Share prices 7 August

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 7 August 2015.

Although money never sleeps, it could be argued that a lot of it is sitting in deckchairs during August, when global markets are traditionally quieter. US sentiment this week was moderated by a latest positive chunk of employment growth data, pointing to the increasing likelihood of a September interest rate rise. Equity investors are not so keen on that prospect so New York’s S&P 500 index dropped by 1.25%. Polaris stock followed that by falling again but Harley-Davidson made a very slight gain.

Europe noted Wall Street’s poor performance but euphoria in the wake of Greek bail-out talks going to plan allowed the Eurofirst 300 to climb a bit, up by just 0.13%. Every motorcycle-related stock across German, Austrian and Italian bourses bettered that with price improvements, despite weakening Chinese economic data posing concerns for the troika of big Teutonic automotive exporters. 

Japan was also subdued, the Nikkei 225 creeping up by 0.68%. Honda and Suzuki made weekly gains while Kawasaki and Yamaha went the other way. In the latter’s case, following a string of steady share hikes and good quarterly results, profit-taking was probably to blame.

Conversely, China’s woes perked up India, which is now benefiting from an inward investment surge by electronics giants eager to relocate their Chinese manufacturing. Apple iPhone producer Foxconn is leading that charge with a $5bn input. Bombay Stock Exchange punters were obviously in an ebullient mood on the back of that and every indigenous bike manufacturer posted share price rises, apart from Hero.

As for China itself, continued fat-wallet government intervention to support its aberrant stock markets is having some ongoing stabilisation effect. The Shanghai Composite index finished with a modest 2.2% weekly rise but underlying activity was still up and down like the proverbial stripper’s knickers. Among listed motorcycle manufacturers, Zongshen, Linhai and Jianshe were still hiding behind trading suspensions. Qianjiang and Lifan returned to bubbly double-digit share price inflation, respectively 15.9% and 10.6% up. Sundiro and Guangzhou Auto, both of which have major Honda relationships, had more respectable recoveries of 5.5% and 4.2%. Loncin, on the other hand, plunged downwards by 12.9%.          

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

USA (US dollar)

Harley-Davidson    P 58.75  C ++0.51%  R 70.41 – 53.04  Y -1.26%

Polaris    P 135.86  C +0.24%  R 159.33 – 131.57  Y -6.37%

Arctic Cat    P 28.88  C +0.24%  R 39.72 – 26.00  Y -19.5%

US Highland    P 0.70  C N/A  R 1.05 – 0.13  Y +37.25%

Viper    P 0.0025  C -16.67%  R 0.01 – 0.0025  Y -54.55%

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 27.92  C -0.36%  R 29.80 – 20.67  Y +7.51%

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 22.25  C -1.11%  R 31.60 – 21.35  Y -23.28%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.53  C -1.85%  R 0.85 – 0.40  Y +24.71%

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

INDONESIA (rupiah)

Astra    P 6600  C -2.22%  R 8575 – 6325  Y -9.84%

Indomobil    P 3455  C -2.54%  R 4600 – 3050  Y -19.05%

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 92.88  C +0.97%  R 123.75 – 74.74  Y +9.53%

Daimler    P 83.67  C -0.12%  R 96.07 – 55.10  Y +43.92%

VW    P 191.88  C +0.95%  R 254.99 – 147.35  Y +18.44%

KTM    P 115.00  C N/A  R 141.00 – 83.00  Y +27.27%

Piaggio    P 2.92  C -1.55%  R 3.18 – 1.93  Y +40.28%

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 341.00  C +0.3%  R 409.00 – 209.00  Y N/A 

Pak Suzuki    P 474.65  C +5%  R 474.65 – 225.00  Y N/A

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

INDIA (rupee)

Hero    P 2661.85  C +0.41%  R 3271.80 – 2251.30  Y +3.84%

Bajaj    P 2537.40  C -1.59%  R 2695.00 – 1912.50  Y +20.97%

TVS    P 239.60  C +0.76%  R 322.30 – 163.70  Y +41.85%  

Eicher    P 20,631.55  C +0.29%  R 21,620.00 – 8415.75  Y +144.13% 

Mahindra    P 1390.30  C -0.5%  R 1442.05 – 1102.00  Y +14.16% 

Maharashtra    P 1149.00  C +2.02%  R 1200.00 – 706.00  Y +60.69% 

Scooters India    P 26.55  C -1.67%  R 38.85 – 21.75  Y +1.72% 

Notes: Hero MotoCorp is a former Honda JV partner. Bajaj has a major shareholding in KTM and ties with it and Kawasaki. TVS is a former Suzuki JV partner. 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 4420.5  C -1.46%  R 4499 – 3239  Y +32.61%

Yamaha    P 2717  C -1.09%  R 3245 – 1803  Y +47.56%

Suzuki    P 4599  C +0.51%  R 4780.5 – 3011.5  Y +43.3%

Kawasaki    P 527  C +2.13%  R 647 – 369  Y +44.65%

CHINA (yuan)

Qianjiang    P 9.36  C +6.97%  R 17.11 – 5.55  Y +47.44%

Zongshen    P 17.25  C N/A  R 30.15 – 4.89  Y N/A  [Trading suspended]   

Sundiro    P 7.15  C +3.03%  R 12.69 – 4.32  Y +61.19%

Jialing    P 10.45  C +2.35%  R 16.34 – 5.27  Y +66.67%  

Lifan    P 15.69  C +1.66%  R 27.99 – 8.11  Y +81.66% 

Loncin    P 22.65  C +4.72%  R 39.48 – 11.30  Y +98.73%

Linhai    P 13.37  C N/A  R 14.29 – 7.13  Y N/A [Trading suspended]

Guangzhou Auto    P 19.58  C +2.14%  R 21.38 – 7.63  Y +139.29%

CHINA (Hong Kong dollar)

Jianshe    P 11.38  C N/A  R 19.99 – 5.93  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 7.19  C -0.55%  R 7.94 – 6.46  Y -5.76%

Hong Leong    P 5.68  C -1.39%  R 7.54 – 3.95  Y +0.7%

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

SOUTH KOREA (won)

KR    P 1145  C -1.29%  R 1600 – 780  Y +15.31%

Daelim    P 66,300  C -3.63%  R 98,000 – 50,400  Y -25.48%

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.)