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HomeNEWSFINANCIAL30 JANUARY — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

30 JANUARY — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 30 January 2015.

Disappointing fourth-quarter GDP growth data in the US detuned New York investors this week, pushing the S&P 500 index down by two per cent to complete a monthly decline. However, canny eyes were on the release of annual financial reports, so star players bucked that trend. Others notably didn’t.

For instance, Amazon leapt by 13 per cent after announcing a return to profit during the final three months of last year. This sort of behaviour was pertinent to benchmark motorcycling shares on Wall Street too. Harley-Davidson’s fairly mixed 2014 performance, unveiled during the week, clearly failed to impress and its stock dropped by five per cent, most of that on Friday once details had sunk in. Polaris, which had released splendidly up-beat figures a couple of days earlier thanks both to butch sales of ATVs and the burgeoning Indian bike brand, cashed in with a rise of more than six per cent.

European exchanges also posted a weekly index decline as the FTSE Eurofirst 300 lost one per cent — but it was up by seven per cent for January as a whole, a best monthly showing for more than three years. In Frankfurt, BMW and Daimler bucked that with gains over the week while VW retreated slightly. KTM was up in Vienna and Piaggio held station on the Borsa Italia in Milan. Whether that will continue in the face of increasingly gloomy eurozone news thanks to the rabid lefties now running Greece towards economic doom is a moot point.

Confidence generally returned to India, reflected by a fairly robust BSE Sensex 30 performance on the back of increasing foreign investor inflows and anticipation of a business-friendly budget from the Indian government. Every indigenous motorcycle manufacturer benefited, apart from Bajaj and Mahindra — and their minor falls were probably due to profit-taking.

The Nikkei 225 in Tokyo put on one per cent thanks to positive earnings reports from domestic industrials starting to trickle in. Kawasaki, which had a lift from its aerospace and shipbuilding arms (but not the bikes) in healthy third-quarter results, rose by three per cent. Yamaha and Suzuki, who have yet to deliver their respective annual and third-quarter numbers, rode that wave too.

Honda spoilt the party, following revelations that impressive motorcycle division success in the past nine months has been comprehensively spannered by a sorry saga of serial recalls and exploding airbags at its car operations. Covering the cost of these catastrophes ate into the company’s quarterly bottom line and a full-year profits warning ensued, to make matters worse.

Finally, in China, the Shanghai Composite headed south towards the end of the week, as the government began to sniff around irregularities in the funding behind that country’s recent stock market boom. However, just over half of listed Chinese motorcycle manufacturers managed to avoid any deleterious effect on their ongoing share gains.  

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

USA (US dollar)

Harley-Davidson    P 61.70  H 63.65  L 61.62  C -4.49%  R 74.13 – 54.22  Y +1.68%

Polaris    P 144.59  H 148.90  L 144.43  C -2.31%  R 159.33 – 118.80  Y +17.07%

Arctic Cat    P 33.62  H 34.25  L 32.76  C -1.23%  R 50.10 – 26.00  Y -19.59%

US Highland    P 0.52  H 0.52  L 0.52  C +1.96%  R 0.60 – 0.13  Y N/A

Viper    P 0.0012  H 0.0012  L 0.0012  C N/A  R 0.05 – 0.0012  Y -89.09%

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 21.90  H 22.20  L 21.72  C -0.54%  R 31.98 – 20.67  Y -21.81%

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 103.012  H 104.00  L 102.45  C -0.44%  R 106.156 – 74.74  Y +31.88%

Daimler    P 80.022  H 80.99  L 79.74  C -0.72%  R 81.30 – 50.50  Y +33.65%

Piaggio    P 2.70  H 2.712  L 2.68  C +0.75%  R 3.092 – 1.93  Y +18.94%

KTM    P 133.00  H 134.45  L 132.80  C -1.3%  R 141.00 – 70.50  Y +81.85%

VW    P 197.722  H 203.00  L 195.02  C -2.86%  R 203.544 – 147.35  Y +11.91%

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 2865.50  H 2937.00  L 2857.40  C -0.38%  R 3271.80 – 1907.00  Y +50.9%

