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26 FEBRUARY: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

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

A better week in the developed world and poor news for emerging markets were characterised by isolated examples of motorcycling exceptionalism everywhere but in America.

New York’s S&P 500 index rose by 1.9%, a second weekly advance, as investors grew more comfortable with benchmark crude oil price volatility consolidating into an approximate four-buck bandwidth. Harley-Davidson and Polaris shares both benefited to a greater degree, respectively posting 3.3% and 6.3% increases.

The eurozone’s Eurofirst 300 also made a second successive gain, 1.55% up. But bike-related companies in Germany, Austria and Italy generally bucked that positive trend. Every one of them declined apart from odd-man-out Ducati owner VW, which improved by 3.2%.

Similarly, Tokyo’s Nikkei 225 hit its highest level for almost three weeks, 1,39% up over the past five days. However, three out of four Japanese bike brands weren’t on that gravy train. Yamaha suffered the largest loss, 7.6% down, while Kawasaki escaped with a marginal improvement.

Elsewhere, markets were more consistently gloomy. In India, the BSE Sensex 30 fell by 2.34% and has dropped by 5.5% over the past month. Motorcycling stocks fell almost right across the board. In this case, Royal Enfield parent was sole exception proving the rule with a modest rise.

Chinese share prices suffered their most severe one-day drop for a month on Thursday. Shanghai’s Composite index recovered somewhat on Friday to finish 3.4% in arrears week-on-week. A swathe of listed motorcycle manufacturers copped worse punishment, with an averaged 8.1% weekly retreat. Only Benelli owner Qianjiang flouted such a fate, boasting a 5.8% price hike. But China’s securities regulator was deeply suspicious of this aberration and promptly imposed a trading suspension.   

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

USA (US dollar)

Harley-Davidson    P 43.38  C +0.14%  R 65.20 – 36.36  Y -29.9%
Polaris    P 91.29  C +2.37%  R 158.24 – 67.80  Y -39.34%
Arctic Cat    P 17.16  C +1.42%  R 39.00 – 8.90  Y -52.25%
US Highland    P 0.20  C +10.44%  R 1.05 – 0.11  Y N/A
Viper    P 0.0008  C N/A  R N/A  Y N/A  
Confederate    P 0.15  C N/A  R 0.33 – 0.08  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 16.60  C +2.79%  R 29.80 – 13.76  Y -28.17%

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 21.40  C +0.23%  R 28.75 – 19.15  Y -23.71%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.40  C +5.26%  R 0.85 – 0.36  Y -13.98%

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

INDONESIA (rupiah)

Astra    P 6800  C +5.84%  R 8575 – 4975  Y -10.45%
Indomobil    P 2135  C -0.23%  R 4200 – 1860  Y -46.47%

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 73.55  C +3.02%  R 123.75 – 65.99  Y -32.88%
Daimler    P 62.38  C +2.2%  R 96.07 – 57.01  Y -25.45%
VW    P 121.00  C +3.3%  R 254.99 – 95.00  Y -44.57%
KTM    P 127.00  C N/A  R 132.95 – 99.69  Y -3.72%
Piaggio    P 1.83  C +2.29%  R 3.18 – 1.56  Y -33.85%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 375.00  C +3.88%  R 414.80 – 311.37  Y N/A 
Pak Suzuki    P 417.50  C -1.02%  R 532.00 – 330.00  Y N/A

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

INDIA (rupee)

Hero    P 2555.40  C -2.52%  R 2800.00 – 2251.30  Y -3.76%
Bajaj    P 2238.10  C -3.61%  R 2656.00 – 1912.50  Y +6%
TVS    P 264.40  C -1.21%  R 309.80 – 201.00  Y -4.22%  
Eicher    P 18,885.55  C -0.02%  R 21,620.00 – 13,900.10  Y +16.54% 
Mahindra    P 1230.05  C +0.08%  R 1442.05 – 1091.25  Y -3.9% 
Maharashtra    P 1133.35  C -1.42%  R 1619.00 – 785.85  Y +44.59% 
Scooters India    P 24.00  C -2.44%  R 35.05 – 21.75  Y -22.58% 

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 2896.5  C +0.99%  R 4499 – 2726  Y -24.98%
Yamaha    P 1682  C +0.72%  R 3245 – 1593  Y -42.49%
Suzuki    P 2816.5  C -0.09%  R 4780.5 – 2662.5  Y -24.84%
Kawasaki    P 307  C +1.66%  R 647 – 269  Y -44.58%

CHINA (yuan)

Qianjiang    P 8.58  C -0.12%  R 17.11 – 5.55  Y +30.2% [Trading halted]
Zongshen    P 9.11  C -0.55%  R 30.15 – 8.42  Y -13.47%   
Sundiro    P 5.71  C N/A  R 12.69 – 4.89  Y N/A [Trading halted]
Jialing    P 6.98  C +1.9%  R 16.34 – 5.27  Y -13.93%  
Lifan    P 9.88  C -3.7%  R 27.99 – 8.05  Y +4.84% 
Loncin    P 16.53  C -2.94%  R 39.48 – 13.00  Y +11.19%
Linhai    P 9.86  C -1.6%  R 14.71 – 8.41  Y +3.79%
GAG    P 19.92  C +1.17%  R 24.85 – 8.48  Y +136.69%

CHINA (Hong Kong dollar)

Jianshe    P 14.92  C -0.2%  R 19.99 – 7.37  Y +98.14% 

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 6.85  C N/A  R 7.93 – 6.48  Y -0.21%
Hong Leong    P 6.23  C +0.32%  R 6.30 – 4.32  Y +44.83%

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

SOUTH KOREA (won)

KR    P 1145  C N/A  R 1770 – 905  Y -15.81%
Daelim    P 79,300  C -0.87%  R 98,000 – 59,600  Y +22.92%

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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