12 JUNE: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 12 June 2015.

This has been a no-news week with investors on both sides of the Atlantic worried about consequences of an increasingly certain Greek debt default and potential eurozone meltdown. US nerves were troubled by a forthcoming Federal Reserve policy meeting too, in the light of further positive economic recovery data and its contrarian effect on interest rates.

As a result, New York’s S&P 500 index finished up virtually flat-lining with weekly growth of only 0.15%. Harley-Davidson and Polaris tracked that morose market mood with very marginal gains. Europe’s Eurofirst 300 was even more subdued, improving by just 0.09%. Share prices for Germany’s three big automotives were similarly stagnant, as was Piaggio in Milan.

The sole European movement of note was a 3.6% weekly drop for KTM in Vienna, suggesting that fanciful Italian gossip-mongers postulating that it was a takeover target were wildly off-target. Perhaps they simply got the brand name wrong. After all, the only European bike manufacturer which might have a for-sale notice attached resides in Bologna and currently belongs to one of the aforementioned Teutons.

In India, where the Modi government’s promise of business-friendliness has signally failed to deliver the goods, share trading was also slow with only very minor price movements in either direction for that nation’s seven listed PTW manufacturers. The BSE Sensex index is now down by 3.9% over the past month and its annualised growth has shrunk to a mere 3.7%.

There were stronger signs of life in China, although winners and losers in its bubble-icious bull markets were less extreme than recent frenzies. The Shanghai Composite index hit a seven-week high but rising motorcycle stocks now appear to be limited to lower single-digit weekly improvements. The best of these was Loncin, which stacked on 8.5%. 

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

USA (US dollar)

Harley-Davidson    P 54.52  C -0.37%  R 72.37 – 53.04  Y -19.59%

Polaris    P 145.80  C -0.49%  R 159.33 – 126.79  Y +14.95%

Arctic Cat    P 33.55  C -0.71%  R 40.59 – 26.00  Y -5.73%

US Highland    P 1.00  C -4.76%  R 1.05 – 0.13  Y N/A

Viper    P 0.0033  C N/A  R 0.02 – 0.0012  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 27.60  C +0.22%  R 28.75 – 20.67  Y -3.7%

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 24.25  C -1.82%  R 33.60 – 22.25  Y -21.77%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.60  C -1.64%  R 0.85 – 0.40  Y +44.58%

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

INDONESIA (rupiah)

Astra    P 7075  C +1.8%  R 8575 – 6325  Y -1.4%

Indomobil    P 3745  C -0.13%  R 5025 – 3050  Y -20.32%

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 99.71  C -1.1%  R 123.75 – 74.74  Y +13.12%

Daimler    P 83.84  C -0.66%  R 96.07 – 55.10  Y +24.86%

VW    P 211.63  C -1.27%  R 254.99 – 147.35  Y +12.2%

KTM    P 112.75  C +2.04%  R 141.00 – 83.00  Y +34.33%

Piaggio    P 3.05  C -0.98%  R 3.18 – 1.93  Y +17.12%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 352.00  C +0.28%  R 409.00 – 209.00  Y N/A

Pak Suzuki    P 453.00  C +0.75%  R 457.00 – 219.00  Y N/A

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

INDIA (rupee)

Hero    P 2503.55  C -0.03%  R 3271.80 – 2251.30  Y +1.27%

Bajaj    P 2286.30  C +3.29%  R 2695.00 – 1912.50  Y +7.62%

TVS    P 224.60  C -1.08%  R 322.30 – 125.80  Y +73.91% 

Eicher    P 17,404.10  C +0.93%  R 19,545.00 – 7050.00  Y +137.87%

Mahindra    P 1192.95  C +0.45%  R 1433.70 – 1102.00  Y -1.77%

Maharashtra    P 983.95  C -0.33%  R 1124.00 – 587.00  Y +69.7%

Scooters India    P 24.00  C +0.21%  R 38.85 – 21.75  Y -22.33%

Notes: Hero MotoCorp is a former Honda JV partner. Bajaj 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 4102  C -1.45%  R 4400 – 3239  Y +18.11%

Yamaha    P 2999  C +1.01%  R 3245 – 1675  Y +79.01%

Suzuki    P 4276.5  C -0.94%  R 4435 – 3011.5  Y +36.72%

Kawasaki    P 620  C +0.65%  R 647 – 369  Y +59.03%

CHINA (yuan)

Qianjiang    P 15.55  C +1.11%  R 16.44 – 5.60  Y +160.91%

Zongshen    P 25.63  C -1.04%  R 30.15 – 4.37  Y +413.19%  

Sundiro    P 12.15  C +1.33%  R 12.58 – 3.81  Y +210.05%

Jialing    P 15.24  C +2.42%  R 16.34 – 4.48  Y +183.27% 

Lifan    P 26.08  C +10%  R 26.08 – 6.40  Y +294.49%

Loncin    P 38.33  C +7.85%  R 39.03 – 8.31  Y +341.14%

Linhai    P 13.37  C N/A  R 14.29 – 5.81  Y N/A [Trading suspended]

CHINA (Hong Kong dollar)

Jianshe    P 17.58  C +0.46%  R 19.99 – 5.61  Y +206.81% 

Guangzhou Auto    P 7.61  C -1.81%  R 9.87 – 6.58  Y -11.75%

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 7.40  C +0.27%  R 8.00 – 6.48  Y -5.58%

Hong Leong    P 4.50  C +1.12%  R 7.54 – 3.95  Y -16.65%

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

SOUTH KOREA (won)

KR    P 1125  C -2.17%  R 1600 – 780  Y -3.02%

Daelim    P 77,800  C -0.26%  R 94,300 – 50,400  Y -2.11%

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.)