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Share prices

18/11/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 15 November 2019. BDN financial editor Roger Willis reports.
   
It’s increasingly obvious that President Trump and his minions are gaming markets with deliberate US-China trade briefing conflicts on a day-by-day basis, aware that gullible investors will always seek optimism over facts. For instance, in the middle of last week, Trump threatened the Chinese with substantial tariff hikes next month if talks didn’t reach a satisfactory conclusion soon. Anonymous White House officials variously added that negotiations had stumbled over intellectual property and forced technology transfer abuse, agricultural goods purchase quotas and mutual tariff rollbacks.

The very next day, White House economic adviser Larry Kudlow blithely contradicted that direction by saying they were actually getting closer to a trade agreement. Hopes for this preliminary deal instantly revived, leading to sudden net share-price growth on Wall Street. So New York’s S&P 500 index and Dow Jones Industrial Average again finished with weekly rises, this time respectively of 0.9% and 1.2%. Such a revival didn’t stretch to powersport stocks, though. Harley-Davidson dumped recent muscularity, dropping by 3.6%, and Polaris was 1.1% down.

Similar global trade influences mixed with another dose of gloomy economic data from Germany created a seesaw effect in Europe too, but without the upbeat conclusion. Frankfurt’s Xetra Dax ended narrowly positive by just 0.1%, bracketed by the pair of Teutonic automotive giants featuring biker sidelines. Volkswagen put on 0.2% while BMW lost 0.7%. Pierer Mobility, which has immediately taken over high-profile promotion of recently-acquired GasGas alongside KTM and Husqvarna, attracted more monied interest, leaping upwards by 6%.

Italy was marginally better off. Milan’s MIB index rose by 0.2% and powered two-wheelers were apparently a popular punt, post-EICMA. Piaggio climbed by 4.2%. Energica managed a modest 0.9% improvement.

The Japanese were still mulling over quarterly corporate results and there wasn’t much in the way of confidence oozing forth from investor wallets. Tokyo’s Nikkei 225 index closed 0.4% down. Yamaha — which had just delivered its own news — stacked on 5%, after thus-revealed Q3 performance wasn’t as bad as some had anticipated. Honda was also up, by 2.5%. Suzuki and Kawasaki, both consigned to the naughty step results-wise, suffered respective 2.1% and 1.7% losses.

If the Americans thought a satisfactory trade-deal prospect may be just around the corner, the Chinese didn’t agree. The Shanghai SSE Composite index sank firmly by 2.5% and China’s 10 listed motorcycle manufacturers averaged a 3.8% decline. A solitary trend-bucker, CFMoto, improved by 3.4%. The other nine were consistently negative. Worst performer was Benelli parent Qianjiang, plunging by 13.7%.

Mince pies, plum pudding or whatever Indians eat at Diwali is now a receding memory. And evidently so is any bonhomie engendered by stronger PTW sales during India’s festive period. Although the Sensex 30 index in Mumbai suffered only a very minor 0.1% fall over the past week, leading bike producers were hit harder. Top dog Hero MotoCorp dropped by 3.9% and Royal Enfield parent Eicher was 1.7% down. Bajaj and TVS fell respectively by 1% and 0.1%.        

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

USA (US dollar)

Harley-Davidson    P 37.97  C +0.82%  R 43.69 - 30.17  Y -4.25%
Polaris    P 102.29  C +1.31%  R 104.25 - 70.27  Y +9.16%
Textron    P 47.06  C +1.55%  R 58.00 - 42.30  Y -16.72%
Curtiss    P 0.18  C N/A  R 0.50 - 0.07  Y -48.57%

Notes: Polaris makes Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Textron produces own-brand ATVs and Arctic Cat snowmobiles. Curtiss Motorcycles, formerly Confederate Motors, makes limited-edition cruisers.

CANADA (Canadian dollar)

BRP    P 61.86  C +0.34%  R 62.63 - 32.34  Y +29.78%

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

TAIWAN (Taiwanese dollar)

SYM    P 21.15  C -2.53%  R 23.50 - 19.40  Y +13.22%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.22  C -1.53%  R 0.35 - 0.20  Y -37,14%

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

INDONESIA (rupiah)

Astra    P 6525  C -0.76%  R 8775 - 6250  Y -21.19%
Indomobil    P 1215  C -2.41%  R 3570 - 1195  Y -37.89%

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 74.52  C +1.71%  R 78.30 - 57.99  Y +6.13%
VW    P 181.40  C +1.06%  R 182.55 - 134.30  Y +31.53%
Pierer    P 53.00  C -1.49%  R 67.40 - 49.45  Y -16.98%
Piaggio    P 2.98  C -1.06%  R 3.16 - 1.71  Y +77.14%
Energica    P 2.36  C N/A  R 3.06 - 2.10  Y -12.59%

Notes:  Volkswagen Group owns Ducati. Pierer Mobility owns KTM, Husqvarna and GasGas. Energica Motor is an Italian electric superbike manufacturer.