Bajaj    P 2391.70  H 2416.20  L 2374.20  C -0.54%  R 2695.00 – 1793.20  Y +28.51%

TVS    P 308.20  H 314.70  L 306.00  C -0.61%  R 322.30 – 73.20  Y +299.59%  

Eicher    P 16,275.90  H 16,650.00  L 16,020.00  C -1.23%  R 16,650.20 – 4401.10  Y +252.23%

Mahindra    P 1265.10  H 1305.00  L 1258.70  C -2.44%  R 1433.70 – 846.25  Y +43.8%

Maharashtra    P 993.10  H 1005.00  L 972.65  C -0.72%  R 1124.00 – 403.00  Y +150.02%

Scooters India    P 33.30  H 34.50  L 32.35  C -0.6%  R 38.85 – 14.20  Y +105.56%

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 335.00  H 341.25  L 322.10  C +3.08%  R 355.57 – 209.00  Y N/A

Pak Suzuki    P 430.00  H 439.70  L 423.00  C +1.62%  R 439.70 – 150.11  Y N/A

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


JAPAN (yen)

Honda    P 3581  H 3679.5  L 3581  C -0.78%  R 3947 – 3239  Y -5.75%

Yamaha    P 2612  H 2633  L 2577  C +2.31%  R 2655 – 1265  Y +93.17%

Suzuki    P 3756  H 3815  L 3751  C +0.04%  R 4041 – 2497  Y +40.64%

Kawasaki    P 569  H 581  L 565  C N/A  R 589 – 350  Y +29.34%


CHINA (yuan)

Qianjiang    P 6.43  H 6.49  L 6.37  C -1.98%  R 7.89 – 4.90  Y +18.42%

Zongshen    P 9.08  H 9.19  L 9.01  C N/A  R 10.82 – 4.30  Y +108.55%   

Sundiro    P 5.09  H 5.20  L 5.08  C -1.36%  R 5.95 – 3.61  Y +39.45%

Jialing    P 7.39  H 7.58  L 7.36  C -1.34%  R 9.28 – 3.25  Y +123.94%  

Lifan    P 9.32  H 9.52  L 9.30  C -0.53%  R 10.64 – 6.00  Y +57.25%
 
Loncin    P 14.51  H 14.94  L 14.50  C -1.43%  R 18.81 – 8.24  Y +54.45%

Linhai    P 8.82  H 9.06  L 8.80  C -2%  R 11.39 – 5.04  Y +74.12%


CHINA (Hong Kong dollar)

Jianshe    P 7.55  H 7.58  L 7.50  C +0.67%  R 9.40 – 5.30  Y +38.03%  

Guangzhou Auto    P 7.06  H 7.19  L 7.04  C -0.98%  R 9.87 – 6.58  Y -6.26%

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 0.48  H 0.495  L 0.48  C +1.05%  R 0.69 – 0.40  Y -5.88%

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 27.65  H 28.05  L 27.60  C -0.36  R 63.00 – 25.20  Y -40.98%

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


MALAYSIA (ringgit)

Oriental Holdings    P 7.04  H 7.11  L 7.00  C -0.85%  R 8.28 – 6.48  Y -9.39%

Hong Leong    P 4.40  H 4.40  L 4.32  C N/A  R 7.543 – 3.95  Y -0.68%

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 7925  L 7825  C +1.29%  R 8100 – 6225  Y +25.9%

Indomobil    P 3975  H 3980  L 3975  C N/A  R 5300 – 3050  Y -18.45%

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 1055  H 1070  L 1045  C -1.4%  R 1495 – 554  Y +67.46%

Daelim    P 55,000  H 56,300  L 54,300  C -0.54%  R 94,700 – 50,400  Y -33.57%

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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