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Share prices

25/11/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 22 November 2019. BDN financial editor Roger Willis reports.
   
A flurry of conflicting messages concerning prospects for any resolution of the America’s trade war with China knocked market confidence almost everywhere over the past week — turning the majority of major stock indices negative. Biggest threat came from legislative intervention by the US Senate, supporting pro-democracy protesters currently smashing up Hong Kong, thereby severely annoying the distinctly undemocratic Beijing government. And their schedule for further formal talks looks like being pushed back into the New Year, significantly after President Trump is due to impose additional tariffs on China. However, both he and President Xi Jinping later said a trade agreement was still possible, generating a slight rally on Friday.  

In New York, the S&P 500 and Dow Jones Industrial Average retreated for the first time in nearly two months, with respective weekly losses of 0.3% and 0.5%. Biker stocks were hit much harder, despite benefiting from Friday’s recovery. Harley-Davidson finished 4% down and Polaris sank further, by 4.4%.

Similarly weak European sentiment was compounded by deteriorating economic data afflicting Britain and Germany. Frankfurt’s Xetra Dax index slipped by 0.6% but many automotive shares took a firmer kicking. Volkswagen fell by 2.5% and BMW ended 0.7% lower. In adjacent Austria, Pierer Mobility plunged by 10.6%. The Borsa Italiana’s MIB index fared worse, dropping by 1.4%. Both Piaggio and Energica lost 1.7%.

Japanese eyes were inevitably focused on the disruptive potential of a meltdown in global trading relations through any stretched stand-off between the US and China. Tokyo’s Nikkei 225 index closed 0.8% down and all four indigenous motorcycle manufacturers declined in value. Kawasaki fell the most, by 4.4%. Suzuki lost 2.2% and Yamaha 1.7%. Honda was 1.3% in arrears.

Chinese investors were apparently least-disturbed by bellicosity from Washington and Beijing. Shanghai’s SSE Composite index dropped by a comparitively modest 0.2%. And the 10 listed bike producers in China averaged a 1.5% net gain. There were some big fluctuations within that, though. While Honda JV partner Sundiro stacked on 14.6% and Loncin added 8.8%, Jialing brand owner CETC Energy dived by 7.6% and Yamaha affiliate Jianshe was 4.2% down.

The post-Diwali festive hangover continued to dominate India’s investment mood and Mumbai’s BSE Sensex 30 index finished dead flat week-on-week. But there was no doubt which brand had claimed victory in the annual Diwali motorcycle sales surge. Royal Enfield parent Eicher boasted a muscular 6.7% share price hike, in front of a sorry list of losers. Among them, Mahindra copped a 6.4% spanking and market leader Hero MotoCorp fell by 4%. Bajaj and TVS both lost 2%.           

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

USA (US dollar)

Harley-Davidson    P 36.47  C +1.96%  R 43.69 - 30.17  Y -4.62%
Polaris    P 97.74  C +0.43%  R 104.25 - 70.27  Y +5.72%
Textron    P 46.28  C +0.13%  R 58.00 - 42.30  Y -15.87%
Curtiss    P 0.24  C -6%  R 0.50 - 0.07  Y -21.67%

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 61.39  C -1.06%  R 62.94 - 32.34  Y +42.74%

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 21.00  C -0.24%  R 23.50 - 19.50  Y +11.84%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.22  C N/A  R 0.35 - 0.20  Y -35.29%

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

INDONESIA (rupiah)

Astra    P 6625  C +0.38%  R 8775 - 6250  Y -19.27%
Indomobil    P 1220  C -1.61%  R 3570 - 1195  Y -38.88%

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 74.01  C +0.61%  R 78.30 - 57.99  Y +6.3%
VW    P 176.80  C +0.06%  R 182.55 - 134.30  Y +25.29%
Pierer    P 47.40  C -4.05%  R 59.20 - 45.20  Y -17.24%
Piaggio    P 2.93  C +2.67%  R 3.16 - 1.71  Y +78.78%
Energica    P 2.32  C N/A  R 3.06 - 2.10  Y -14.07%

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 381.77  C +4.79%  R 450.00 - 290.00  Y N/A
Pak Suzuki    P 187.09  C +1.58%  R 340.41 - 148.79  Y N/A

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

INDIA (rupee)

Hero    P 2441.60  C -0.08%  R 3382.70 - 2225.60  Y -13.65%
Bajaj    P 3152.35  C -1.13%  R 3289.50 - 2400.00  Y +24.39%
TVS    P 442.95  C -1.22%  R 594.00 - 338.25  Y -15.74%  
Eicher    P 22,753.20  C +3.64%  R 24,525.00 - 15,196.95  Y -4.9%
Mahindra    P 546.00  C -1.05%  R 814.00 - 502.55  Y -25.78%  
Maharashtra    P 4731.90  C -0.83%  R 4950.00 - 2550.00  Y +85.44%
Scooters India    P 37.10  C +4.95%  R 50.55 - 21.20  Y +6.46%

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 3108  C +0.16%  R 3300 - 2412  Y +2.35%
Yamaha    P 2261  C +0.49%  R 2507 - 1657  Y +4.57%
Suzuki    P 4837  C -2.1%  R 5986 - 3501  Y -8.1%
Kawasaki    P 2440  C +0.62%  R 2980 - 1979  Y -4.39%

CHINA (yuan)

Qianjiang    P 10.51  C -2.23%  R 13.10 - 8.39  Y +3.96%
Zongshen    P 5.19  C +0.39%  R 10.57 - 4.22  Y +4.7%   
Sundiro    P 2.36  C +0.43%  R 4.44 - 1.74  Y -29.76%
CETC    P 4.77  C -0.42%  R 8.12 - 4.27  Y +0.21%
Lifan    P 2.82  C -2.76%  R 9.65 - 2.63  Y -36.2%
Loncin    P 3.57  C -0.56%  R 5.75 - 3.15  Y -19.78%
Linhai    P 6.31  C -1.1%  R 10.26 - 5.28  Y -5.82%
GAG    P 11.23  C +0.18%  R 15.00 - 10.11  Y +11.16%
CFMoto    P 37.00  C -2.37%  R 39.90 - 15.13  Y +115.12%

CHINA (Hong Kong dollar)

Jianshe    P 4.15  C -1.19%  R 8.35 - 4.08  Y -46.03%

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 6.49  C +0.15%  R 6.67 - 5.74  Y +15.97%
Hong Leong    P 9.77  C -0.31%  R 11.60 - 8.34  Y -3.54%

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

SOUTH KOREA (won)

KR    P 455  C N/A  R 619 - 452  Y -10.08%
Daelim    P 91,900  C +2.22%  R 122,500 - 85,800  Y +7.25%

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.)