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HomeNEWSFINANCIAL31 OCTOBER — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

31 OCTOBER — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

 A snapshot of global bike and ATV industry share performance at the trading closure on Friday 31 October 2014.
 
For investment glory in the past week we have to look east and thank the Bank of Japan for ignoring conventional wisdom and surprising the entire world with a lunge into large-scale quantitative easing. This announcement on Friday came just a few days after the US Federal Reserve had swung in entirely the opposite direction, finally ending its own money-printing programme.
 
Reactions were electrifying. The US dollar shot up by three per cent against the yen, the price of gold dropped sharply and global equity markets rejoiced. Celebrations were most extreme on the Tokyo stock exchange. A one-day Nikkei 225 surge added almost five per cent and that index closed more than seven per cent up, its best week for more than a year.
 
All the Japanese motorcycle manufacturers made big gains on Friday, averaging more than four per cent, and were comfortably up on a weekly basis. No doubt Honda breathed a sigh of relief, escaping market punishment for the unimpressive set of third-quarter financial results it had published on Tuesday.
 
Optimism spread like wildfire. New York’s  S&P 500 finshed the week with a 2.5 per cent rise. Harley-Davidson and Polaris beat that, achieving respective 3.7 per cent and 3.2 per cent weekly improvements.
 
This side of the pond, the eurozone FTSE Eurofirst 300 grew by three per cent. BMW, Daimler and Volkswagen, all with Teutonic fingers in motorcycling pies, benefited accordingly in Frankfurt. The latter was also helped by strong third-quarter financials. On the Borsa Italia in Milan, Piaggio put on 2.2 per cent. However, KTM failed to join the party, simply because a miniscule quantity of its shares changed hands during the week — none at all on Friday.
 
Apart from Japan, other big Asian markets got the message too. India’s long-term rally continued unabated. Bajaj touched an annual high during the week and Enfield parent Eicher leapt upwards by 7.4 per cent week-on-week to an all-time record. The same phenomenon infected China, where every single yuan-denominated Chinese bike stock listed in either Shanghai of Shenzhen stacked on value. There were two losers, but that was more to do with their arcane tendency to count in Hong Kong dollars and associated tedious political issues.      
 
   
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)  
 


USA (US dollar)
 
Harley-Davidson    P 65.70  H 65.88  L 65.22  C +1.17%  R 74.13 – 54.22  Y +3.03%
 
Polaris    P 150.86  H 151.63  L 149.35  C +1.55%  R 152.88 – 118.80  Y +16.67%
 
Arctic Cat    P 33.66  H 34.28  L 33.52  C +0.48%  R 59.73 – 30.11  Y -34.71%
 
US Highland    P 0.45  H 0.45  L 0.45  C N/A  R 0.59 – 0.22  Y N/A
 
Viper    P 0.0035  H 0.0035  L 0.0035  C N/A  R 0.05 – 0.0012  Y -91.03%
 
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 24.55  H 24.77  L 24.10  C +1.66%  R 31.98 – 23.51  Y -11.63%
 
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 85.35  H 85.67  L 84.00  C +2.57%  R 96.10 – 74.74  Y +5.95%
 
Daimler    P 62.05  H 62.38  L 61.08  C +1.77%  R 71.27 – 55.10  Y +6.51%
 
Piaggio    P 2.228  H 2.224  L 2.20  C +1.36%  R 3.092 – 1.93  Y +6.1%
 
KTM    P 106.75  H 106.75  L 106.75  C N/A  R 113.45 – 58.76  Y +81.46%
 
VW    P 169.70  H 171.40  L 166.50  C +2.56%  R 198.43 – 147.35  Y -4.21%
 
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 3064.25  H 3103.70  L 3040.00  C +1.08%  R 3144.00 – 1907.00  Y +50.51%
 
Bajaj    P 2611.05  H 2628.25  L 2564.10  C +1.3%  R 2628.25 – 1793.20  Y +25.38%
 
TVS    P 259.15  H 262.65  L 256.35  C +0.82%  R 263.70 – 46.70  Y +420.06%  
 
Eicher    P 12,772.75  H 12,837.60  L 12,598.30  C +1.92%  R 12,837.60 – 3863.90  Y +225.29%
 
