A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 9 August 2013.
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In the West, highlight of the past trading week was Harley-Davidson’s share price knocking up very close to the 60-dollar barrier for the second time this year, a watershed it hasn’t crossed since before the credit crunch. Smart money says it’ll surge past that soon. There’s also various points of interest on Far Eastern bourses.
The Japanese “big four” bike brands have eased back from recent peaks but, without exception, remain healthier than they have been for a long time. As for China, two hot motorcycling stocks stand out in otherwise febrile markets. Benelli and Keeway parent Qianjiang, quoted on the Shenzhen exchange, is maintaining an almost uniquely attractive annual return. Wuyang Honda parent Guangzhou Auto is an even better bet in Hong Kong.
On the other hand Loncin, a Kawasaki JV partner and OE supplier to BMW Motorrad, reached its first full year of listing on the Shanghai exchange and proved what a poor deal equities can be for Chinese punters. After doubling share value in the few days following an IPO last summer, it’s been steadily downhill with a first declaration of annual return virtually 40 per cent off that.
In Taiwan on the Taipei exchange, however, SYM brand owner Sanyang’s stock is on a roll, leaping by almost seven per cent on Friday to hit an annual return for investors approaching 70 per cent.
Finally, those of you who make week-on-week comparisons might note that nothing whatsover happened to the share price of Honda’s biggest global JV partner Astra in Indonesia. This was because brokers in Jakarta took the week off to celebrate the end of Ramadan. Surprisingly, Mammon still rules over Islam in similarly Moslem Pakistan and Malaysia, where exchanges didn’t close.
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)
USA (US dollar)
Harley-Davidson P 58.77 H 59.21 L 58.31 C -0.71% R 59.84 – 40.59 Y +44.18%
Polaris P 113.41 H 113.87 L 112.01 C -0.07% R 115.96 – 72.20 Y +55.1%
Arctic Cat P 56.97 H 57.38 L 56.13 C -0.05% R 58.26 – 32.12 Y +30.35%
US Highland P 0.30 H N/A L N/A C N/A R 1.50 – 0.25 Y -75.73%
Viper P 0.045 H N/A L N/A C N/A R 0.30 – 0.015 Y N/A
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 28.66 H 28.95 L 28.00 C -0.83% R 29.00 – 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 72.33 H 72.83 L 71.65 C +0.78% R 76.16 – 54.35 Y +25%
Piaggio P 2.082 H 2.15 L 2.07 C -0.1% R 2.28 – 1.702 Y +10.31%
KTM P 53.02 H 53.02 L 53.00 C +0.57% R 57.19 – 43.00 Y +22.31%
VW P 175.55 H 175.90 L 172.90 C +0.89% R 177.30 – 122.25 Y +33.73%
Notes: Volkswagen is the owner of Ducati Motor Holding
INDIA (rupee)
Hero P 1847.95 H 1858.75 L 1815.00 C -0.72% R 1966.00 – 1434.05 Y -3.37%
Bajaj P 1782.30 H 1795.00 L 1751.00 C +0.61% R 2229.00 – 1597.50 Y +8.88%
TVS P 31.55 H 32.50 L 29.40 C +6.05% R 50.25 – 28.10 Y -17.41%
Eicher P 3319.00 H 3499.00 L 3252.25 C +3.66% R 3980.00 – 2027.00 Y +61.61%
Mahindra P 863.70 H 870.85 L 845.50 C +2.5% R 1025.87 – 700.60 Y +18.52%
Maharashtra P 350.05 H 353.90 L 337.00 C +0.7% R 555.00 – 305.00 Y +8.35%
Scooters India P 15.50 H 17.00 L 15.10 C +4.03% R 42.05 – 13.80 Y -46.46%
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. Maharashta 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 204.22 H 204.22 L 197.00 C +5% R 228.00 – 96.00 Y +111.39%
Pak Suzuki P 150.44 H 152.90 L 150.00 C +0.26% R 161.91 – 81.70 Y +53.47%
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
JAPAN (yen)
Honda P 3700 H 3720 L 3660 C +0.41% R 4405 – 2294 Y +51.84%
Yamaha P 1455 H 1463 L 1435 C +1.75% R 1825 – 642 Y +118.13%
Suzuki P 2455 H 2469 L 2415 C -0.61% R 2919 – 1354 Y +65.52%
Kawasaki P 363 H 370 L 361 C +1.4% R 401 – 151 Y +108.48%
CHINA (yuan)
Qianjiang P 5.15 H 5.28 L 5.11 C -0.77% R 5.75 – 3.65 Y +25.71%
Zongshen P 4.73 H 4.75 L 4.69 C +0.42% R 6.27 – 4.35 Y -16.5%
Sundiro P 3.68 H 3.71 L 3.61 C +1.38% R 5.35 – 3.37 Y -25.25%
Jialing P 3.93 H N/A L N/A C N/A R 4.68 – 2.14 Y N/A [Trading suspended]
Lifan P 5.57 H 5.60 L 5.51 C N/A R 7.38 – 5.11 Y -10.98%
Loncin P 8.25 H 8.27 L 8.11 C +1.1% R 13.60 – 6.28 Y -37.23%
Linhai P 4.95 H 5.00 L 4.86 C N/A R 6.59 – 4.42 Y -7.13%
CHINA (Hong Kong dollar)
Jianshe P 1.28 H N/A L N/A Change N/A R N/A Y N/A [Trading suspended]
Guangzhou Auto P 7.72 H 7.80 L 7.68 C +1.58% R 9.15 – 4.75 Y +30.37%
Notes: Qianjiang owns both the exported Keeway brand and the formerly Italian Benelli brand. 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.
VIETNAM (Hong Kong dollar)
VMEPH P 0.50 H 0.51 L 0.50 C -5.66% R 0.95 – 0.48 Y –42.53%
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 33.05 H 33.05 L 30.90 C +6.96% R 33.05 – 16.75 Y +69.92%
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
MALAYSIA (ringgit)
Oriental Holdings P 9.80 H 9.87 L 9.60 C -0.71% R 10.64 – 7.52 Y +24.43%
Hong Leong P 5.55 H 5.55 L 5.50 C N/A R 5.68 – 3.98 Y +35.92%
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 6700 H 6800 L 6600 C -0.74% R 8300 – 6150 Y N/A
Notes: Astra International is a Honda JV partner.
SOUTH KOREA (won)
S&T P 469 H 472 L 459 C +1.52% R 746 – 414 Y -14.57%
Daelim P 88,000 H 89,100 L 87,300 C -0.79% R 105,000 – 66,900 Y +5.33%
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.