PAKISTAN (Pakistani rupee)

Atlas Honda    P 350.70  C +5%  R 450.00 - 290.00  Y N/A
Pak Suzuki    P 196.63  C +4.9%  R 340.41 - 148.79  Y N/A

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

INDIA (rupee)

Hero    P 2543.20  C -1.87%  R 3382.70 - 2225.60  Y -10.2%
Bajaj    P 3215.35  C -0.56%  R 3289.50 - 2400.00  Y +23.14%
TVS    P 451.80  C +0.78%  R 594.00 - 338.25  Y -17.59%  
Eicher    P 21,324.05  C -1.09%  R 25,350.00 - 15,196.95  Y -10.27%
Mahindra    P 583.05  C +0.8%  R 814.00 - 502.55  Y -22.85%  
Maharashtra    P 4822.65  C +0.02%  R 4950.00 - 240200  Y +99.44%
Scooters India    P 43.50  C -4.92%  R 50.55 - 21.20  Y +34.47%

Notes: Hero MotoCorp is India’s largest indigenous bike manufacturer. Bajaj has a major shareholding in KTM and contractual manufacturing ties with it. TVS is an own-brand manufacturer and BMW Motorrad contractor. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has an eponymous bike range, recently became sole proprietor of French scooter brand Peugeot and owns formerly British BSA and branding rights for Czech Jawa. Maharashtra Scooters assembles CKD scooter kits sourced from Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3150  C +0.35%  R 3300 - 2412  Y +2.18%
Yamaha    P 2301  C +0.26%  R 2507 - 1657  Y +5.21%
Suzuki    P 4947  C -1.12%  R 5986 - 3501  Y -6.03%
Kawasaki    P 2552  C +0.91%  R 2980 - 1979  Y -1.2%

CHINA (yuan)

Qianjiang    P 10.66  C -3.96%  R 13.10 - 8.39  Y +0.28%
Zongshen    P 5.16  C -0.96%  R 10.57 - 4.22  Y +3.09%   
Sundiro    P 2.06  C -1.9%  R 4.44 - 1.74  Y -44.62%
CETC    P 5.16  C -0.39%  R 8.12 - 4.27  Y +11.69%
Lifan    P 2.70  C -0.74%  R 9.65 - 2.68  Y -37.93%
Loncin    P 3.28  C N/A  R 5.75 - 3.22  Y -27.43%
Linhai    P 6.38  C -1.09%  R 10.26 - 5.28  Y -4.35%
GAG    P 10.95  C -0.55%  R 15.00 - 10.11  Y +4.67%
CFMoto    P 37.55  C -2.03%  R 39.90 - 15.13  Y +116.34%

CHINA (Hong Kong dollar)

Jianshe    P 4.33  C +0.7%  R 8.35 - 4.15  Y -47.58%

Notes: Qianjiang owns the Keeway and Benelli brands and is a contract manufacturer for Harley-Davidson. Zongshen makes own-brand bikes and proprietary engines, including a 650cc motor licensed from Norton, and has JV partnerships with Piaggio, (scooters), and Harley-Davidson (parts). Sundiro is a Honda JV partner. CETC Energy makes Jialing-branded bikes using Honda licensed technology, lithium-ion batteries and pedelecs. Lifan makes own-brand bikes. Loncin is a Kawasaki JV partner, OEM engine contractor to BMW Motorrad and MV Agusta JV partner. Linhai and Jianshe are Yamaha JV partners. Guangzhou Automobile Group (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang. CFMoto makes bikes and ATVs, exporting to the UK, and has a JV partnership with KTM.

MALAYSIA (ringgit)

Oriental Holdings    P 6.50  C +0.31%  R 6.67 - 5.74  Y +16.15%
Hong Leong    P 10.18  C +0.2%  R 11.60 - 8.34  Y +1.27%

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

SOUTH KOREA (won)

KR    P 480  C -0.62%  R 619 - 460  Y -9.43%
Daelim    P 93,800  C +3.42%  R 122,500 - 80,000  Y +13.51%

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.)