2 OCTOBER: WEEKLY MOTORCYCLE INDUSTRY SHARES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 2 October 2015.

Although the Eurofirst 300 index dropped by a mere 0.3% over the past week, there was no forgiveness for Volkswagen as its share price plunged by another 12% in the wake of a diesel emissions-spoofing  scandal that only seems to get worse. However, BMW and Daimler escaped the previous week’s associated retribution with marginal recovery. Piaggio continued to slide south in Milan, down by a further 3.2%.

Elsewhere in developed markets, weak US monthly employment growth data for September subdued New York investor confidence, The S&P 500 finished up 0.79% in arrears after a bounce-back from Thursday’s sharp 1.6% fall when the jobs figures were announced. Harley-Davidson made a slight improvement week-on-week but Polaris went the other way. 

News from America also disturbed Japan, where the Nikkei 225 lost 0.87%. Whether that had much bearing on the four brands we follow is questionable. Yamaha stock actually rose while Honda and Suzuki — as car makers which may yet cop some fall-out from VW emissions contagion — fell. Kawasaki was down too, but that was clearly related to its loss of an anticipated massive Indonesian high-speed trains contract to the Chinese.

As for emerging economies, almost all of the Indian motorcycle manufacturers who matter benefited from renewed investor confidence and made weekly stock price gains. The oddity was TVS, which dropped despite mounting international speculation about BMW Motorrad’s impending launch of its TVS-made smaller bike range.

Some semblance of normality has finally returned to Chinese equities trading too. With only one exception among six active listed bike producers, modest upwards movement was the name of the game — and loser Jialing didn’t suffer greatly.                      

Price (P) Daily change (C) 52-week range (R) One-year investment return (Y)  

USA (US dollar)

Harley-Davidson    P 54.95  C +1.59%  R 70.41 – 50.64  Y -5.58%

Polaris    P 118.45  C +0.22%  R 159.33 – 115.63  Y -17.49%

Arctic Cat    P 22.48  C +2.7%  R 39.72 – 21.37  Y -31.89%

US Highland    P 0.41  C -1.22%  R 1.05 – 0.13  Y -20.59%

Viper    P 0.0025  C N/A  R N/A  Y N/A

Notes: Polaris makes Victory and Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Arctic Cat makes ATVs and snowmobiles. US Highland makes off-road bikes. Viper Powersports makes the Diamondback Super Cruiser.

CANADA (Canadian dollar)

BRP    P 24.24  C +0.17%  R 29.80 – 20.67  Y +0.04%

Notes: Bombardier Recreational Products makes Can-Am ATVs, Spyder road trikes, Ski-Doo snowmobiles, Sea-Doo PWCs and Rotax proprietary engines.

TAIWAN (Taiwanese dollar)

Sanyang    P 23.20  C -0.85%  R 31.60 – 19.15  Y -17.29%

Notes: Sanyang Motor (SYM) is the leading Taiwanese bike manufacturer. 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.46  C -1.08%  R 0.85 – 0.40  Y -2.13%

Notes: Vietnam Manufacturing & Export Processing Holdings, a JV partner of SYM, is the third-largest Vietnamese bike manufacturer. 

INDONESIA (rupiah)

Astra    P 5125  C -2.84%  R 8575 – 4975  Y -18.93%

Indomobil    P 3000  C N/A  R 4600 – 2610  Y -34.6%

Notes: Astra International is a Honda JV partner. Its controlling shareholder is British conglomerate Jardine Matheson. Indomobil Sukses Internasional is a Suzuki JV partner.

