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HomeNEWSINTERNATIONAL11 APRIL — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

11 APRIL — WEEKLY MOTORCYCLE INDUSTRY SHARE PRICE GUIDE

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 11 April 2014.

Suddenly concerned that valuations of formerly hot-to-trot stocks were overcooked, major hedge funds began exiting some of their big shareholdings in New York this week. This provoked a rush to follow like lemmings among less-savvy investors. The consequence was rapidly shrivelling US indexes. The S&P 500 dropped by 2.6 per cent to its lowest level since January while NASDAQ’s Composite lost 3.1 per cent. The Dow Jones Industrial Average was 2.4 per cent down.

Sell-offs across the board affected most American blue-chips and motorcycle manfacturers weren’t exempt. Harley-Davidson fell by 3.4 per cent and Polaris took a bigger 6.3 per cent hit, week-on-week.

However, where America led, investors elsewhere didn’t necessarily follow — although most global markets weakened. In Europe, KTM put on 5.7 per cent, climbing back to finish on its all-time record peak — but there are often-repeated special circumstances behind that. Piaggio declined by 4.4 per cent from the previous week’s optimistic closure.

India experienced some negativity with a bit of a sell-off afflicting its biggest bike stocks, becoming more widespread towards Friday. But this had nothing to do with events in the USA. It was general election week there, as 800 million voters went to the polls in the world’s largest democracy. Amusingly, state-subsidised basket case Scooters India added a further 4.3 per cent to a series of steady recoveries. Presumably investors anticipate another dose of bail-out largesse from the incoming government once an election result is released.

Japan, which is much closer commercially to America than its geographical location suggests, certainly sank broadly in line with New York and Tokyo’s Nikkei 225 index slumped by 2.4 per cent. Honda’s share price fell to its lowest point in the past year and Yamaha, Suzuki and Kawasaki were also negative week-on-week.

The Chinese didn’t take much notice, though. The CSI index covering exchanges in Shanghai and Shenzhen dipped by only a marginal 0.14 per cent. And the majority of China’s bike manufacturers were buoyant. Most notably, Honda-related Jialing stacked on 11.3 per cent over five days of trading, with a ten per cent rise credited to Friday alone.       
                                  
Price (P) High (H) Low (L) Change (C) 52-week range (R) One-year return (Y)  

USA (US dollar)

Harley-Davidson    P 65.51  H 67.00  L 65.48  C -1.68%  R 70.04 – 49.15  Y +27.8%

Polaris    P 130.50  H 133.36  L 130.02  C -1.05%  R 146.99 – 83.195 Y +49.31%

Arctic Cat    P 44.00  H 44.70  L 43.645  C -1.03%  R 61.13 – 40.13  Y +4.35%

US Highland    P 0.22  H 0.22  L 0.22  C -15.71%  R 0.45 – 0.22  Y -37.14%

Viper    P 0.018  H 0.018  L 0.018  C -28%  R 0.10 – 0.001  Y -41.94%

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 29.17  H 29.41  L 29.04  C -0.34%  R 31.98 – 21.50  Y N/A

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.


EUROPE (euro)

BMW    P 89.69  H 90.63  L 89.03  C +0.23%  R 94.23 – 63.27  Y +37.06%

Piaggio    P 2.784  H 2.874  L 2.752  C -4%  R 2.974 – 1.83  Y +48.71%

KTM    P 84.00  H 84.00  L 81.00  C N/A  R 84.00 – 50.15  Y N/A

VW    P 189.60  H 191.80  L 187.95  C -0.55%  R 198.43 – 131.30  Y +38.09%

Notes: Volkswagen is the owner of Ducati Motor Holding


INDIA (rupee)

Hero    P 2174.05  H 2211.00  L 2164.35  C -1.51%  R 2320.00 – 1434.05  Y N/A

Bajaj    P 2007.55  H 2028.00  L 1990.65  C -0.72%  R 2195.00 – 1680.00  Y +19.45%

TVS    P 92.65  H 94.30  L 92.10  C -1.85%  R 101.50 – 28.10  Y N/A  

Eicher    P 6105.50  H 6329.60  L 6070.80  C -3.52%  R 6374.00 – 2611.15  Y +122.72%

Mahindra    P 1005.50  H 1020.00  L 998.05  C -1.53%  R 1054.90 – 740.15  Y N/A

Maharashtra    P 488.25  H 497.50  L 484.65  C -0.87%  R 545.90 – 326.65  Y +37.12%

Scooters India    P 18.35  H 19.10  L 18.25  C +0.82%  R 24.20 – 13.50  Y -11.35%

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 318.00  H 325.00  L 318.00  C -0.63%  R 325.99 – 136.80  Y N/A

Pak Suzuki    P 217.50  H 224.00  L 214.55  C -2.48%  R 232.64 – 105.51  Y N/A

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


JAPAN (yen)

Honda    P 3445  H 3462  L 3340  C +0.73%  R 4405 – 3340  Y N/A

Yamaha    P 1605  H 1611  L 1572  C -0.06%  R 1825 – 1217  Y +19.2%

Suzuki    P 2643  H 2657  L 2583  C +0.08%  R 2982 – 2051  Y +12.92%

Kawasaki    P 368  H 370  L 362  C -1.34%  R 496 – 283  Y N/A


CHINA (yuan)

Qianjiang    P 5.63  H 5.67  L 5.57  C +0.18%  R 6.54 – 4.27  Y N/A

Qingqi    P 4.43  H 4.44  L 4.26  C +3.5%  R 5.19 – 3.34  Y N/A

Zongshen    P 5.50  H 5.58  L 5.33  C +2.04%  R 5.77 – 3.92  Y N/A   

Sundiro    P 3.98  H 4.03  L 3.97  C -1.24%  R 4.84 – 3.37  Y -15.25%

Jialing    P 4.15  H 4.15  L 3.75  C +10.08%  R 4.68 – 2.90  Y +9.21%  

Lifan    P 7.24  H 7.32  L 7.15  C -0.28%  R 7.64 – 5.11  Y +21.14%

Loncin    P 9.55  H 9.64  L 9.36  C +2.03%  R 11.10 – 6.78  Y +2.5%

Linhai    P 5.81  H 5.86  L 5.71  C N/A  R 6.30 – 4.42  Y N/A


CHINA (Hong Kong dollar)

Jianshe    P 5.90  H 5.95  L 5.83  C N/A  R 6.80 – 5.16  Y N/A  

Guangzhou Auto    P 8.73  H 9.08  L 8.62  C -2.46%  R 10.94 – 5.59  Y +50.59%

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 0.49  H 0.51  L 0.49  C N/A  R 0.70 – 0.45  Y –27.94%

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 44.50  H 46.30  L 43.85  C -4.61%  R 63.00 – 24.25  Y +84.17%

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


MALAYSIA (ringgit)

Oriental Holdings    P 7.54  H 7.77  L 7.30  C +3.29%  R 10.64 – 6.95  Y -23.99%

Hong Leong    P 6.56  H 6.60  L 6.55  C -0.61%  R 6.65 – 4.15  Y +62.31%

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 7675  H 7750  L 7450  C +1.99%  R 8050 – 5100  Y +3.38%

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)

S&T    P 918  H 927  L 902  C N/A  R 985 – 414  Y +106.76%

Daelim    P 85,300  H 86,000  L 84,100  C -1.61%  R 110,000 – 69,900  Y N/A

Notes: 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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