A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 21 March 2014.
America’s S&P 500 index hit another all-time high this week but slipped back to eliminate most gains by Friday. Europe was more interesting as euro-zone consumer confidence improved and this was plainly visible in automotive stock price movements.
Most dramatic in the European powered two-wheeler business was Piaggio’s surge of almost seven per cent week-on-week to its highest level for almost a year, despite the revelation on Thursday of a dire set of 12-monthly financial results — the worst in post-meltdown memory. Hope obviously springs eternal for Milanese investors on the Borsa Italiana. Their surprising optimism about the company, led by “Teflon Don” Roberto Colaninno, was clearly driven by a sudden ten per cent recovery in Italy’s previously plummeting motorcycle and scooter registrations during February, negating past misdemeanours.
In India, the get-rich-quick show focused on BMW Motorrad manufacturing partner TVS was unabated. Its share price grew by a further 15 per cent over the past seven days and at one point briefly peaked above a 100-rupee watershed for the first time ever. TVS annual return on investment now stands at a stonking 213 per cent!
Chinese shares rallied too, as last week’s bond-default panic subsided in the face of warmer feelings about government relaxation of corporate funding restrictions. The Shanghai exchange posted its biggest growth in four months and most listed motorcycle producers improved value as a result.
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)
USA (US dollar)
Harley-Davidson P 67.66 H 68.962 L 67.63 C -0.46% R 70.04 – 49.15 Y +30.02%
Polaris P 139.39 H 141.44 L 138.87 C -0.64% R 146.99 – 83.195 Y +57.63%
Arctic Cat P 49.15 H 49.69 L 48.105 C +2.4% R 61.13 – 38.19 Y +11.93%
US Highland P 0.27 H N/A L N/A C N/A R 0.50 – 0.27 Y N/A
Viper P 0.012 H 0.05 L 0.012 C +8.11% R 0.10 – 0.001 Y N/A
Notes: Polaris makes ATVs, snowmobiles, Victory and Indian motorcycles. 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 29.86 H 30.62 L 29.75 C -1.29% R 31.30 – 21.50 Y N/A
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.
EUROPE (euro)
BMW P 87.55 H 88.92 L 86.85 C +0.53% R 88.92 – 63.27 Y +30.15%
Piaggio P 2.49 H 2.58 L 2.464 C +1.38% R 2.70 – 1.83 Y +28.85%
KTM P 74.25 H 74.25 L 74.25 C N/A R 80.02 – 50.15 Y +39.25%
VW P 174.03 H 177.60 L 174.01 C -1.46% R 198.43 – 131.30 Y +19.15%
Notes: Volkswagen is the owner of Ducati Motor Holding
INDIA (rupee)
Hero P 2070.85 H 2082.90 L 2060.10 C +0.13% R 2214.70 – 1434.05 Y +28.73%
Bajaj P 1981.10 H 1986.35 L 1975.00 C +0.16% R 2195.00 – 1656.00 Y +11.42%
TVS P 99.05 H 99.80 L 95.55 C +3.07% R 100.90 – 28.10 Y +213.48%
Eicher P 5718.05 H 5800.00 L 5670.15 C -0.79% R 5850.00 – 2501.00 Y +114.62%
Mahindra P 973.90 H 982.55 L 971.00 C +0.36% R 1054.99 – 740.15 Y +13.17%
Maharashtra P 465.30 H 478.00 L 461.15 C +0.05% R 545.90 – 305.00 Y +22.67%
Scooters India P 15.55 H 15.55 L 14.55 C +1.63% R 24.20 – 13.50 Y -25.24%
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 a technical partnership with Taiwanese brand SYM and an own-brand motorcycle range. 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 291.00 H 291.25 L 290.15 C -0.34% R 299.00 – 136.80 Y N/A
Pak Suzuki P 189.00 H 196.48 L 184.98 C -2.93% R 215.00 – 96.60 Y N/A
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
JAPAN (yen)
Honda P 3536 H 3613 L 3523 C -0.53% R 4405 – 3350 Y -1.64%
Yamaha P 1521 H 1553 L 1520 C +0.46% R 1825 – 1144 Y +18.22%
Suzuki P 2551 H 2619 L 2548 C -1.73% R 2982 – 2049 Y +17.51%
Kawasaki P 371 H 385 L 371 C -1.85% R 496 – 272 Y +24.06%
CHINA (yuan)
Qianjiang P 5.65 H 5.74 L 5.50 C +0.71% R 6.54 – 4.27 Y +15.57%
Qingqi P 4.14 H 4.19 L 4.06 C +1.97% R 5.19 – 3.34 Y N/A
Zongshen P 4.93 H 4.95 L 4.77 C +2.28% R 5.77 – 3.92 Y -7.81%
Sundiro P 3.92 H 3.94 L 3.78 C +2.35% R 5.14 – 3.37 Y -20.38%
Jialing P 3.69 H 3.71 L 3.55 C +3.07% R 4.68 – 2.90 Y -2.38%
Lifan P 6.81 H 6.84 L 6.56 C +2.25% R 7.64 – 5.11 Y +4.17%
Loncin P 9.36 H 9.36 L 9.01 C +2.63% R 11.10 – 6.78 Y +11.01%
Linhai P 5.58 H 5.67 L 5.44 C +1.82% R 6.30 – 4.42 Y -3.63%
CHINA (Hong Kong dollar)
Jianshe P 6.01 H 6.07 L 5.89 C +0.67% R 6.80 – 5.16 Y N/A
Guangzhou Auto P 7.65 H 7.71 L 7.47 C +2.82% R 10.94 – 5.59 Y +22.18%
Notes: Qianjiang owns both the exported Keeway brand and the formerly Italian Benelli brand. Qingqi is a Suzuki JV partner, a Peugeot scooter contractor and also makes Qingqi and Sinnis branded bikes. 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 0.52 H 0.54 L 0.52 C -1.89% R 0.82 – 0.45 Y –36.59%
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 47.90 H 51.20 L 47.50 C -5.71% R 63.00 – 23.50 Y +102.81%
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
MALAYSIA (ringgit)
Oriental Holdings P 7.25 H 7.25 L 7.20 C +0.55% R 10.64 – 6.95 Y -22.98%
Hong Leong P 6.51 H 6.51 L 6.46 C +0.77% R 6.62 – 4.10 Y +58.47%
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 7350 H 7725 L 7325 C -2.65% R 8000 – 5100 Y +0.98%
Notes: Astra International is a Honda JV partner. Its controlling shareholder is Jardine Matheson Holdings, a British-managed conglomerate domiciled in Hong Kong.
SOUTH KOREA (won)
S&T P 640 H 662 L 599 C +7.02% R 689 – 414 Y +38.53%
Daelim P 80,600 H 82,400 L 80,100 C -1.1% R 110,000 – 69,900 Y -9.34%
Notes: 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.)