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27 JANUARY: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 27 January 2017.

Given rapid-fire mixed economic messages now spewing out of Trump’s White House, Wall Street kept its own ammunition dry to a certain extent. Although the S&P 500 and Dow Jones Industrial indices remain in touch with record highs, investor confidence was tempered during the new president’s first week in office.

The S&P posted a 1% weekly gain, which was nearly matched by Harley-Davidson’s 0.8% rise, its stock still see-sawing just below a 60-buck mark. Polaris fended off crap annual results to hold station, adding 0.4%. But the week’s big story was a take-over bid launched for troubled ATV manufacturer Arctic Cat, instantly pushing its shares up by 46.2% past the buy-out offer price.

In Europe, KTM was seriously hot news, as its 2016 financial report revealed a profit surge of almost 30%. That bounced dual listings on the Vienna and Zurich exchanges up by 5.7%. But generally, European markets were circumspect, following US sentiment.

The eurozone’s Eurofirst 300 index matched New York, 1% up. In Germany, only VW bucked that, climbing by 2.4%. BMW rose by 0.7% and Daimler by 0.4%. And a better mood in Milan pushed Piaggio into stronger positivity with a 2.6% hike.

Elsewhere in the developed world, a softer yen helped to crank Tokyo’s Nikkei 225 up by 1.7%. However, Trump’s protectionist rantings clearly menaced the two biggest motorcycle exporters to the US. Yamaha and Honda delivered respective 2% and 0.2% falls. That didn’t bother Suzuki, which ships far fewer bikes to America and no cars. Improving sales of Suzuki cars in India, a market it dominates, ensured a 4% share price rise. Kawasaki also benefited, albeit more modestly, with a 0.5% increase.

Indian bike producers are finally experiencing a sales bounce-back after an influx of newly-printed cash ameliorated their country’s demonetisation fiasco. So significant share-price recovery on the Bombay Stock Exchange became apparent. While India’s BSE Sensex 30 stacked on 2.1%, most of them were well ahead of the index.

Market leader Hero MotoCorp led the share-price race too, up by 5.4%. Mahindra was runner-up, thanks to a 5% rise. Bajaj jumped by 4.9% and TVS by 3.5%. Unusually among India’s motorcycling majors, Royal Enfield parent Eicher was tail-end charlie on only a 3% improvement.

In China and other Asian emerging countries of a similar ilk, trading tapered off as the week progressed and Lunar New Year festivities loomed. Investors and brokers lost interest and went out on the lash to toast the impending Year of the Rooster, although Shanghai’s Composite index nevertheless grew by 1.5%. Many biker stocks actually suffered marginal falls. But star performer Qianjiang — parent of the Benelli brand — didn’t disappoint with a spectacular 7.9% surge.

  

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

 

USA (US dollar)

Harley-Davidson    P 59.09  C -1.81%  R 62.35 – 36.36  Y +52.15%

Polaris    P 86.75  C +2.56%  R 104.25 – 67.80  Y +20.44%

Arctic Cat    P 19.23  C +0.77%  R 19.82 – 8.90  Y +56.21%

US Highland    P 0.0005  C -16.67%  R 0.25 – 0.0002  Y N/A

Confederate    P 0.04  C N/A  R 0.27 – 0.04  Y N/A

Notes: Polaris makes Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Arctic Cat makes ATVs and snowmobiles. US Highland makes off-road bikes. Confederate Motors makes limited-edition cruisers.

 

CANADA (Canadian dollar)

BRP    P 26.75  C -0.48%  R 29.09 – 13.76  Y +72.36%

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 20.50  C +0.99%  R 23.90 – 20.00  Y +0.42%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.54  C N/A  R 0.54 – 0.36  Y +42.11%

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

 

INDONESIA (rupiah)

Astra    P 8100  C +0.31%  R 8875 – 6000  Y +34.88%

Indomobil    P 1320  C N/A  R 2150 – 1250  Y -30.96%

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 87.44  C -0.39%  R 91.76 – 63.38  Y +18.15%

Daimler    P 70.60  C -1.2%  R 73.23 – 50.83  Y +15.15%

VW    P 152.79  C -1.43%  R 157.40 – 106.65 Y +26.03%

KTM    P 5.39  C +0.67%  R 5.50 – 3.27  Y +56%

Piaggio    P 1.57  C -1.45%  R 2.11 – 1.39  Y -16.65%

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

 

PAKISTAN (Pakistani rupee)

Atlas Honda    P 621.10  C +1.49%  R 641.00 – 351.00  Y N/A

Pak Suzuki    P 701.00  C +0.53%  R 735.00 – 363.01  Y N/A

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

 

INDIA (rupee)

Hero    P 3215.85  C -0.97%  R 3740.00 – 2430.00  Y +32.59%

Bajaj    P 2854.10  C +0.16%  R 3122.00 – 2171.95  Y +26.93%

TVS    P 392.35  C -0.11%  R 420.00 – 256.00  Y +36.83% 

Eicher    P 23,482.65  C +2.14%  R 26,641.30 – 15,844.10  Y +45.46%

Mahindra    P 1251.70  C +0.64%  R 1508.95 – 1091.25  Y +7.26%

Maharashtra    P 1670.10  C +2.13%  R 2170.00 – 1075.00  Y +47.97%

Scooters India    P 39.35  C -1.62%  R 44.85 – 22.65  Y +43.61%

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, a majority stake in French scooter brand Peugeot and owns formerly British BSA brand rights. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

 

JAPAN (yen)

Honda    P 3484  C -0.51%  R 3604 – 2417  Y +8.22%

Yamaha    P 2427  C +0.29%  R 2834 – 1409  Y +8.92%

Suzuki    P 4462  C +0.38%  R 4471 – 2450  Y +25.61%

Kawasaki    P 369  C -0.27%  R 411 – 257  Y +5.22%

 

CHINA (yuan)

Qianjiang    P 17.75  C +5.03%  R 20.48 – 6.71  Y +144.49%

Zongshen    P 8.87  C +0.34%  R 11.53 – 8.08  Y -1.02%  

Sundiro    P 7.78  C +1.43%  R 9.94 – 6.28  Y N/A

Jialing    P 9.36  C +1.19%  R 12.01 – 5.67  Y +54.46%

Lifan    P 8.79  C +0.46%  R 12.91 – 8.05  Y -2.25%

Loncin    P 22.44  C -0.31%  R 25.35 – 14.80  Y +44.53%

Linhai    P 16.91  C -2.08%  R 21.57 – 8.41  Y +85.62%

GAG    P 23.75  C +0.89%  R 26.27 – 18.10  Y +20.98%

 

CHINA (Hong Kong dollar)

Jianshe    P 13.18  C -0.08%  R 18.10 – 11.25  Y -26.61%

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 6.75  C -0.15%  R 7.52 – 6.48  Y +4.36%

Hong Leong    P 9.60  C +1.05%  R 10.08 – 5.25  Y +84.29%

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

 

SOUTH KOREA (won)

KR    P 799  C +0.38%  R 1350 – 661  Y -31.71%

Daelim    P 83,900  C +2.19%  R 94,300 – 72,500  Y +11.27%

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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