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9 OCTOBER: WEEKLY MOTORCYCLE INDUSTRY SHARE PRICES

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 9 October 2015.

 

The past week has witnessed a strong bounce-back for global equities, reflected in all key market indices. In New York, the S&P 500 rose by 3.29% The UK and Europe were even more bullish than that, with London’s FTSE 1000 and the eurozone’s Eurofirst 300 respectively putting on 4.67% and and 4.44%. The Nikkei 225 in Japan joined the same party, rising by 4.03%. And optimism spread to the leading emerging market index, China’s Shanghai Composite, which posted a 4.27% increase.

Main drivers were the direction of global monetary policy as the US Federal Reserve’s decision to leave interest rates on hold was welcomed and the likelihood of  more stimulus measures from the European Central Bank grew. Recovering oil and commodity prices also helped, particularly in relation to emerging markets. The only note of caution came from the potential disappointments of imminent quarterly financial results releases.

That certainly affected US industrial stocks. Both Harley-Davidson and Polaris, the latter constrained by widespread reports of motorcycle and ATV inventory shortages during its peak sales season, made only marginal gains. Both share prices languish far below their best figures earlier in the year.

Ebullience was definitely the name of the game in Germany. Both BMW and Daimler enjoyed share price hikes of more than 10%. But most amazing was a spectacular 22.7% surge for scandal-engulfed Volkswagen — although it was still 25.3% down on the point in September when revelations about NOx emissions cheating first emerged. KTM climbed by 6.3% in Vienna and Piaggio recovered by 11.7% from recent reversals in Milan.

The same confidence swept eastwards. All five major Indian motorcycle manufacturing stocks improved, as did all their actively trading Chinese counterparts. And the Japanese Big Four bike brands followed suit with consistent price growth.                    

           

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

 

USA (US dollar)

Harley-Davidson    P 55.09  C +0.02%  R 70.41 – 50.64  Y -0.43%

Polaris    P 120.41  C -0.49%  R 159.33 – 115.63  Y -14.36%

Arctic Cat    P 24.09  C -0.25%  R 39.72 – 21.37  Y -21.64%

US Highland    P 0.41  C -1.2%  R 1.05 – 0.13  Y -8.89%

Viper    P 0.0025  C N/A  R N/A  Y N/A

Confederate    P 0.25  C -16.67%  R 0.52 – 0.06  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. Confederate Motors makes Combat Fighter cruisers.

 

CANADA (Canadian dollar)

BRP    P 25.99  C +0.58%  R 29.80 – 20.67  Y +7.98%

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 23.25  C N/A  R 31.60 – 19.15  Y -16.22%

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

 

VIETNAM (Hong Kong dollar)

VMEPH    P 0.49  C -1.02%  R 0.85 – 0.40  Y -3%

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

 

INDONESIA (rupiah)

Astra    P 6700  C +5.93%  R 8575 – 4975  Y +7.62%

Indomobil    P 2900  C +3.57%  R 4310 – 2610  Y -32.21%

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 87.73  C +0.65%  R 123.75 – 72.05  Y +13.26%

Daimler    P 72.17  C +1.11%  R 96.07 – 55.10  Y +32.22%

VW    P 125.20  C +6.25%  R 254.99 – 95.00  Y -14.85%

KTM    P 119.95  C N/A  R 141.00 – 99.69  Y +17.98%

Piaggio    P 2.39  C -0.17%  R 3.18 – 1.93  Y +19.81%

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 335.00  C +1.49%  R 409.00 – 285.61  Y N/A

Pak Suzuki    P 436.00  C -0.27%  R 493.00 – 292.80  Y N/A

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

 

INDIA (rupee)

Hero    P 2564.85  C +0.91%  R 3271.80 – 2251.30  Y -8.72%

Bajaj    P 2449.60  C +0.77%  R 2695.00 – 1912.50  Y +6.15%

TVS    P 239.35  C -0.46%  R 322.30 – 201.00  Y +7.59% 

Eicher    P 18,318.20  C -1.86%  R 21,620.00 – 10,860.00  Y +63.04%

Mahindra    P 1273.35  C +0.06%  R 1442.05 – 1092.15  Y -2.44%

Maharashtra    P 960.30  C +1.08%  R 1200.00 – 785.85  Y +9.22%

Scooters India    P 30.60  C -4.08%  R 38.85 – 21.75  Y +9.68%

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 4005  C +4.05%  R 4499 – 3239  Y +18.01%

Yamaha    P 2734  C +1.71%  R 3245 – 1803  Y +42.85%

Suzuki    P 3990  C +3.48%  R 4780.5 – 3011.5  Y +25.96%

Kawasaki    P 479  C +3.68%  R 647 – 393  Y +20.47%

 

CHINA (yuan)

Qianjiang    P 7.56  C +6.33%  R 17.11 – 5.55  Y +0.27%

Zongshen    P 11.75  C +2%  R 30.15 – 7.05  Y +49.91%  

Sundiro    P 5.03  C N/A  R 12.69 – 4.70  Y N/A [Trading suspended]

Jialing    P 7.98  C +2.97%  R 16.34 – 5.27  Y +7.4% 

Lifan    P 12.27  C N/A  R 27.99 – 8.15  Y +41.24%

Loncin    P 17.14  C +4.7%  R 39.48 – 12.82  Y -1.37%

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

Guangzhou Auto    P 19.36  C +3.75%  R 21.38 – 7.63  Y +135.46%

 

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 7.00  C +0.43%  R 7.93 – 6.46  Y -4.82%

Hong Leong    P 5.81  C -0.68%  R 6.51 – 3.95  Y N/A

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

 

SOUTH KOREA (won)

KR    P 1085  C +0.46%  R 1600 – 831  Y +11.86%

Daelim    P 75,000  C +1.08%  R 98,000 – 50,400  Y +12.95%

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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