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12 AUGUST: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 12 August 2016.

Weekly share movements took inconsistent cues from a swathe of economic indicators world-wide. Optimism pushed New York’s S&P 500, Dow Jones Industrial and Nasdaq Composite indices to record highs by close of play on Thursday. But then poor July US retail sales and wholesale inflation data released on Friday morning skittled confidence. The S&P finished with a 0.13% decline. For Harley-Davidson and Polaris stock, the key shift was 0.4% — plus for the former and minus for the latter.

Europe was better, as most markets finally shrugged off real or imagined woes to briefly reach a seven-week peak, recovering lost ground since the UK’s Brexit referendum. The eurozone’s Eurofirst 300 index closed with a 1.34% gain. All three German automotive giants benefited. BMW and Daimler rose respectively by 2.5% and 2.8%. But Volkswagen, still on the naughty step, only managed 0.3%. Piaggio was 1.8% up in Milan. However, KTM parent Cross bucked that upbeat trend, falling by 2.6% in Vienna.

Japan was interrupted by a mid-week public holiday but still delivered a bullish result based on Wall Street sentiment before Friday (time difference meant that most Japanese trading was over before US bad news hit the ticker-tapes). Tokyo’s Nikkei 225 posted a muscular 4.09% weekly advance. Among motorcycle manufacturers, Yamaha far exceeded that, its shares stacking on a magnificent 11.8%. Kawasaki was 3.1% to the good while Honda more seriously underperformed with only a 1.7% rise. Suzuki, on the other hand, spoilt the party by losing 1.1%.

Emerging markets were less inspiring. In India, suspicion that the government doesn’t have a masterplan for enforcing unified business taxation reform affected some sectors, including that nation’s bike producers. Although the BSE Sensex 30 was positive by 0.26%, most motorcycling stock prices retreated. Only Bajaj and Royal Enfield Parent Eicher made very slight gains.

China was contrarian. Reacting to weak domestic industrial production and retail sales data, investors assumed this would lead to further government stimulus intervention and bought rather than sold. Shanghai’s Composite index therefore climbed by 1.6%. A majority of Chinese bike stocks added value. Three — Qianjiang, Sundiro and Jialing — incurred marginal losses.

                                

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

 

USA (US dollar)

Harley-Davidson    P 53.72  C -0.11%  R 60.33 – 36.36  Y -6.62%

Polaris    P 94.84  C -0.02%  R 139.77 – 67.80  Y -29.77%

Arctic Cat    P 15.37  C +1.32%  R 30.30 – 8.90  Y -48.22%

US Highland    P 0.01  C -1.96%  R 0.70 – 0.01  Y N/A

Confederate    P 0.06  C N/A  R 0.33 – 0.05  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. Confederate Motors makes Combat Fighter cruisers.

 

CANADA (Canadian dollar)

BRP    P 22.46  C +0.4%  R 28.94 – 13.76  Y -21.82%

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

 

TAIWAN (Taiwanese dollar)

Sanyang    P 23.85  C +9.66%  R 24.35 – 19.15  Y +12.24%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.45  C +2.3%  R 0.55 – 0.36  Y -16.04%

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

 

INDONESIA (rupiah)

Astra    P 7975  C -1.85%  R 8325 – 4975  Y +27.88%

Indomobil    P 1695  C -3.69%  R 3350 – 1250  Y -48.29%

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 79.60  C -0.82%  R 104.85 – 63.38  Y -4.04%

Daimler    P 62.60  C -0.43%  R 85.50 – 50.83  Y -14.47%

VW    P 131.96  C -1.3%  R 182.90 – 95.00 Y -26.76%

Cross    P 3.70  C -1.6%  R 4.31 – 2.78  Y -9.47%

Piaggio    P 1.71  C +1.9%  R 2.84 – 1.45  Y -34.49%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati. Cross Industries owns KTM.

 

PAKISTAN (Pakistani rupee)

Atlas Honda    P 400.00  C -1.23%  R 414.80 – 320.05  Y N/A

Pak Suzuki    P 432.00  C -0.46%  R 532.00 – 363.01  Y N/A

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

 

INDIA (rupee)

Hero    P 3310.95  C +0.18%  R 3556.00 – 2257.20  Y +23.81%

Bajaj    P 2868.70  C +0.79%  R 2918.05 – 2133.15  Y +14.83%

TVS    P 299.30  C +0.45%  R 340.90 – 201.00  Y +31.17% 

Eicher    P 22,321.60  C +0.24%  R 22,945.00 – 14,800.00  Y +8.95%

Mahindra    P 1450.85  C +2.06%  R 1508.95 – 1091.25  Y +6.16%

Maharashtra    P 1536.60  C +0.67%  R 1694.95 – 936.60  Y +47.18%

Scooters India    P 33.20  C -3.63%  R 43.00 – 22.00  Y +31.75%

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 2955  C -0.22%  R 4327 – 2417  Y -27.68%

Yamaha    P 1935  C +2.71%  R 3045 – 1409  Y -22.32%

Suzuki    P 3282  C -0.24%  R 4539.5 – 2450  Y -25.53%

Kawasaki    P 296  C +0.68%  R 535 – 257  Y -41.6%

 

CHINA (yuan)

Qianjiang    P 14.90  C N/A  R 15.90 – 5.83  Y +56.84%

Zongshen    P 10.00  C +1.32%  R 18.20 – 8.08  Y N/A  

Sundiro    P 7.79  C -0.13%  R 8.66 – 4.89  Y +1.7%

Jialing    P 7.13  C -3.39%  R 13.50 – 5.67  Y -43.19%

Lifan    P 10.34  C +1.67%  R 19.47 – 8.05  Y -34.98%

Loncin    P 20.59  C +0.98%  R 25.95 – 13.00  Y -16.74%

Linhai    P 11.74  C +0.6%  R 14.71 – 8.41  Y N/A

GAG    P 25.97  C +0.5%  R 26.27 – 14.77  Y +31.9%

 

CHINA (Hong Kong dollar)

Jianshe    P 14.11  C +0.14%  R 19.20 – 11.25  Y N/A

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 (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang.

 

MALAYSIA (ringgit)

Oriental Holdings    P 6.58  C +0.46%  R 7.18 – 6.46  Y +0.81%

Hong Leong    P 9.60  C -0.62%  R 9.80 – 4.54  Y +108.12%

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

 

SOUTH KOREA (won)

KR    P 1095  C -0.45%  R 1770 – 905  Y N/A

Daelim    P 84,700  C +2.17%  R 94,300 – 59,600  Y +28.91%

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.)

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