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13 FEBRUARY: WEEKLY MOTORCYCLE INDUSTRY SHARE GUIDE

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 13 February 2015.

A resounding good-news week, driven by potentially misplaced relief about the Ukrainian cease-fire deal and moderately recovering oil prices, as well as better-than-expected quarterly financial results reports from a swathe of big corporates.

New York’s S&P 500 index finished with a 1.9 per cent weekly gain and a record close on Friday. Polaris Industries tracked that trend, flaunting an improved share price as it further grabbed Wall Street attention with the launch of an edgy Indian Chief Dark Horse model. Investor enthusiasm was undisturbed by revelations of senior Polaris managers, including chief executive Scott Wine, reducing their personal stakes in the business. Harley-Davidson, however, was lack-lustre and posted a weekly decline.

In Europe, the FTSE Eurofirst 300 index rose by 0.8 per cent to a seven-year high and Frankfurt’s Xetra Dax index briefly touched an all-time record thanks to data showing that German GDP growth in the fourth quarter of last year had exceeded forecasts at 0.7 per cent. BMW, Daimler and KTM all cashed in on that Teutonic optimism booster stock-wise. Volkswagen finished with a marginal weekly decline, despite nudging an annual peak at one point on Friday. Piaggio shares dropped as Italy admitted to yet another stagnant, growth-free quarter underlining its ongoing recessionary status.

Indian punters blithely ignored a political setback for prime minister Narendra Modi’s BJP, which comprehensively lost a key regional election in Delhi to anti-corruption candidates. Every major motorcycle manufacturer in India added value on the Bombay Stock Exchange. Its BSE Sensex 30 average has now risen by 5.5 per cent over the past month.

As usual, Tokyo’s Nikkei 225 followed omens in the US, putting on 1.5 per cent for the week, although it fell back slightly from a seven-week high. Three out of the four Japanese bike producers boasted climbing share prices with only Kawasaki spoiling the party. Best performance came from Yamaha, which enjoyed a 7.4 per cent surge after unveiling hunky full-year results midweek.

China was upbeat too, despite the Shanghai Composite index sliding fractionally into negative territory since the New Year (although it’s still up by more than 50 per cent on an annualised basis). The only loser this week was Yamaha JV partner Jianshe, as every other Chinese motorcycle maker accrued value.  

 

Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y) 

 

USA (US dollar)

Harley-Davidson    P 63.90  H 63.95  L 62.89  C +1.3%  R 74.13 – 54.22  Y +0.03%

Polaris    P 156.00  H 156.64  L 153.29  C +1.23%  R 159.33 – 124.728  Y +19.7%

Arctic Cat    P 39.00  H 39.14  L 37.40  C +3.48%  R 50.10 – 26.00  Y -14.2%

US Highland    P 0.52  H 0.52  L 0.52  C N/A  R 0.60 – 0.13  Y N/A

Viper    P 0.0012  H 0.0012  L 0.0012  C N/A  R 0.05 – 0.0012  Y N/A

Notes: Polaris makes Victory and Indian motorcycles, ATVs, snowmobiles, quadricycles and EVs. 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 23.53  H 23.69  L 22.61  C +4.67%  R 31.98 – 20.67  Y -15.24%

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 — most recently Buell’s EBR superbike.

 

EUROPE (euro)

BMW    P 107.595  H 108.009  L 106.86  C +0.83%  R 108.35 – 74.74  Y +28.72%

Daimler    P 82.977  H 83.98  L 82.78  C -0.28%  R 84.69 – 55.10  Y +28.12%

Piaggio    P 2.788  H 2.84  L 2.75  C -0.85%  R 3.092 – 1.93  Y +31.14%

KTM    P 136.95  H 137.00  L 134.10  C -0.22%  R 141.00 – 70.50  Y +91.15%

VW    P 209.282  H 212.857  L 208.60  C -0.94%  R 212.857 – 147.35  Y +9.37%

Notes: Daimler has a 25 per cent stake in MV Agusta through its AMG-Mercedes subsidiary. Volkswagen is the owner of Ducati Motor Holding

 

INDIA (rupee)

Hero    P 2852.90  H 2869.10  L 2814.80  C +1.62%  R 3271.80 – 1907.00  Y +52.71%

Bajaj    P 2260.80  H 2283.70  L 2248.90  C -0.07%  R 2695.00 – 1809.15  Y +25.57%

