16 OCTOBER: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 16 October 2015.

New York was slightly firmer in the past week as investors began to peruse quarterly corporate earnings reports and the prospect of a US Federal Reserve interest rate rise receded. The S&P 500 index crept up by just 0.56%, with similar modest weekly gains for our Harley-Davidson and Polaris bike industry benchmarks.

Optimism about central bank policy also bolstered the eurozone marginally. The Eurofirst 300 rose by 0.2% but Daimler was sole minor beneficiary among the large German automotives. Both BMW and Volkswagen share prices slid downwards. Piaggio was the biggest loser in Europe, falling by 4.6%.

Japan, as the other developed market with listed companies making motorcycles, was negative. Tokyo’s Nikkei 225 dropped by 0.8% across a week shortened by public holidays. Trading in the Big Four bike stocks was fairly flat with Yamaha alone in achieving a positive price movement.

Riskier markets in emerging economies continued to rally as China’s stabilisation became more evident. The seven Chinese traded bike stocks all made gains, having numbers lifted by Honda JV partner Sundiro’s return following a period of suspension. Yamaha’s two JV affiliates in China, Jianshe and Linhai, are still suspended. Virtually all of the major Indian manufacturers also improved. Royal Enfield parent Eicher was the exception, falling by an entirely insignificant amount.                         

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

USA (US dollar)

Harley-Davidson    P 55.41  C +0.8%  R 70.41 – 50.64  Y -3.56%

Polaris    P 122.16  C +2.06%  R 159.33 – 115.63  Y -13.66%

Arctic Cat    P 25.30  C +3.73%  R 39.72 – 21.37  Y -20.23%

US Highland    P 0.42  C -1.19%  R 1.05 – 0.13  Y -18.63%

Viper    P 0.001  C N/A  R 0.0048 – 0.001  Y N/A

Confederate    P 0.25  C -16.67%  R 0.52 – 0.06  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. Confederate Motors makes Combat Fighter cruisers.

CANADA (Canadian dollar)

BRP    P 26.07  C -1.36%  R 29.80 – 20.67  Y +8.76%

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 23.25  C +0.22%  R 31.60 – 19.15  Y -14.68%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.50  C +3.13%  R 0.85 – 0.40  Y +4.21%

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

INDONESIA (rupiah)

Astra    P 6300  C -1.56%  R 8575 – 4975  Y -0.57%

Indomobil    P 3005  C +0.17%  R 4290 – 2610  Y -29.59%

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 86.87  C -0.74%  R 123.75 – 72.05  Y +11.6%

Daimler    P 72.33  C -1.16%  R 96.07 – 57.69  Y +25.78%

VW    P 121.73  C -2.03%  R 254.99 – 95.00  Y -22.3%

KTM    P 120.00  C N/A  R 141.00 – 99.69  Y +16.28%

Piaggio    P 2.28  C -2.06%  R 3.18 – 2.04  Y +11.15%

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 339.10  C +0.03%  R 409.00 – 285.61  Y N/A 

Pak Suzuki    P 429.00  C +0.72%  R 493.00 – 292.86  Y N/A

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

INDIA (rupee)

Hero    P 2584.00  C +0.78%  R 3271.80 – 2251.30  Y -9.09%

Bajaj    P 2461.50  C +0.44%  R 2695.00 – 1912.50  Y +5.79%

TVS    P 247.55  C +1.79%  R 322.30 – 201.00  Y +8.49%  

Eicher    P 18,286.55  C -0.13%  R 21,620.00 – 11,005.00  Y +61.84% 

Mahindra    P 1288.85  C +1.1%  R 1442.05 – 1092.15  Y +3.77% 

Maharashtra    P 977.35  C -0.57%  R 1200.00 – 785.85  Y +10.76% 

Scooters India    P 29.05  C -3.81%  R 38.85 – 21.75  Y +15.05% 

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 3863  C +0.97%  R 4499 – 3239  Y +21.45%

Yamaha    P 2791  C +1.86%  R 3245 – 1806  Y +57.29%

Suzuki    P 3940  C +0.77%  R 4780.5 – 3025.5  Y +31.1%

Kawasaki    P 473  C +0.85%  R 647 – 397  Y +21.65%

CHINA (yuan)

Qianjiang    P 8.66  C +0.12%  R 17.11 – 5.55  Y +24.07%

Zongshen    P 13.75  C +0.51%  R 30.15 – 7.05  Y +91.19%   

Sundiro    P 6.47  C -0.15%  R 12.69 – 4.70  Y +20.26%

Jialing    P 8.67  C -0.34%  R 16.34 – 5.27  Y +23.5%  

Lifan    P 13.13  C -0.61%  R 27.99 – 8.15  Y +61.16% 

Loncin    P 18.96  C -0.68%  R 39.48 – 12.82  Y +15.41%

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

Guangzhou Auto    P 19.84  C +2.01%  R 21.38 – 7.63  Y +145.28%

CHINA (Hong Kong dollar)

Jianshe    P 11.38  C N/A  R 19.99 – 6.85  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 7.20  C +0.14%  R 7.93 – 6.46  Y +1.55%

Hong Leong    P 5.91  C +2.25%  R 5.95 – 4.03  Y +49.51%

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

SOUTH KOREA (won)

KR    P 1105  C -0.9%  R 1600 – 831  Y +15.1%

Daelim    P 75,600  C +2.44%  R 98,000 – 50,400  Y +11.02%

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.)