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23 SEPTEMBER: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 23 September 2016, by BDN financial editor Roger Willis.

 

Short-term gain was the name of the game as the past week closed with two days of fairly boisterous trading. Optimism was in response to a US Federal Reserve decision to leave its low base interest rate untouched in the foreseeable future. The Bank of Japan also helped global investors’ mood by reiterating a similarly cautious approach to stimulus tweaks.

New York’s S&P 500 index rallied strongly to finish 1.37% up. Both Harley-Davidson and Polaris were beneficiaries of this bonhomie, respectively ending 1.6% and 6.2% up week-on-week. In the latter’s case, such good fortune was almost a mercy mission, considering how far its stock had previously plummeted during September after mass ATV recall revelations and a profit warning.

The Fed’s interest-rate hold buoyed developed markets world-wide. In Europe, the Stoxx 600 and Eurofirst 300 indices stacked on 2.2% and 2.34%. All three big German automotives were lifted on an average of just under 3%. KTM was on the marginally down-side of flat while Piaggio got a bit of respite from its monthly retreat by adding exactly 3%. The Japanese were smiley people too. Tokyo’s Nikkei 225 posted a 1.42% recovery and Honda, Yamaha and Suzuki stocks all reacted accordingly. Kawasaki remained flat.

Big emerging countries were less convinced. India’s BSE Sensex 30 only wheezed 0.24% upwards. Bike industry leaders Hero and Bajaj both paused recent advances to make minor declines, possibly associated with profit-taking. However, Royal Enfield’s ongoing glamour allowed parent Eicher’s shares to lunge 7.4% up. TVS also improved, by 3.6%.

On the face of it, China should have been keener, given a 1.04% rise for Shanghai’s Composite index. However, there were actually as many losers as winners among Chinese motorcycle manufacturers. Not that Benelli owner Qianjiang took notice of what anybody else was doing. Its attraction to investors clearly remains ascendant, which meant yet another significant weekly share price hike — 5.8% this time. 

                                

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

USA (US dollar)

Harley-Davidson    P 52.52  C +1.1%  R 57.33 – 36.36  Y +0.49%

Polaris    P 74.89  C +1.46%  R 124.39 – 67.80  Y -37.66%

Arctic Cat    P 14.96  C +1.56%  R 25.60 – 8.90  Y -37.2%

US Highland    P 0.0007  C +16.67%  R 0.43 – 0.0005  Y N/A

Confederate    P 0.05  C N/A  R 0.33 – 0.05  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. Confederate Motors makes Combat Fighter cruisers.

 

CANADA (Canadian dollar)

BRP    P 26.27  C -0.91%  R 27.59 – 13.76  Y +0.46%

Notes: Bombardier Recreational Products makes Can-Am ATVs and Spyder road trikes, Ski-Doo snowmobiles, Sea-Doo PWCs and Rotax proprietary engines.

 

TAIWAN (Taiwanese dollar)

Sanyang    P 21.05  C -0.94%  R 23.90 – 19.80  Y -6.52%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.45  C +1.12%  R 0.53 – 0.36  Y +2.27%

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

 

INDONESIA (rupiah)

Astra    P 8600  C -1.99%  R 8850 – 4975  Y +59.64%

Indomobil    P 1450  C +7.01%  R 3100 – 1250  Y -46.92%

Notes: Astra International is a Honda JV partner. Its controlling shareholder is British conglomerate Jardine Matheson. Indomobil Sukses International is a Suzuki JV partner.

 

EUROPE (euro)

BMW    P 75.40  C -1.19%  R 104.85 – 63.38  Y +0.64%

Daimler    P 63.32  C -0.06%  R 85.50 – 50.83  Y +2.17%

VW    P 129.00  C -1.07%  R 146.50 – 95.00 Y +11.47%

KTM    P 3.95  C +0.08%  R 4.09 – 3.05  Y +24.44%

Piaggio    P 1.71  C -0.35%  R 2.50 – 1.45  Y -20.42%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati. KTM owner Cross has changed its name and ticker to KTM Industries.

 

PAKISTAN (Pakistani rupee)

Atlas Honda    P 485.00  C -3%  R 507.00 – 320.05  Y N/A

Pak Suzuki    P 514.00  C -0.72%  R 545.00 – 363.01  Y N/A

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

 

INDIA (rupee)

Hero    P 3532.15  C -0.18%  R 3740.00 – 2301.60  Y +51.79%

Bajaj    P 2929.65  C +0.1%  R 3122.00 – 2171.95  Y +31.43%

TVS    P 350.50  C +0.39%  R 354.80 – 226.05  Y +49.86% 

Eicher    P 24,853.20  C +0.18%  R 25,000.00 – 14,800.00  Y +40.58%

Mahindra    P 1410.10  C -0.25%  R 1508.95 – 1091.25  Y +16.45%

Maharashtra    P 1498.30  C +1.3%  R 1694.95 – 941.25  Y +58.83%

Scooters India    P 41.70  C N/A  R 43.00 – 22.65  Y +51.09%

Notes: Hero MotoCorp is a 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 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 3007  C -2.37%  R 4142 – 2417  Y -16.58%

Yamaha    P 1978  C -2.08%  R 3045 – 1409  Y -15.97%

Suzuki    P 3487  C -0.09%  R 4103 – 2450  Y -6.71%

Kawasaki    P 312  C -0.95%  R 502 – 257  Y -24.98%

 

CHINA (yuan)

Qianjiang    P 17.87  C +4.99%  R 17.87 – 6.50  Y +169.13%

Zongshen    P 10.36  C +3.5%  R 18.20 – 8.08  Y +4.04%  

Sundiro    P 9.22  C -3.25%  R 9.94 – 5.53  Y N/A

Jialing    P 7.12  C +0.56%  R 10.99 – 5.67  Y -4.43%

Lifan    P 9.81  C -0.71%  R 19.47 – 8.05  Y +7.31%

Loncin    P 20.53  C -1.25%  R 25.52 – 14.75  Y +35.86%

Linhai    P 13.57  C +1.88%  R 14.71 – 8.41  Y N/A

GAG    P 22.45  C -1.1%  R 26.27 – 17.65  Y +24.96%

 

CHINA (Hong Kong dollar)

Jianshe    P 14.19  C +0.28%  R 19.20 – 11.25  Y N/A

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 (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang.

 

MALAYSIA (ringgit)

Oriental Holdings    P 7.07  C +1.73%  R 7.52 – 6.48  Y +3.99%

Hong Leong    P 9.10  C +0.89%  R 9.80 – 5.03  Y +69.59%

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

 

SOUTH KOREA (won)

KR    P 1080  C -0.46%  R 1770 – 905  Y +8.22%

Daelim    P 78,900  C +0.9%  R 94,300 – 62,000  Y +15.02%

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.)

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