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27 FEBRUARY: WEEKLY MOTORCYCLE INDUSTRY SHARE GUIDE

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 27 February 2015.

The final week in February ended with New York’s S&P 500 index improving by slightly less than half a percentage point. Activity on Wall Street was subdued by a downwards revision of GDP growth in the US during the last quarter of of 2014 and a survey highlighting weaker business performance in America’s Midwest industrial heartland. However, Harley-Davidson (which is domiciled in that rust belt) saw its share price rise marginally. Polaris wasn’t so lucky, losing some ground.

Overall, Europe was perkier as the FTSE Eurofirst 300 climbed by 2.5 per cent on the back of some upbeat quarterly and annual corporate earnings reports. That wasn’t clearly reflected in motorcycle-associated share movements, though. BMW, Piaggio and KTM all experienced minor declines with only Daimler and Volkswagen making gains. The latter was boosted by a fourth-quarter profit revelation that exceeded analyst estimates but its Ducati subsidiary had little connection — if any — with such good fortune.

In India, anticipation of an impending government budget announcement unveiling a £7bn spend on infrastructure projects, financed by a reduction in fuel subsidies thanks to the drastically lower cost of imported oil, and business tax cuts was surprisingly mixed. Despite a rising BSE Sensex 30 index, most listed bike producers suffered falling share prices. Two notable exceptions were market leader Hero MotoCorp and Mahindra, as speculation on both companies moving into the lucrative defence technology sector cheered investors.

Japan was altogether more bullish. With a weekly 2.5 per cent rise, the Nikkei 225 was up by 6.4 per cent across February to end on a 15-year high. Among the big-four bike brands, only Honda missed out on that optimism, its shares hammered by this week’s ignominious demotion of chief executive Takanobu Ito in the wake profit warnings owing to a series of embarrassing technical issues for the company’s latest sub-compact car and mushrooming recall costs associated with exploding airbags in a range of models. Star of the Japanese show was most definitely Yamaha, its shares up by 7.3 per cent on a weekly basis, touching a yearly high at one point on Friday. The company has now more than doubled in value in the past 12 months.

While the Shanghai Composite index dropped by 2.2 per cent through February as China’s yuan-renminbi currency touched a 28-month low against the US dollar, Chinese investors were enthusiastic for motorcycling stock — presumably because of the foreign-exchange benefit for exporters. The vast majority of listed manufacturers made progress, with only a couple posting very marginal retreats.  

 

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

 

USA (US dollar)

Harley-Davidson    P 63.57  H 64.4296  L 63.51  C -0.42%  R 74.13 – 54.22  Y -2.11%

Polaris    P 153.33  H 158.24  L 153.26  C -2.72%  R 159.33 – 124.728  Y +15.94%

Arctic Cat    P 36.46  H 36.994  L 36.19  C -0.68%  R 50.10 – 26.00  Y -21.04%

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

Viper    P 0.0025  H 0.0025  L 0.0025  C -3.85%  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 23.11  H 23.77  L 23.11  C -0.34%  R 31.98 – 20.67  Y -21.79%

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 112.623  H 113.00  L 110.45  C +0.74%  R 113.00 – 74.74  Y +38.49%

Daimler    P 86.00  H 86.51  L 85.27  C +0.69%  R 86.51 – 55.10  Y +32.72%

Piaggio    P 2.84  H 2.92  L 2.80  C +0.21%  R 3.092 – 1.93  Y +27.01%

KTM    P 132.95  H 132.95  L 130.00  C +0.57%  R 141.00 – 71.50  Y +86.85%

VW    P 223.171  H 223.171  L 208.30  C +2.02%  R 226.843 – 147.35  Y +23.54%

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 2672.50  H 2678.00  L 2642.95  C N/A  R 3271.80 – 1939.00  Y +40.89%

Bajaj    P 2152.50  H 2190.00  L 2121.90  C +0.09%  R 2695.00 – 1840.10  Y +12.65%

TVS    P 278.20  H 285.00  L 270.35  C -1.35%  R 322.30 – 84.00  Y +226.66% 

Eicher    P 16,272.50  H 16,295.00  L 15,456.20  C +2.95%  R 17,200.00 – 4991.55  Y +217.39%

Mahindra    P 1291.85  H 1300.00  L 1265.00  C +0.89%  R 1433.70 – 939.82  Y +33.21%

Maharashtra    P 805.00  H 839.00  L 785.85  C -0.67%  R 1124.00 – 442.50  Y +62.33%

Scooters India    P 31.00  H 31.00  L 30.00  C N/A  R 38.85 – 14.55  Y +102.61%

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 371.00  H 373.95  L 370.00  C -0.13%  R 405.30 – 209.00  Y N/A

Pak Suzuki    P 426.50  H 427.99  L 422.00  C +0.73%  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 3949.5  H 4000  L 3936.5  C -1.16%  R 4000 – 3239  Y +10.96%

Yamaha    P 2972  H 3045  L 2902  C +1.96%  R 3045 – 1442  Y +105.72%

Suzuki    P 3780  H 3805  L 3752  C -0.45%  R 4041 – 2526  Y +39.52%

Kawasaki    P 567  H 568  L 561  C -0.53%  R 589 – 350  Y +39.75%

 

CHINA (yuan)

Qianjiang    P 6.59  H 6.63  L 6.55  C +0.15%  R 7.89 – 4.90  Y +12.46%

Zongshen    P 10.54  H 10.72  L 10.30  C +1.74%  R 11.10 – 4.37  Y +105.89%  

Sundiro    P 5.26  H 5.29  L 5.20  C -0.19%  R 5.95 – 3.61  Y +38.08%

Jialing    P 8.11  H 8.40  L 8.07  C +0.5%  R 9.28 – 3.53  Y +118.6% 

Lifan    P 9.60  H 9.70  L 9.42  C +1.48%  R 10.64 – 6.13  Y +57.12%

Loncin    P 15.04  H 15.27  L 14.85  C +1.14%  R 18.81 – 8.24  Y +54.32%

Linhai    P 9.50  H 9.58  L 9.43  C -0.21%  R 11.39 – 5.10  Y +80.47%

 

CHINA (Hong Kong dollar)

Jianshe    P 7.53  H 7.65  L 7.51  C -0.79%  R 9.40 – 5.30  Y +40.49% 

Guangzhou Auto    P 7.44  H 7.60  L 7.40  C -1.2%  R 9.87 – 6.58  Y +6.05%

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 0.465  H 0.47  L 0.465  C -2.11%  R 0.69 – 0.40  Y -10.58%

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 28.05  H 28.75  L 27.85  C +2%  R 63.00 – 25.20  Y -53.17%

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

 

MALAYSIA (ringgit)

Oriental Holdings    P 7.06  H 7.07  L 7.01  C +0.14%  R 8.10 – 6.48  Y +2.5%

Hong Leong    P 4.55  H 4.62  L 4.46  C -0.22%  R 7.543 – 3.95  Y -12.72%

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 8075  L 7850  C -2.48%  R 8175 – 6325  Y +16.39%

Indomobil    P 4000  H 4000  L 4000  C N/A  R 5250 – 3050  Y -23.12%

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 1360  H 1380  L 1290  C +5.43%  R 1495 – 570  Y +136.11%

Daelim    P 64,800  H 66,000  L 63,800  C +0.15%  R 94,300 – 50,400  Y -26.34%

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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