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26 AUGUST: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday, 26 August 2016.

A volatile week, contrasting thin seasonal trading conditions with renewed concerns about oil price stability and a nervously awaited speech from US Federal Reserve chair Janet Yellen on any potential interest-rate hike pushed developed markets into negative consensus territory.

New York’s S&P 500 index see-sawed on a daily basis but closed 0.83% down after Yellen eventually avoided any clarity on the US base rate issue. Harley-Davidson and Polaris stocks fared worse than that, falling in unison by 2%.

On this side of the Atlantic, London’s FTSE 100 dropped by 0.3%, its second successive weekly decline since the Brexit bounce-back. But the eurozone’s Eurofirst 300 was 0.45% up. That was mainly driven by better prospects in the energy and commodity sectors. Motorcycle-related shares were less appealing. BMW and Daimler retreated, while VW and Cross were flat. Piaggio was the sole star, adding 6.1% to recent gains following excellent half-yearly results.

The Nikkei 225 in Tokyo was among losers, though, sinking by 1.12%. Disappointing domestic inflation data was held primarily responsible but yen strength also continued to weigh on investor sentiment. All four Japanese bike producers posted weekly share price declines.

As for major emerging countries, six of India’s seven listed motorcycle makers lost value, paralleling a BSE Sensex 30 drop of 1.05%. The exception was Eicher, still basking in the glow of Royal Enfield’s ongoing financial success and bucking the trend to add 2.5%.

China had the miseries too. Its leading Shanghai Composite index fell by 1.22%. Of nine listed motorcycle manufacturers, six were negative and two just on the positive side of stagnant. The lucky winner was Qianjiang, still in the news with Benelli expansion plans and stacking on 4.6%.

 

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

 

USA (US dollar)

Harley-Davidson    P 52.57  C -1.26%  R 57.33 – 36.36  Y -4.44%

Polaris    P 90.82  C -0.44%  R 134.81 – 67.80  Y -29.58%

Arctic Cat    P 14.85  C -0.27%  R 26.78 – 8.90  Y -43.74%

US Highland    P 0.0028  C -6.67%  R 0.70 – 0.0024  Y N/A

Confederate    P 0.06  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 24.67  C +1.61%  R 27.60 – 13.76  Y -8.49%

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 22.70  C N/A  R 24.35 – 19.805  Y +11.27%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.45  C +4.65%  R 0.53 – 0.36  Y -2.17%

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

 

INDONESIA (rupiah)

Astra    P 8350  C -0.6%  R 8650 – 4975  Y +48.96%

Indomobil    P 1510  C -0.98%  R 3100 – 1250  Y -47.85%

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 76.42  C +0.64%  R 104.85 – 63.38  Y -3.57%

Daimler    P 61.19  C +0.34%  R 85.50 – 50.83  Y -10.62%

VW    P 128.41  C +1.14%  R 172.61 – 95.00 Y -24.4%

Cross    P 3.70  C -4.88%  R 3.89 – 3.13  Y N/A

Piaggio    P 1.75  C +1.74%  R 2.62 – 1.45  Y -29.78%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati. Cross Industries owns KTM.

 

PAKISTAN (Pakistani rupee)

Atlas Honda    P 410.00  C +1.3%  R 414.80 – 320.05  Y N/A

Pak Suzuki    P 468.00  C +1.1%  R 532.00 – 363.01  Y N/A

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

 

INDIA (rupee)

Hero    P 3304.85  C +0.01%  R 3556.00 – 2257.20  Y +39.75%

Bajaj    P 2858.25  C -0.14%  R 2958.25 – 2171.95  Y +28.41%

TVS    P 303.40  C -0.96%  R 340.90 – 202.00  Y +38.44% 

Eicher    P 22,331.00  C +1.09%  R 22,945.00 – 14,800.00  Y +18.68%

Mahindra    P 1424.85  C +0.78%  R 1508.95 – 1091.25  Y +16.44%

Maharashtra    P 1499.60  C -1.22%  R 1694.95 – 936.60  Y +50.52%

Scooters India    P 32.95  C +0.15%  R 43.00 – 22.45  Y +33.94%

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 3024  C -2.17%  R 4142 – 2417  Y -19.46%

Yamaha    P 1912  C -0.62%  R 3045 – 1409  Y -18.1%

Suzuki    P 3248  C +0.22%  R 4340.5 – 2450  Y -21.01%

Kawasaki    P 284  C -4.05%  R 502 – 257  Y -37.66%

 

CHINA (yuan)

Qianjiang    P 15.60  C -0.45%  R 15.97 – 5.83  Y +103.39%

Zongshen    P 9.91  C +0.51%  R 18.20 – 8.08  Y -20.31%  

Sundiro    P 8.23  C -0.72%  R 8.70 – 4.89  Y +42.46%

Jialing    P 8.03  C -0.86%  R 10.99 – 5.67  Y -8.44%

Lifan    P 10.37  C +0.78%  R 19.47 – 8.05  Y +0.76%

Loncin    P 21.37  C +0.66%  R 25.52 – 13.00  Y +28.79%

Linhai    P 12.00  C +1.1%  R 14.71 – 8.41  Y N/A

GAG    P 23.66  C -0.13%  R 26.27 – 14.77  Y +29.48%

 

CHINA (Hong Kong dollar)

Jianshe    P 14.17  C +0.07%  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 6.87  C -0.15%  R 7.52 – 6.48  Y +3.87%

Hong Leong    P 8.90  C -0.56%  R 9.80 – 4.65  Y +92.55%

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

 

SOUTH KOREA (won)

KR    P 1130  C -0.44%  R 1770 – 905  Y +8.13%

Daelim    P 83,400  C -0.24%  R 94,300 – 62,000  Y +23.19%

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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