TVS    P 307.85  H 310.95  L 302.00  C +0.98%  R 322.30 – 78.30  Y +287.2% 

Eicher    P 16,267.40  H 16,876.35  L 15,402.00  C -0.92%  R 16,895.00 – 4805.00  Y +254.11%

Mahindra    P 1192.55  H 1199.00  L 1122.80  C +5.12%  R 1433.70 – 886.29  Y +33.42%

Maharashtra    P 859.20  H 870.00  L 850.00  C -0.77%  R 1124.00 – 413.70  Y +107.68%

Scooters India    P 31.50  H 31.85  L 30.30  C N/A  R 38.85 – 14.20  Y +117.99%

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 an own-brand motorcycle range and a majority stake in French scooter brand Peugeot. Maharashtra 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 395.30  H 399.88  L 389.00  C +0.58%  R 405.30 – 209.00  Y N/A

Pak Suzuki    P 435.00  H 439.00  L 429.55  C -0.13%  R 450.85 – 150.11  Y N/A

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

 

JAPAN (yen)

Honda    P 3882  H 3906  L 3872  C -0.19%  R 3916 – 3239  Y +7.13%

Yamaha    P 2581  H 2607  L 2549  C +2.54%  R 2655 – 1351  Y +90.98%

Suzuki    P 3557  H 3589  L 3537  C -0.04%  R 4041 – 2511  Y +40.88%

Kawasaki    P 542  H 548  L 537  C -1.28%  R 589 – 350  Y +33.27%

 

CHINA (yuan)

Qianjiang    P 6.36  H 6.41  L 6.23  C +1.76%  R 7.89 – 4.90  Y +6.89%

Zongshen    P 10.47  H 10.89  L 10.41  C +3.06%  R 11.10 – 4.37  Y +102.95%  

Sundiro    P 5.07  H 5.11  L 5.03  C +1.2%  R 5.95 – 3.61  Y +29.05%

Jialing    P 7.57  H 7.76  L 7.56  C +0.13%  R 9.28 – 3.51  Y +99.74% 

Lifan    P 9.25  H 9.32  L 9.14  C +1.2%  R 10.64 – 6.00  Y +43.9%

Loncin    P 14.44  H 14.65  L 14.40  C +0.28%  R 18.81 – 8.24  Y +40.02%

Linhai    P 9.17  H 9.27  L 9.05  C +1.66%  R 11.39 – 5.10  Y +60.57%

 

 

CHINA (Hong Kong dollar)

Jianshe    P 7.51  H 7.60  L 7.50  C N/A  R 9.40 – 5.30  Y +38.31% 

Guangzhou Auto    P 7.19  H 7.30  L 7.13  C -0.96%  R 9.87 – 6.58  Y -2.78%

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. It also has JV car production partnerships with Honda and Toyota. 

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.465  H 0.465  L 0.465  C N/A  R 0.69 – 0.40  Y -10.58%

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 27.00  H 27.30  L 27.00  C -0.18%  R 63.00 – 25.20  Y -47.27%

Notes: Sanyang Motor is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand. 

 

MALAYSIA (ringgit)

Oriental Holdings    P 7.00  H 7.00  L 7.00  C +0.86%  R 8.16 – 6.48  Y -12.26%

Hong Leong    P 4.58  H 4.58  L 4.49  C +2%  R 7.543 – 3.95  Y -13.63%

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 7950  H 7975  L 7875  C +0.32%  R 8100 – 6325  Y +22.27%

Indomobil    P 4100  H 4100  L 3905  C N/A  R 5250 – 3050  Y -20.82%

Notes: Astra International is a Honda JV partner. Its controlling shareholder is Jardine Matheson Holdings, a British-managed conglomerate domiciled in Hong Kong. Indomobil Sukses Internasional is a Suzuki motorcycle manufacturing and distribution JV partner, producing about 350,000 bikes annually.

 

SOUTH KOREA (won)

KR    P 1165  H 1220  L 1140  C -4.9%  R 1495 – 554  Y +92.24%

Daelim    P 55,700  H 55,800  L 54,600  C +1.09%  R 94,700 – 50,400  Y -35.98%

Notes: KR Motors (formerly 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. (The remainder is British-owned, by the private equity arm of Standard Chartered Bank.)

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