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share prices and market analysis

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 17 February 2017. BDN financial editor Roger Willis reports.

Trusting Trump’s tax promises was still Wall Street’s catchphrase for most of the past week, pushing stock market indices to several more record spikes. But as a long weekend to celebrate US founding father George Washington’s birthday approached, caution set in again. The S&P 500 sank on Friday to finish 1.2% up. Some industrials lost a lot of their shine, though, and these included Harley-Davidson and Polaris Industries — respectively 0.7% and 1% down.

European sentiment moved in a more tentative manner. The eurozone’s Eurofirst 300 climbed by just 0.8%, soured in particular by falling bank shares. Germany’s big automotives — all index members — were spread across that marker. VW marginally beat it with a 0.9% rise, Daimler didn’t quite keep the pace with a 0.5% improvement and BMW was almost exactly dead flat. In Austria, KTM retreated from last week’s all-time peak by 2.2%. Profit-taking rather than anything concrete was probably responsible. Big surprise was a sharp 6% upwards surge for Piaggio on Milan’s Borsa Italiana, confounding a modest 0.4% weekly increase for its local FTSE MIB index.

The previous week’s party was over in Japan as sudden yen recovery against the US dollar spoilt the mood for exporters and the Nikkei 225 fell by 0.7%. Only Yamaha rode out rough with smooth to post a second consecutive weekly gain, this time 2% up. Honda was marginal on a 0.5% drop. Suzuki and Kawasaki suffered respective 2% and 1.6% losses.

Emerging markets were on the confused side of positive, with little clear direction. India’s BSE Sensex rose by 0.5%. But the biggest Indian motorcycle manufacturer Hero MotoCorp plunged by 5.5%. Runner-up Bajaj was also a loser, 0.8% down. In contrast, BMW Motorrad associate TVS stacked on 3.5% to hit a record high and Royal Enfield parent Eicher added 4.3%.

China’s Shanghai Composite index struggled to gain any traction, lifting a mere 0.2%. But six of the nine listed Chinese bike producers experienced weekly reversals, mostly slight. The exceptions were Yamaha JV partner Jianshe, which lost a painful 5%, and a 3.2% fall for Loncin. Best up-tick was a 3.8% rise for Jialing.

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

USA (US dollar)

Harley-Davidson    P 56.93  C +0.9%  R 62.35 – 40.91  Y +39.24%

Polaris    P 87.16  C +0.8%  R 104.25 – 70.14  Y +4.08%

Arctic Cat    P 18.55  C +0.16%  R 19.82 – 12.13  Y +15.72%

US Highland    P 0.0004  C N/A  R 0.22 – 0.0002  Y N/A

Confederate    P 0.03  C N/A  R 0.27 – 0.03  Y N/A

Notes: Polaris makes Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Arctic Cat makes ATVs and snowmobiles. US Highland makes off-road bikes. Confederate Motors makes limited-edition cruisers.

CANADA (Canadian dollar)

BRP    P 26.56  C -0.67%  R 29.09 – 14.58  Y +68.85%

Notes: Bombardier Recreational Products makes Can-Am ATVs and Spyder road trikes, Ski-Doo snowmobiles, Sea-Doo PWCs and Rotax proprietary engines.

TAIWAN (Taiwanese dollar)

Sanyang    P 20.65  C +0.24%  R 23.90 – 20.00  Y +1.63%

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

VIETNAM (Hong Kong dollar)

VMEPH    P 0.54  C -1.82%  R 0.61 – 0.36  Y +45.95%

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

INDONESIA (rupiah)

Astra    P 7900  C -2.47%  R 8875 – 6000  Y +15.58%

Indomobil    P 1295  C N/A  R 2145 – 1250  Y -36.09%

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 85.03  C -0.57%  R 91.76 – 63.38  Y +20.41%

Daimler    P 67.52  C +0.4%  R 73.23 – 50.83  Y +12.65%

VW    P 145.30  C -1.53%  R 157.40 – 113.65 Y +24.06%

KTM    P 5.67  C -1.36%  R 5.80 – 3.30  Y +65.59%

Piaggio    P 1.58  C -1.12%  R 2.11 – 1.39  Y -11.48%

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

PAKISTAN (Pakistani rupee)

Atlas Honda    P 580.00  C +3.53%  R 648.00 – 351.00  Y N/A

Pak Suzuki    P 692.20  C -2.05%  R 735.00 – 363.01  Y N/A

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

INDIA (rupee)

Hero    P 3087.20  C -1.19%  R 3740.00 – 2438.00  Y +25.16%

Bajaj    P 2778.90  C -0.17%  R 3122.00 – 2171.95  Y +20.72%

TVS    P 425.70  C +0.78%  R 429.50 – 256.00  Y +52.16%

Eicher    P 25,040.30  C -1.15%  R 26,641.30 – 17,895.00  Y +33.91%

Mahindra    P 1317.15  C -0.2%  R 1508.95 – 1141.40  Y +10.64%

Maharashtra    P 1722.00  C +1.01%  R 2170.00 – 1075.00  Y +53.69%

Scooters India    P 38.15  C -3.42%  R 44.85 – 22.65  Y +34.81%

Notes: Hero MotoCorp is a 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 BMW Motorrad contractor. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has an own-brand bike range, a majority stake in French scooter brand Peugeot and owns formerly British BSA brand rights. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3586  C -0.64%  R 3675 – 2417  Y +24.94%

Yamaha    P 2578  C -1.04%  R 2834 – 1409  Y +48.27%

Suzuki    P 4420  C -1.82%  R 4568 – 2450  Y +59.76%

Kawasaki    P 360  C -1.1%  R 411 – 257  Y +22.98%

CHINA (yuan)

Qianjiang    P 17.95  C -0.88%  R 20.48 – 7.74  Y +128.66%

Zongshen    P 9.04  C -1.09%  R 11.53 – 8.08  Y -6.96%

Sundiro    P 7.77  C -1.65%  R 9.94 – 6.28  Y N/A

Jialing    P 10.47  C -1.97%  R 12.01 – 6.26  Y +50.86%

Lifan    P 9.02  C -1.31%  R 12.91 – 8.31  Y -15.06%

Loncin    P 21.61  C -0.87%  R 25.35 – 14.88  Y +20.62%

Linhai    P 18.24  C -0.92%  R 21.57 – 8.68  Y +72.73%

GAG    P 24.40  C -1.25%  R 26.27 – 18.10  Y +17.58%

CHINA (Hong Kong dollar)

Jianshe    P 12.11  C -2.57%  R 17.25 – 11.25  Y -26.83%

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 (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang.

MALAYSIA (ringgit)

Oriental Holdings    P 6.48  C N/A  R 7.52 – 6.47  Y -1.59%

Hong Leong    P 9.52  C -0.73%  R 10.08 – 5.67  Y +70.36%

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

SOUTH KOREA (won)

KR    P 795  C +0.38%  R 1350 – 661  Y -29.96%

Daelim    P 81,700  C -0.61%  R 94,300 – 72,500  Y +2.25%

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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