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29 JULY: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 29 July 2016.

Benchmark oil prices plunging once more towards 40 bucks a barrel, disappointing US second-quarter GDP growth data and the Bank of Japan failing to deliver a sufficient scale of promised succour to revive its nation’s stagnant economy upset equities markets worldwide in the past week. However, there were notable winners among serried ranks of losers.

In New York, the S&P 500 index struggled to climb out of red zone, rising by only 0.03%. But Harley-Davidson was smiling because stock analysts took the view that its lacklustre half-year results partially bucked an even grimmer US bike industry trend of sales 8.6% down. Harley’s shares therefore finished with a weekly gain of 5.6%. No such luck for ATV maker Arctic Cat, though, which confessed to a ten-fold increase in net losses during its own first fiscal quarter. That wiped more than 14% off the Minnesota-based company’s share price in a single day.

Europe fared a little better. Every motorcycle-related stock rose, most modestly, and the eurozone’s Eurofirst 300 was 0.25% up. Piaggio was undoubted star of the show, cheering investors in Milan with an encouraging financial performance in the first six months of 2016. They piled in and pushed its shares up by 10% week-on-week.

Japan was a different story after the BoJ’s timid inflationary stimulus backfired, pushing the yen up against the US dollar and causing further dismay among exporters. The Nikkei 225 fell by 0.35%. Honda, Yamaha and Suzuki stocks dropped in line with that. Only Kawasaki smelt of roses after announcing a return to first-quarter profit for its motorcycle division and being rewarded with a 7.7% share-price hike.

Moving to major emerging countries, India wasn’t too bright either. The Bombay Stock Exchange’s Sensex 30 was 0.89% up but the three major indigenous bike manufacturers — Hero, Bajaj and TVS — all lost ground. Escaping such misery, Royal Enfield parent Eicher confounded Jeremiahs with a 13.3% leap upwards on booming sales revelations and the impending launch of a 750cc parallel twin — the biggest native Indian motorcycle ever.

China, on the other hand, really was a pit of gloom. Market regulators took the blame, imposing more strenuous curbs on shadow (non-bank) corporate lending in an effort to tackle the calamitous Chinese debt overhang. Shanghai’s Composite index dropped by 1.13% and almost every listed motorcycle producer followed. The single exception was leading Honda JV partner Sundiro, returning to the Shenzhen exchange after a six-month trading suspension. The novelty of its reappearance caused an impressive 30.6% casino-style price spike. 

 

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

 

USA (US dollar)

Harley-Davidson    P 52.92  C +3.74%  R 60.67 – 36.36  Y -6.54%

Polaris    P 98.75  C +3.59%  R 139.88 – 67.80  Y -26.39%

Arctic Cat    P 15.61  C -14.56%  R 30.30 – 8.90  Y -44.85%

US Highland    P 0.01  C N/A  R 0.70 – 0.01  Y -99.27%

Confederate    P 0.05  C -16.67%  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 21.20  C -2.17%  R 29.20 – 13.76  Y -24.69%

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 21.70  C +0.7%  R 24.35 – 19.15  Y -3.12%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.42  C -2.33%  R 0.59 – 0.36  Y -23.64%

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

 

INDONESIA (rupiah)

Astra    P 7725  C +4.04%  R 7850 – 4975  Y +19.68%

Indomobil    P 1460  C -0.34%  R 3800 – 1250  Y -61.32%

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 76.95  C +0.62%  R 104.85 – 63.38  Y -11.85%

Daimler    P 60.70  C -0.11%  R 85.50 – 50.83  Y -21%

VW    P 132.54  C +0.53%  R 194.25 – 95.00 Y -28.03%

Cross    P 3.80  C -0.05%  R 6.00 – 2.78  Y +34.89%

Piaggio    P 1.64  C +0.61%  R 3.04 – 1.45  Y -41.98%

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 395.00  C -0.5%  R 414.80 – 320.05  Y N/A

Pak Suzuki    P 402.00  C -2.9%  R 532.00 – 363.01  Y N/A

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

 

INDIA (rupee)

Hero    P 3203.15  C +0.18%  R 3306.95 – 2257.20  Y +21.11%

Bajaj    P 2700.80  C +1.51%  R 2801.85 – 2133.15  Y +9.53%

TVS    P 291.75  C +0.52%  R 340.90 – 201.00  Y +23.67% 

Eicher    P 22,460.85  C +6.45%  R 22,567.00 – 14,800.00  Y +18.42%

Mahindra    P 1466.75  C +0.98%  R 1485.20 – 1091.25  Y +8.46%

Maharashtra    P 1619.80  C -0.02%  R 1650.00 – 936.60  Y +48.23%

Scooters India    P 36.65  C N/A  R 36.65 – 22.00  Y +48.98%

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 2841.5  C +0.11%  R 4499 – 2417  Y -26.61%

Yamaha    P 1758  C -3.3%  R 3045 – 1409  Y -35.63%

Suzuki    P 3188  C +2.84%  R 4780.5 – 2450  Y -25.5%

Kawasaki    P 307  C +8.48%  R 565 – 257  Y -41.65%

 

CHINA (yuan)

Qianjiang    P 14.70  C +1.8%  R 15.90 – 5.83  Y +82.16%

Zongshen    P 10.22  C -3.22%  R 18.20 – 8.08  Y N/A  

Sundiro    P 7.46  C N/A  R 8.66 – 4.89  Y +10.47%

Jialing    P 7.38  C N/A  R 16.34 – 5.27  Y N/A [Trading halted]

Lifan    P 10.51  C -2.14%  R 19.47 – 8.05  Y -25.24%

Loncin    P 19.83  C -1.49%  R 28.30 – 13.00  Y -22.81%

Linhai    P 11.59  C -0.6%  R 14.71 – 8.41  Y N/A

GAG    P 23.68  C -0.59%  R 25.55 – 14.77  Y +27.25%

 

CHINA (Hong Kong dollar)

Jianshe    P 13.86  C +0.58%  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 6.60  C N/A  R 7.33 – 6.46  Y -7.55%

Hong Leong    P 8.90  C -1.11%  R 9.01 – 4.54  Y +79.06%

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

 

SOUTH KOREA (won)

KR    P 1160  C -1.28%  R 1770 – 905  Y +5.94%

Daelim    P 84,000  C +0.48%  R 94,300 – 59,600  Y +13.41%

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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