Mahindra    P 1306.20  H 1323.00  L 1283.75  C +1.43%  R 1433.70 – 839.66  Y +43.81%
 
Maharashtra    P 936.50  H 960.00  L 931.10  C -0.34%  R 960.00 – 379.00  Y +142.66%
 
Scooters India    P 32.20  H 32.20  L 32.20  C +4.89%  R 36.75 – 14.20  Y +91.67%
 
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 291.00  H 294.99  L 289.76  C -0.6%  R 328 – 199.00  Y N/A
 
Pak Suzuki    P 341.52  H 341.52  L 332.00  C +5%  R 341.52 – 119.00  Y N/A
 
Notes: Atlas Honda and Pak Suzuki are JV motorcycle assembly and distribution partners.
 


JAPAN (yen)
 
Honda    P 3479  H 3504  L 3342  C +4.69%  R 4385 – 3239  Y -9.42%
 
Yamaha    P 2063  H 2069  L 1992  C +4.03%  R 2188 – 1265  Y +43.36%
 
Suzuki    P 3653.5  H 3678  L 3454  C +6.36%  R 3827.5 – 2335  Y +48.5%
 
Kawasaki    P 430  H 435  L 421  C +3.61%  R 496 – 350  Y +15.14%
 


CHINA (yuan)
 
Qianjiang    P 6.78  H 6.86  L 6.70  C -0.44%  R 7.57 – 4.42  Y +48.68%
 
Qingqi    P 6.19  H 6.32  L 6.12  C -1.75%  R 6.77 – 3.34  Y N/A
 
Zongshen    P 8.93  H 9.25  L 8.72  C +0.9%  R 9.39 – 3.92  Y +96.58%   
 
Sundiro    P 5.41  H 5.42  L 5.28  C +1.31%  R 5.95 – 3.48  Y +42.02%
 
Jialing    P 7.51  H 7.55  L 7.28  C +3.02%  R 7.95 – 2.90  Y +145.42%  
 
Lifan    P 9.01  H 9.11  L 8.83  C +0.33%  R 9.63 – 5.65  Y +42.74%
 
Loncin    P 16.34  H 16.84  L 16.00  C -1.15%  R 18.81 – 7.74  Y +84.27%
 
Linhai    P 9.52  H 9.63  L 9.45  C +0.32%  R 10.88 – 4.80  Y +83.98%
 


 
CHINA (Hong Kong dollar)
 
Jianshe    P 8.78  H 8.80  L 8.64  C N/A  R 9.40 – 5.28  Y +56.23%  
 
Guangzhou Auto    P 6.90  H 7.00  L 6.88  C +0.73%  R 10.94 – 6.72  Y -25.53%
 
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 Qingqi and Sinnis branded bikes. 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 0.465  H 0.465  L 0.445  C +5.68%  R 0.69 – 0.40  Y -10.58%
 
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 26.90  H 27.20  L 26.80  C N/A  R 63.00 – 25.20  Y -46.94%
 
Notes: Sanyang Industry is the leading Taiwanese powered two-wheeler manufacturer through its widely-exported SYM brand.
 


MALAYSIA (ringgit)
 
Oriental Holdings    P 7.31  H 7.36  L 7.31  C -1.08%  R 8.89 – 6.95  Y -16.94%
 
Hong Leong    P 4.78  H 4.80  L 4.53  C +5.75%  R 7.543 – 3.95  Y +11.3%
 
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 6775  H 6925  L 6725  C -1.81%  R 8050 – 6050  Y +7.41%
 
Notes: Astra International is a Honda JV partner. Its controlling shareholder is Jardine Matheson Holdings, a British-managed conglomerate domiciled in Hong Kong.
 


SOUTH KOREA (won)
 
KR    P 912  H 941  L 910  C -1.72%  R 1495 – 425  Y +84.24%
 
Daelim    P 70,900  H 72,000  L 70,000  C +0.14%  R 102,000 – 62,700  Y -28.23%
 
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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