674 H 3695 L 3651 C -0.7% R 4405 – 3360 Y +2.25%
Yamaha P 1650 H 1657 L 1638 C -0.06% R 1825 – 1217 Y +35.05%
Suzuki P 2791 H 2805 L 2785 C -0.53% R 2982 – 2051 Y +34.53%
Kawasaki P 401 H 402 L 396 C +0.75% R 496 – 283 Y +37.18%
CHINA (yuan)
Qianjiang P 5.47 H 5.53 L 5.39 C +0.37% R 6.54 – 4.27 Y +18.28%
Qingqi P 4.19 H 4.21 L 4.13 C +1.21% R 5.19 – 3.34 Y N/A
Zongshen P 5.47 H 5.49 L 5.23 C +3.6% R 5.77 – 3.92 Y +9.16%
Sundiro P 4.00 H 4.01 L 3.91 C +1.78% R 4.88 – 3.37 Y -17.09%
Jialing P 3.73 H 3.75 L 3.61 C +0.27% R 4.68 – 2.90 Y -1.84%
Lifan P 6.63 H 6.63 L 6.48 C +1.53% R 7.64 – 5.11 Y +9.16%
Loncin P 9.09 H 9.16 L 8.78 C +2.6% R 11.10 – 6.78 Y +0.65%
Linhai P 5.89 H 5.96 L 5.67 C +2.97% R 6.30 – 4.42 Y +9.28%
CHINA (Hong Kong dollar)
Jianshe P 5.79 H 5.84 L 5.60 C -1.53% R 6.80 – 5.16 Y N/A
Guangzhou Auto P 8.31 H 8.59 L 8.20 C -1.89% R 10.94 – 5.59 Y +41.66%
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 0.51 H 0.51 L 0.51 C N/A R 0.70 – 0.45 Y –23.88%
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 48.10 H 49.40 L 48.00 C -1.23% R 63.00 – 23.85 Y +99.89%
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
MALAYSIA (ringgit)
Oriental Holdings P 7.13 H 7.18 L 7.13 C -0.42% R 10.64 – 6.95 Y -27.32%
Hong Leong P 6.46 H 6.50 L 6.40 C +1.1% R 6.62 – 4.15 Y +58.72%
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 7800 H 7875 L 7675 C N/A R 8000 – 5100 Y +5.07%
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 926 H 947 L 885 C +0.54% R 947 – 414 Y +103.96%
Daelim P 85,000 H 86,900 L 84,800 C -1.28% R 110,000 – 69,900 Y +1.06%
Notes: 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.)