4 SEPTEMBER: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICEs

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 4 September 2015.

Another dismal week in developed world markets was illustrated by unremitting indices negativity. In New York, caution about the imminence of interest rate rises was fuelled by monthly jobs and payroll growth data announcements, dragging the S&P 500 down by 3.06%. Harley-Davidson shares dropped in line with that, getting closer to its lowest level in the past 12 months.

On our side of the Atlantic, uncertainties about US economic recovery and the European Central Bank prescribing yet more quantitative easing had an effect of similar proportions. London’s FTSE 100 suffered a five-day fall of 3.3% and, in eurozone countries, the Eurofirst 300 declined by 3%. All five motorcycle-related stocks across bourses in Frankfurt, Vienna and Milan headed south to varying degrees. Ongoing jitters about China also helped to knock the three big German automotives.

Japanese equities took a bigger hammering as the Nikkei 225 made a fourth successive weekly plunge, down by 7%. Dependence on China loomed particularly large among investors’ concerns. Inevitably, Japan’s four big motorcycle brands felt that pain without exception.

Major emerging markets were no better. In India, TVS was the only large-scale bike producer to buck an otherwise overwhelmingly negative trend, and then not by much. Chinese volatility continued more-or-less unabated from Monday to Wednesday, after which exchanges closed for a long public holiday. All the bike manufacturers listed here, apart from the two still suspended, lost further ground. Some have now retreated to prices close to those before China’s now-burst stock bubble began to inflate last year. It will be interesting to see whether they continue to shrivel below that marker.                 

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

USA (US dollar)

Harley-Davidson    P 54.78  C -1.81%  R 70.41 – 50.64  Y -14.54%

Polaris    P 130.15  C -2.14%  R 159.33 – 119.96  Y -10.69%

Arctic Cat    P 25.21  C -3.08%  R 39.72 – 24.68  Y -29.97%

US Highland    P 0.70  C N/A  R 1.05 – 0.13  Y N/A

Viper    P 0.0025  C N/A  R 0.01 – 0.0025  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 26.20  C -2.78%  R 29.80 – 20.67  Y +0.42%

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 20.40  C -0.49%  R 31.60 – 19.15  Y -26.62%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.42  C -1.18%  R 0.85 – 0.40  Y N/A

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

INDONESIA (rupiah)

Astra    P 6200  C +0.81%  R 8575 – 5450  Y -16.42%

Indomobil    P 2805  C -5.4%  R 4600 – 2800  Y -36.43%

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 80.35  C -1.39%  R 123.75 – 74.52  Y -10.3%

Daimler    P 70.31  C -1.72%  R 96.07 – 55.10  Y +10.35%

VW    P 159.91  C -2.25%  R 254.99 – 147.35  Y -8.83%

KTM    P 112.00  C N/A  R 141.00 – 99.69  Y +5.99%

Piaggio    P 2.43  C -3.18%  R 3.18 – 1.93  Y +5.8%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati and a 20% stake in Suzuki.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 340.00  C -2.86%  R 409.00 – 246.00  Y N/A

Pak Suzuki    P 416.02  C -1.24%  R 493.00 – 262.00  Y N/A

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

INDIA (rupee)

Hero    P 2290.85  C -1.36%  R 3271.80 – 2251.30  Y -16.13%

Bajaj    P 2211.00  C -1.66%  R 2695.00 – 1912.50  Y -3.62%

TVS    P 223.20  C +0.74%  R 322.30 – 200.05  Y +3.85% 

Eicher    P 18,177.70  C -1.11%  R 21,620.00 – 10,727.00  Y +68.38%

Mahindra    P 1110.60  C -2.63%  R 1442.05 – 1092.15  Y -20.39%

Maharashtra    P 966.45  C -2.48%  R 1200.00 – 751.30  Y +30.5%

Scooters India    P 24.80  C +3.77%  R 38.85 – 21.75  Y -6.59%

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 3606  C -1.9%  R 4499 – 3239  Y +3.79%

Yamaha    P 2240  C -3.28%  R 3245 – 1803  Y +12.15%

Suzuki    P 3817  C -1.2%  R 4780.5 – 3011.5  Y +10.59%

Kawasaki    P 431  C -1.15%  R 647 – 387  Y +12.54%

CHINA (yuan)

Qianjiang    P 6.18  C -6.08%  R 17.11 – 5.55  Y -11.59%

Zongshen    P 11.00  C -8.94%  R 30.15 – 7.05  Y +38.87%  

Sundiro    P 5.03  C -2.9%  R 12.69 – 4.70  Y +0.15%

Jialing    P 7.07  C -9.94%  R 16.34 – 5.27  Y +8.1% 

Lifan    P 9.29  C +4.38%  R 27.99 – 8.15  Y +8.16%

Loncin    P 14.62  C +4.95%  R 39.48 – 12.82  Y +12.39%

Linhai    P 13.37  C N/A  R 14.29 – 7.78  Y N/A [Trading suspended]

Guangzhou Auto    P 16.41  C N/A  R 21.38 – 7.63  Y +100.55%

CHINA (Hong Kong dollar)

Jianshe    P 11.38  C N/A  R 19.99 – 6.85  Y N/A [Trading suspended]

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 6.70  C -0.3%  R 7.93 – 6.46  Y -12.63%

Hong Leong    P 5.11  C +0.2%  R 7.54 – 3.95  Y -20.73%

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

SOUTH KOREA (won)

KR    P 1000  C -1.48%  R 1600 – 798  Y +11.98%

Daelim    P 64,500  C -3.3%  R 98,000 – 50,400  Y -27.09%

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.)