A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 29 November 2013.
Despite the dire state of Italy’s economy and well-publicised ongoing woes in Piaggio supremo Roberto Colaninno’s other major business involvement Alitalia, the largest European powered-two wheeler manufacturer remains a sound bet for investors. Piaggio’s share price has risen by a muscular 8.3 per cent this week, to its highest level in the past year, offering a return of more than 30 per cent. Bellissimo!
Punters also bounced the stock of VW, Europe’s largest automotive entity overall and Ducati’s proprietor, up to a record price in the past year. But it’s hard to discern which particular sector of this Byzantine colossus generated their optimism — certainly not Ducati, which is suffering a six per cent global annual sales decline.
At least this allows an opportunity to clarify VW’s marvellously multi-layered structure. Contrary to a common illusion, the acronym VAG doesn’t stand for Volkswagen-Audi Group. It actually represents Volkswagen Aktiengesellschaft (AG), the latter bit being broadly equivalent to Public Limited Company (PLC) in the UK. VW styles itself as “Volkswagen Group”, of which “Audi Group” (officially Audi AG) is a wholly-owned subsidiary. Audi is a group because it also has corporate minions. These include an Italian wholly-owned subsidiary called Lamborghini Società per Azioni (SpA), making sports cars. Ducati Motor Holding SpA, in its turn, is a wholly-owned subsidiary of Lamborghini. Confused? Well, VW’s battalion of tax lawyers certainly aren’t.
Finally, Yamaha shares jumped by more than five per cent this week and that was nothing to do with how successfully its new MT-09 and MT-07 models reflected the “dark side of Japan” at Motorcycle Live! Look instead towards the Tokyo Motor Show, where the company simultaneously unveiled its first mass-market lunge into car manufacturing.
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)
USA (US dollar)
Harley-Davidson P 67.02 H 67.63 L 66.96 C -0.56% R 67.75 – 45.686 Y +44.76%
Polaris P 133.47 H 134.99 L 133.26 C -0.38% R 136.966 – 79.02 Y +59.94%
Arctic Cat P 56.27 H 56.80 L 56.02 C -0.12% R 61.13 – 32.12 Y +50.4%
US Highland P 0.27 H N/A L N/A C N/A R 0.74 – 0.27 Y N/A
Viper P 0.026 H N/A L N/A C N/A R 0.295 – 0.001 Y -90.71%
Notes: Polaris makes ATVs, snowmobiles, Victory and Indian motorcycles. 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 28.68 H 28.88 L 28.28 C +1.99% R 29.50 – 21.50 Y N/A
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.
EUROPE (euro)
BMW P 84.51 H 84.99 L 84.275 C -0.56% R 85.03 – 63.27 Y +27.99%
Piaggio P 2.42 H 2.42 L 2.314 C +3.51% R 2.42 – 1.83 Y +32.59%
KTM P 59.50 H 59.50 L 59.49 C -2.83% R 62.00 – 43.995 Y +34.2%
VW P 191.15 H 192.00 L 188.45 C +0.63% R 192.00 – 131.30 Y +25.22%
Notes: Volkswagen is the owner of Ducati Motor Holding
INDIA (rupee)
Hero P 2052.95 H 2080.00 L 2039.50 C -0.31% R 2150.00 – 1434.05 Y +15.94%
Bajaj P 1974.45 H 1980.00 L 1941.00 C +1.23% R 2229.00 – 1656.00 Y +4.71%
TVS P 54.75 H 55.65 L 53.35 C +2.72% R 55.65 – 28.10 Y +46.5%
Eicher P 4687.30 H 4745.00 L 4655.50 C +0.92% R 4833.80 – 2501.00 Y +72.41%
Mahindra P 945.25 H 965.10 L 942.15 C -1.42% R 1025.87 – 740.15 Y +1.3%
Maharashtra P 402.00 H 402.30 L 396.00 C +0.5% R 555.00 – 305.00 Y +9.13%
Scooters India P 15.25 H 16.00 L 15.25 C N/A R 42.05 – 13.50 Y -38.76%
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 a technical partnership with Taiwanese brand SYM and an own-brand motorcycle range. 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 241.43 H 241.43 L 230.00 C +5% R 241.43 – 111.60 Y N/A
Pak Suzuki P 144.50 H 148.31 L 142.00 C +2.3% R 161.91 – 83.00 Y N/A
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
JAPAN (yen)
Honda P 4330 H 4335 L 4255 C +0.58% R 4405 – 2675 Y +62.05%
Yamaha P 1634 H 1638 L 1597 C +1.68% R 1825 – 840 Y +91.44%
Suzuki P 2630 H 2648 L 2610 C +0.23% R 2919 – 1902 Y +35.64%
Kawasaki P 420 H 422 L 415 C -0.47% R 437 – 184 Y +123.54%
CHINA (yuan)
Qianjiang P 4.82 H 4.84 L 4.69 C +2.55% R 5.75 – 3.72 Y +28.38%
Qingqi P 3.99 H 4.02 L 3.91 C +1.01% R 5.19 – 3.38 Y N/A
Zongshen P 4.68 H 4.73 L 4.66 C N/A R 6.18 – 4.25 Y -11.66%
Sundiro P 4.09 H 4.13 L 4.07 C -0.24% R 5.29 – 3.37 Y -7.67%
Jialing P 4.05 H 4.25 L 4.03 C N/A R 4.68 – 2.53 Y +51.12%
Lifan P 6.62 H 6.67 L 6.58 C -0.45% R 7.64 – 5.11 Y +16.81%
Loncin P 8.71 H 8.90 L 8.64 C +0.23% R 11.06 – 6.28 Y +31.74%
Linhai P 5.53 H 5.58 L 5.37 C +1.84% R 6.59 – 4.42 Y +14.49%
CHINA (Hong Kong dollar)
Jianshe P 5.60 H 5.60 L 5.53 Change N/A R 6.80 – 5.16 Y N/A
Guangzhou Auto P 10.30 H 10.40 L 10.10 C +1.18% R 10.94 – 5.59 Y +65.29%
Notes: Qianjiang owns both the exported Keeway brand and the formerly Italian Benelli brand. Qingqi is a Suzuki JV partner, a Peugeot scooter contractor and also makes bikes under its own brand and the Sinnis 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.
VIETNAM (Hong Kong dollar)
VMEPH P 0.56 H 0.57 L 0.56 C -1.75% R 0.95 – 0.45 Y –27.27%
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 49.90 H 50.00 L 49.10 C +0.81% R 52.50 – 16.75 Y +181.29%
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
MALAYSIA (ringgit)
Oriental Holdings P 8.61 H 8.81 L 8.60 C -2.27% R 10.64 – 8.00 Y +4.58%
Hong Leong P 5.24 H 5.25 L 5.22 C +0.58% R 5.80 – 3.98 Y +17.95%
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 6250 H 6300 L 6150 C -0.79% R 8300 – 5100 Y -11.17%
Notes: Astra International is a Honda JV partner.
SOUTH KOREA (won)
S&T P 453 H 454 L 447 C N/A R 599 – 414 Y -12.04%
Daelim P 100,500 H 102,000 L 97,600 C +1.82% R 110,000 – 69,900 Y +28.13%
Notes: 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.