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20 FEBRUARY: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 20 February 2015.

New York had a flat week as the Greek debt drama played itself out in Europe and the latest US Federal Reserve policy meeting minutes gave no clue as to whether or not an increase in interest rates was imminent. Wall Street’s S&P 500 finishing a marginal 0.08 per cent down. Both Harley-Davidson and Polaris stocks accurately reflected that stagnation, posting very slight falls.

Oddly Europe itself was much brighter, despite brinkmanship in Athens, after a revelation that economic recovery in the eurozone was gathering momentum. The zone’s composite purchasing managers’ index rose for a third successive month, suggesting a potential for something like 0.3 per cent quarterly growth for the region during early 2015. Resultant investor optimism pushed the FTSE Eurofirst 300 index up by 1.49 per cent to its hunkiest close in seven years. Every listed European company with a motorcycle manufacturing involvement strongly added value apart from KTM, which had a minor decline on an almost invisible trading quantity.

Japan was bullish too.The Nikkei 225 climbed by 2.34 cent to its highest level for almost 15 years as the benefit of reduced energy prices fed through into the Japanese economy. All four of the country’s bike producers enjoyed firm share price boosts, as did most big industrials.

It was a different story in India, though. Punters on the Bombay Stock Exchange appear to be growing frustrated by plenty of talk but little action from their supposedly business-friendly government. After early gains, the BSE Sensex 30 index fell back steadily as the week progressed. And at its close, the Indian motorcycling Big Three — Hero, Bajaj and TVS — had all lost ground, dragging smaller fry down with them. There were two exceptions. Announcement of a plump growth-oriented R&D spend at Royal Enfield by its parent Eicher, including investment in a UK-based technology centre, proved attractive to the market. Mahindra & Mahindra also got a lift following news that it was on the acquisition trail beyond its automotive interests.

China was much more positive.The Shanghai Composite bounced back from recent losses and an overwhelming majority of Chinese bike makers experienced rising share prices, some of them substantial.

 

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

 

USA (US dollar)

Harley-Davidson    P 63.48  H 63.80  L 62.50  C +0.17%  R 74.13 – 54.22  Y +0.4%

Polaris    P 155.57  H 155.94  L 154.542  C +0.58%  R 159.33 – 124.728  Y +21.47%

Arctic Cat    P 36.36  H 37.194  L 35.79  C -1.7%  R 50.10 – 26.00  Y -16.81%

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

Viper    P 0.0026  H 0.0026  L 0.0026  C +116.67%  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 23.10  H 23.29  L 22.86  C -0.22%  R 31.98 – 20.67  Y -18.2%

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 112.665  H 112.665  L 109.00  C +3.18%  R 112.665 – 74.74  Y +36.36%

Daimler    P 85.24  H 85.40  L 83.68  C +1.65%  R 85.40 – 55.10  Y +32.28%

Piaggio    P 2.87  H 2.87  L 2.832  C +0.35%  R 3.092 – 1.93  Y +32.14%

KTM    P 133.30  H 134.00  L 131.50  C -1.26%  R 141.00 – 71.17  Y +85.34%

VW    P 220.237  H 226.843  L 216.23  C +1.79%  R 226.843 – 147.35  Y +19.87%

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 2658.90  H 2683.40  L 2647.55  C -0.23%  R 3271.80 – 1907.00  Y +43.67%

Bajaj    P 2206.80  H 2240.00  L 2200.70  C -0.26%  R 2695.00 – 1835.00  Y +21.05%

TVS    P 296.00  H 299.80  L 292.50  C +0.32%  R 322.30 – 82.15  Y +261.49% 

Eicher    P 16,362.10  H 16,800.00  L 16,301.30  C -1.67%  R 17,200.00 – 4805.00  Y +236.84%

Mahindra    P 1252.00  H 1265.45  L 1242.00  C +0.17%  R 1433.70 – 922.47  Y +36.22%

Maharashtra    P 854.10  H 870.00  L 851.00  C +0.95%  R 1124.00 – 416.50  Y +108.27%

Scooters India    P 29.75  H 32.45  L 29.75  C -4.8%  R 38.85 – 14.55  Y +97.02%

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 380.00  H 380.00  L 370.00  C +0.12%  R 405.30 – 209.00  Y N/A

Pak Suzuki    P 427.50  H 432.00  L 422.50  C +0.27%  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 3964.5  H 3991  L 3931  C +0.16%  R 3991 – 3239  Y +9.82%

Yamaha    P 2768  H 2803  L 2733  C +1.54%  R 2803 – 1442  Y +84.82%

Suzuki    P 3748.5  H 3767.5  L 3701.5  C +1.46%  R 4041 – 2526  Y +44.55%

Kawasaki    P 562  H 566  L 558  C -0.18%  R 589 – 350  Y +38.86%

 

CHINA (yuan)

Qianjiang    P 6.43  H 6.51  L 6.39  C -0.31%  R 7.89 – 4.90  Y +7.17%

Zongshen    P 10.82  H 10.99  L 10.51  C +3.05%  R 11.10 – 4.37  Y +110.14%  

Sundiro    P 5.18  H 5.20  L 5.10  C +0.58%  R 5.95 – 3.61  Y +36.34%

Jialing    P 7.82  H 7.93  L 7.70  C +1.03%  R 9.28 – 3.51  Y +117.22% 

Lifan    P 9.43  H 9.55  L 9.31  C +1.4%  R 10.64 – 6.00  Y +51.71%

Loncin    P 14.92  H 15.32  L 14.66  C +1.91%  R 18.81 – 8.24  Y +39.91%

Linhai    P 9.32  H 9.38  L 9.26  C +0.11%  R 11.39 – 5.10  Y +70%

 

 

CHINA (Hong Kong dollar)

Jianshe    P 7.58  H 7.68  L 7.54  C +0.53%  R 9.40 – 5.30  Y +40.37% 

Guangzhou Auto    P 7.43  H 7.50  L 7.35  C -0.13%  R 9.87 – 6.58  Y +5.04%

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 0.475  H 0.475  L 0.475  C N/A  R 0.69 – 0.40  Y -6.86%

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 N/A

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

 

MALAYSIA (ringgit)

Oriental Holdings    P 7.14  H 7.23  L 7.00  C +2.59%  R 8.10 – 6.48  Y -9.72%

Hong Leong    P 4.52  H 4.52  L 4.52  C -0.22%  R 7.543 – 3.95  Y -13.03%

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 7850  H 7950  L 7850  C -1.26%  R 8100 – 6325  Y +15.97%

Indomobil    P 3850  H 3850  L 3850  C N/A  R 5250 – 3050  Y -25.29%

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 1190  H 1215  L 1145  C +3.03%  R 1495 – 554  Y +108.77%

Daelim    P 57,000  H 57,700  L 56,000  C +1.6%  R 94,300 – 50,400  Y -38.04%

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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