EUROPE (euro)

BMW    P 79.41  C +1.1%  R 123.75 – 72.05  Y -2.91%

Daimler    P 65.52  C +1.26%  R 96.07 – 55.10  Y +12.72%

VW    P 102.00  C -3.17%  R 254.99 – 100.00  Y -34.01%

KTM    P 112.75  C -0.22%  R 141.00 – 99.69  Y +11.39%

Piaggio    P 2.14  C +0.28%  R 3.18 – 1.93  Y +6.14%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati and a 20% stake in Suzuki.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 330.00  C N/A  R 409.00 – 285.61  Y N/A 

Pak Suzuki    P 429.00  C +1.08%  R 493.00 – 288.24  Y N/A

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

INDIA (rupee)

Hero    P 2412.05  C +0.73%  R 3271.80 – 2251.30  Y -15.17%

Bajaj    P 2315.10  C +0.13%  R 2695.00 – 1912.50  Y +1.07%

TVS    P 229.65  C -0.17%  R 322.30 – 201.00  Y +1.07%  

Eicher    P 18,286.35  C +2.78%  R 21,620.00 – 10,860.00  Y +55.43% 

Mahindra    P 1250.05  C -1.09%  R 1442.05 – 1092.15  Y -9.2% 

Maharashtra    P 961.70  C -0.13%  R 1200.00 – 785.85  Y +8.13% 

Scooters India    P 33.40  C +4.87%  R 38.85 – 21.75  Y +25.09% 

Notes: Hero MotoCorp is an own-brand former Honda JV partner. Bajaj has a major shareholding in KTM and ties with it and Kawasaki. TVS is a former Suzuki JV partner and now BMW Motorrad contractor. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has an own-brand bike range and a majority stake in French scooter brand Peugeot. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks. The Indian government has a majority stake.

JAPAN (yen)

Honda    P 3641  C +1%  R 4499 – 3239  Y +5.3%

Yamaha    P 2528  C N/A  R 3245 – 1803  Y +24.25%

Suzuki    P 3670  C -2.37%  R 4780.5 – 3011.5  Y +13.35%

Kawasaki    P 417  C -0.24%  R 647 – 393  Y +0.2%

CHINA (yuan)

Qianjiang    P 6.77  C +0.89%  R 17.11 – 5.55  Y -5.71%

Zongshen    P 10.85  C -0.46%  R 30.15 – 7.05  Y +40.16%   

Sundiro    P 5.03  C N/A  R 12.69 – 4.70  Y N/A [Trading suspended]

Jialing    P 7.41  C +3.49%  R 16.34 – 5.27  Y -3.14%  

Lifan    P 11.15  C +3.72%  R 27.99 – 8.15  Y +21.74% 

Loncin    P 15.84  C +2.46%  R 39.48 – 12.82  Y -4.67%

Linhai    P 13.37  C N/A  R 14.29 – 7.78  Y N/A [Trading suspended]

Guangzhou Auto    P 18.18  C -0.87%  R 21.38 – 7.63  Y +117.72%

CHINA (Hong Kong dollar)

Jianshe    P 11.38  C N/A  R 19.99 – 6.85  Y N/A [Trading suspended] 

Notes: Qianjiang owns Keeway and formerly Italian Benelli. Zongshen makes own-brand bikes and proprietary engines, and has JV partnerships with Piaggio, (scooters), and Harley-Davidson (parts). Sundiro is a Honda JV partner. Jialing makes own-brand bikes using Honda licensed technology. Lifan makes own-brand bikes and distributes MV Agusta 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. 

MALAYSIA (ringgit)

Oriental Holdings    P 6.98  C N/A  R 7.93 – 6.46  Y -6.95%

Hong Leong    P 5.68  C -0.35%  R 7.19 – 3.95  Y -14.04%

Notes: Oriental Holdings is a Honda JV partner. Hong Leong Industries is a Yamaha JV partner.

SOUTH KOREA (won)

KR    P 1010  C -0.49%  R 1600 – 831  Y +11.6%

Daelim    P 69,000  C -1.57%  R 98,000 – 50,400  Y -3.08%

Notes: KR Motors makes Hyosung bikes and ATVs. Daelim Industrial retains a controlling 59% stake in Daelim Motor, the largest bike manufacturer in Korea. (The remainder is British, owned by Standard Chartered Bank.)