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HomeNEWSFINANCIAL6 MARCH — WEEKLY MOTORCYCLE INDUSTRY SHARE GUIDE

6 MARCH — WEEKLY MOTORCYCLE INDUSTRY SHARE GUIDE

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 6 March 2015.

Good news about the US economy proved to be bad news for Wall Street investors in the past week. American payroll data for February showed another 295,000 new jobs had been created, the 12th successive monthly rise taking US unemployment down to 5.5 per cent. This information promptly provoked heightened expectations of an imminent interest rise from the Federal Reserve and therefore a share sell-off, knocking the S&P 500 index into a 1.1 per cent weekly decline. Utilities were the worst-performing sector but industrials, including both Harley-Davidson and Polaris, suffered too.

Conversely, currency-trader gloom in Europe — where the euro weakened in advance of next week’s inaugural European Central Bank money-printing bonanza — lifted stock prices. Export-driven companies will cash in on a puny euro, of course, and Germany’s three big automotive groups with motorcycling side interests are all in that bracket. Consequentially, this Teutonic trio posted solid improvements, all hitting 12-month highs on Friday  as the FTSE Eurofirst 300 index rose by 0.5 per cent.

In India, Bombay Stock Exchange activists digested details of last weekend’s government budget announcement and a subsequent sudden interest rate cut, and apparently decided they were less than impressed. Apart from trend-bucking TVS, every major motorcycle manufacturer lost value, including the market’s star performer Royal Enfield parent Eicher.

Japan trumpeted a 0.9 per cent rise for the Nikkei 225, its fourth consecutive weekly advance, but interest in bike-related shares was mixed. Honda and Yamaha were up while Suzuki and Kawasaki fell. There was no confusion about the way forward in China, though, with almost every single bike producer gaining ground following stronger economic growth forecasts.     

 

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

 

USA (US dollar)

Harley-Davidson    P 62.06  H 63.26  L 61.96  C -1.49%  R 74.13 – 54.22  Y -7.31%

Polaris    P 148.79  H 151.68  L 148.65  C -1.96%  R 159.33 – 124.728  Y +9.25%

Arctic Cat    P 36.98  H 38.226  L 36.61  C -2.25%  R 50.10 – 26.00  Y -23.7%

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

Viper    P 0.0025  H 0.0025  L 0.0025  C -3.85%  R 0.05 – 0.0012  Y N/A

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 21.44  H 22.54  L 21.31  C -0.34%  R 31.98 – 20.67  Y -28.53%

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 114.935  H 116.30  L 114.35  C +0.63%  R 116.30 – 74.74  Y +44.28%

Daimler    P 89.432  H 90.51  L 88.94  C +0.31%  R 90.51 – 55.10  Y +36.29%

Piaggio    P 2.838  H 2.85  L 2.816  C +0.21%  R 3.092 – 1.93  Y +15.65%

KTM    P 125.05  H 128.35  L 120.00  C +7.8%  R 141.00 – 71.50  Y +74.54%

VW    P 225.841  H 227.90  L 223.05  C +1.06%  R 227.90 – 147.35  Y +28.18%

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 2609.45  H 2636.75  L 2584.60  C -0.49%  R 3271.80 – 1985.65  Y +34.69%

Bajaj    P 2118.65  H 2139.60  L 2105.60  C -0.16%  R 2695.00 – 1840.10  Y +10.74%

TVS    P 292.35  H 293.70  L 285.00  C +1.05%  R 322.30 – 84.00  Y +241.35% 

Eicher    P 16,001.10  H 16,188.00  L 15,860.00  C -0.29%  R 17,200.00 – 5378.55  Y +196.07%

Mahindra    P 1228.65  H 1234.65  L 1204.00  C +1.45%  R 1433.70 – 951.16  Y +26.4%

Maharashtra    P 841.30  H 867.00  L 830.00  C +0.83%  R 1124.00 – 442.50  Y +80.12%

Scooters India    P 30.10  H 31.90  L 30.00  C -1.63%  R 38.85 – 14.55  Y +98.68%

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 an own-brand motorcycle range and a majority stake in French scooter brand Peugeot. 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 370.00  H 370.95  L 370.00  C -2.37%  R 405.30 – 209.00  Y N/A

Pak Suzuki    P 432.01  H 433.00  L 425.00  C +1.37%  R 450.85 – 160.00  Y N/A

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

 

JAPAN (yen)

Honda    P 4068.5  H 4068.5  L 3983  C +2.4%  R 4068.5 – 3239  Y +9.41%

Yamaha    P 2998  H 2998  L 2963  C +1.42%  R 3045 – 1445  Y +94.94%

Suzuki    P 3633.5  H 3644.5  L 3585  C +0.08%  R 4041 – 2526  Y +33.43%

Kawasaki    P 559  H 559  L 551  C +1.45%  R 589 – 350  Y +36.79%

 

CHINA (yuan)

Qianjiang    P 6.96  H 7.09  L 6.94  C -1.56%  R 7.89 – 4.90  Y +18.97%

Zongshen    P 10.63  H 11.01  L 10.63  C -2.57%  R 11.10 – 4.37  Y +113.03%  

Sundiro    P 5.42  H 5.51  L 5.38  C -1.28%  R 5.95 – 3.61  Y +33.57%

Jialing    P 8.89  H 9.26  L 8.33  C +3.98%  R 9.28 – 3.53  Y +135.81% 

Lifan    P 9.78  H 10.29  L 9.77  C -3.17%  R 10.64 – 6.33  Y +53.76%

Loncin    P 15.88  H 16.44  L 15.77  C -1%  R 18.81 – 8.24  Y +65.25%

Linhai    P 10.03  H 10.42  L 9.69  C +2.98%  R 11.39 – 5.10  Y +87.01%

 

CHINA (Hong Kong dollar)

Jianshe    P 7.82  H 7.82  L 7.70  C +1.03%  R 9.40 – 5.41  Y +38.65% 

Guangzhou Auto    P 7.21  H 7.27  L 7.05  C +1.41%  R 9.87 – 6.58  Y +5.56%

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 0.475  H 0.475  L 0.465  C +4.4%  R 0.69 – 0.40  Y -8.65%

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 27.30  H 27.50  L 27.15  C +0.55%  R 60.80 – 25.20  Y -53.96%

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

 

MALAYSIA (ringgit)

Oriental Holdings    P 7.03  H 7.05  L 7.03  C N/A  R 8.10 – 6.48  Y -1.33%

Hong Leong    P 4.49  H 4.50  L 4.48  C +0.22%  R 7.543 – 3.95  Y -15.72%

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 8075  H 8075  L 7875  C +2.87%  R 8175 – 6325  Y +18.87%

Indomobil    P 4000  H 4000  L 4000  C N/A  R 5225 – 3050  Y -22.75%

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 1385  H 1410  L 1325  C +0.73%  R 1495 – 571  Y +124.84%

Daelim    P 67,800  H 68,100  L 66,100  C +0.3%  R 94,300 – 50,400  Y -23.7%

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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