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3 APRIL: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 3 April 2015.

In a trading week cut short by Easter, with markets closed from America and Europe to India, Indonesia, and Hong Kong on Good Friday, activity was relatively feeble on preceding days too.

Although New York’s S&P 500 index crept up by 0.35% and Harley-Davidson beat that easily with a 2.67% rise, volumes were restrained. Many investors were waiting for the release of monthly US payroll data, which wasn’t due until after the NYSE had shut for the holiday. When this did emerge, it showed that employment growth had virtually halved month-on-month to just 126,000 new jobs, suggesting that the economy was slowing on the back of a strong dollar. A negative reaction to such news is anticipated after Easter.

In Europe, the FTSE Eurofirst 300 was stagnant, falling by a negligable 0.02%. Frankfurt was more pessimistic, as both BMW and Daimler lost ground. Among Teutonic automotives (including KTM), only Volkswagen made a minor weekly gain. However, Piaggio climbed for a second consecutive week on the Borsa Italia in Milan, putting on 3.6%.

India was altogether brighter, with the BSE Sensex surging by 1.08% on Thursday before packing up for a long weekend. Indian motorcycle manufacturers generally benefited with only TVS spoiling the party, dropping by a surprisingly sharp 6.3%.

Japan, which ignored Christian niceties to trade on regardless, was also upbeat despite restrained deal volumes and some weak local economic data. All four Japanese bike brands stacked on value, out-pacing a 0.63% improvement for Tokyo’s Nikkei 225 index.

For bullish investors, China was still the place to be, driven by healthy official industrial purchasing managers’ indices. Mainland exchanges in Shanghai and Shenzhen ignored god-bothering elsewhere — and motorcycling stocks continued to flaunt extraordinary rises and impressive yearly returns. Every bike manufacturer was positive, some dramatically. Benelli owner Qianjiang leapt upwards by 8.7 per cent. Zongshen put that in the shade, boasting a 17.1% gain. Honda JV partner Sundiro added 9.5%. To put those in perspective, Shanghai’s Composite index is up by 15.57% over the past month and its annualised progress is now 86.86%.  

 

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

 

USA (US dollar)

Harley-Davidson    P 61.05  C +1.28%  R 74.13 – 54.22  Y -8.44%

Polaris    P 142.15  C +0.32%  R 159.33 – 124.728  Y +3.48%

Arctic Cat    P 36.61  C +1.41%  R 47.54 – 26.00  Y -18.74%

US Highland    P 0.60  C +15.38%  R 0.60 – 0.13  Y N/A

Viper    P 0.0025  C N/A  R 0.03 – 0.0012  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.

 

CANADA (Canadian dollar)

BRP    P 23.52  C +0.34%  R 30.24 – 20.67  Y -20.57%

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 26.70  C +0.75%  R 48.80 – 25.20  Y -44.49%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.445  C +1.11%  R 0.69 – 0.40  Y -10.78%

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

 

INDONESIA (rupiah)

Astra    P 8075  C -1.22%  R 8575 – 6325  Y +6.68%

Indomobil    P 3710  C -3.64%  R 5150 – 3050  Y -26.23%

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 115.315  C -0.34%  R 123.75 – 74.74  Y +27.52%

Daimler    P 87.803  C -2.44%  R 96.07 – 55.10  Y +32.33%

VW    P 238.245  C -0.12%  R 254.99 – 147.35  Y +30.34%

KTM    P 128.00  C +1.03%  R 141.00 – 76.00  Y +62.93%

Piaggio    P 2.918  C -0.95%  R 3.092 – 1.93  Y +0.21%

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

 

PAKISTAN (Pakistani rupee)

Atlas Honda    P 349.00  C -0.85%  R 405.30 – 209.00  Y N/A

Pak Suzuki    P 399.95  C +5%  R 450.85 – 187.00  Y N/A

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

 

INDIA (rupee)

Hero    P 2655.85  C +0.61%  R 3271.80 – 2110.00  Y +22.35%

Bajaj    P 2019.80  C +0.16%  R 2695.00 – 1840.10  Y +1.72%

TVS    P 254.80  C -3.43%  R 322.30 – 84.00  Y +180.02% 

Eicher    P 16,019.50  C +0.7%  R 17,200.00 – 5756.20  Y +165.62%

Mahindra    P 1202.10  C +1.2%  R 1433.70 – 964.31  Y +21.75%

Maharashtra    P 877.95  C -0.34%  R 1124.00 – 460.10  Y +95.21%

Scooters India    P 26.50  C +3.72%  R 38.85 – 16.70  Y +50.57%

Notes: Hero MotoCorp is a former Honda JV partner. Bajaj a major shareholding in KTM and ties with it and Kawasaki. TVS is a former Suzuki JV partner. 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 3995.5  C +1.4%  R 4170 – 3239  Y +11.35%

Yamaha    P 2975  C +1.54%  R 3145 – 1506  Y +83.71%

Suzuki    P 3667  C +1.12%  R 4041 – 2526  Y +32.25%

Kawasaki    P 610  C +0.33%  R 647 – 350  Y +54.91%

 

CHINA (yuan)

Qianjiang    P 9.10  C +2.82%  R 9.20 – 4.90  Y +66.36%

Zongshen    P 18.17  C +6.76%  R 18.30 – 4.37  Y +234.18%  

Sundiro    P 7.13  C +0.14%  R 7.30 – 3.61  Y +79.22%

Jialing    P 9.68  C +4.99%  R 9.94 – 3.61  Y +159.52% 

Lifan    P 13.48  C +6.98%  R 13.80 – 6.33  Y +110.97%

Loncin    P 19.23  C +0.31%  R 19.99 – 8.24  Y 116.63%

Linhai    P 12.30  C -0.24%  R 12.39 – 5.47  Y +110.26%

 

CHINA (Hong Kong dollar)

Jianshe    P 8.46  C +2.3%  R 9.40 – 5.41  Y +46.11% 

Guangzhou Auto    P 7.99  C +4.86%  R 9.87 – 6.58  Y -1.32%

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 is the parent of Honda JV partner and own-brand bike manufacturer Wuyang. 

 

MALAYSIA (ringgit)

Oriental Holdings    P 6.71  C N/A  R 8.10 – 6.48  Y -4.23%

Hong Leong    P 4.46  C -0.67%  R 7.543 – 3.95  Y -15.38%

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

 

SOUTH KOREA (won)

KR    P 1495  C -0.33%  R 1560 – 780  Y +61.45%

Daelim    P 66,700  C +4.06%  R 94,300 – 50,400  Y -21.41%

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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