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Share prices

09/12/2019

A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 6 December 2019. BDN financial editor Roger Willis reports.
   
Conflicting rumours and a studied lack of solid information about the progress of US-China trade talks subdued New York investors for much of the past week. Wall Street indices headed for a negative outcome until Friday, when American employment growth figures for November, massively exceeding analyst forecasts, were released. This upbeat jobs data generated an immediate mood swing and the S&P 500 crept back into black ink with a 0.2% weekly gain. The Dow Jones Industrial Average didn’t quite make it, closing 0.1% down. Harley-Davidson shares bounced sharply, to finish 1.5% up. Polaris and Textron weren’t so fortunate, both losing 2.3%.

News that German industrial output — the key indicator for eurozone prosperity — had fallen by 5.3% in October upset the apple cart right across Europe and market indices sank abruptly on Tuesday. But some recovery was evident by the weekend. Frankfurt’s Xetra Dax eventually closed 0.5% in arrears. However, BMW and Volkswagen inexplicably bucked the trend (and countered their losses of the previous week) with respective 0.7% and 1.5% rises. Pierer Mobility in adjacent Austria didn’t share such luck, though, copping a third consecutive weekly decline, this time by 1.7%. The Borsa Italiana’s MIB index finished just 0.3% in the red at end of play on Friday. But biker stocks were less popular. Piaggio and Energica dropped respectively by 3.8% and 3.6%.

Elsewhere in the developed world, sentiment was a bit brighter. The Japanese government genuflected by unilaterally abolishing tariffs on imported US agricultural products — including hormone-adulterated beef for teriyaki. In return, Trump is expected to withdraw his threat of punitive duties on Japanese automotive exports to America. Indigenous investors responded tentatively, pushing Tokyo’s Nikkei 225 index 0.3% higher. Kawasaki and Yamaha straddled that average with respective 0.5% and 0.2% rises. Honda (a major exporter to the US) did much better, climbing by 2.5%. Suzuki fell by 3.3%, which was related to a different automotive issue — latest news on its plunging car sales in India.

The Indians are increasingly unhappy about their economic woes too. Mumbai’s BSE Sensex 30 retreated by 0.9% and virtually all local motorcycle producers took more severe punishment. Royal Enfield parent Eicher plunged by 8.6%. TVS was 6.9% down. Mahindra and market leader Hero were respectively lower by 3.8% and 2.9%. Bajaj, as the only significant Indian bike exporter, managed to make a solitary gain of 0.9% — although Maharashtra Scooters, of which it’s the majority shareholder and main component supplier, sank by 5.8%.

Finally, it appears that China is now far less concerned about the trade stand-off than America. Shanghai’s SSE Composite index boasted a reasonable 1.4% improvement and the 10 listed Chinese bike manufacturers averaged 2.9% share price growth. Only one of them was negative, Guangzhou Auto by 1.1%. Honda JV partner Sundiro and Lifan stood out, thanks to respective 13.1% and 7% gains.      

                   

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

USA (US dollar)

Harley-Davidson    P 36.91  C +2.87%  R 41.40 - 30.17  Y +0.67%
Polaris    P 95.50  C +1.15%  R 104.25 - 70.27  Y +11.07%
Textron    P 45.17  C +0.44%  R 58.00 - 42.30  Y -11.67%
Curtiss    P 0.14  C N/A  R 0.50 - 0.07  Y -53.33%

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 63.88  C +0.17%  R 67.32 - 32.34  Y +64.9%

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 21.10  C +0.96%  R 23.50 - 19.70  Y +10.41%

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

VIETNAM (Hong Kong dollar)

VMEPH    0.22  C -4.72%  R 0.35 - 0.20  Y -28.39%

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

INDONESIA (rupiah)

Astra    P 6775  C +1.12%  R 8625 - 6250  Y -13.88%
Indomobil    P 1000  C +0.5%  R 3570 - 970  Y -55.86%

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 73.70  C +1.15%  R 78.30 - 57.99  Y +8.69%
VW    P 175.80  C +0.75%  R 182.55 - 134.30  Y +30.31%
Pierer    P 46.20  C +0.43%  R 59.00 - 45.20  Y -19.06%
Piaggio    P 2.82  C -0.49%  R 3.16 - 1.71  Y +65.36%
Energica    P 2.38  C +2.15%  R 3.06 - 2.10  Y -3.64%

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 387.25  C -3.19%  R 433.67 - 290.00  Y N/A
Pak Suzuki    P 290.93  C +0.26%  R 340.41 - 148.79  Y N/A

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

INDIA (rupee)

Hero    P 2362.20  C -1.44%  R 3382.70 - 2225.60  Y -19.47%
Bajaj    P 3206.10  C -1.14%  R 3289.50 - 2400.00  Y +20.56%
TVS    P 444.15  C -1.78%  R 594.00 - 338.25  Y -16.32%  
Eicher    P 20,920.00  C -2.32%  R 24,349.55 - 15,196.95  Y -5.1%
Mahindra    P 510.20  C -2.77%  R 814.00 - 502.55  Y -27.22%  
Maharashtra    P 4468.20  C +1.68%  R 4950.00 - 2833.05  Y +51.87%
Scooters India    P 30.40  C -5%  R 50.55 - 21.20  Y +12.77%

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 kits sourced from controlling parent Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks.

JAPAN (yen)

Honda    P 3144  C +0.48%  R 3290 - 2412  Y +6.2%
Yamaha    P 2292  C -0.13%  R 2507 - 1657  Y +7.23%
Suzuki    P 4697  C -0.15%  R 5986 - 3501  Y -11.9%
Kawasaki    P 2470  C +0.12%  R 2980 - 1979  Y -2.24%

CHINA (yuan)

Qianjiang    P 10.85  C -0.55%  R 13.10 - 8.39  Y +11.28%
Zongshen    P 5.36  C -0.56%  R 10.57 - 4.22  Y +12.74%   
Sundiro    P 2.59  C +1.17%  R 4.44 - 1.74  Y -34.26%
CETC    P 5.07  C +3.26%  R 8.12 - 4.27  Y +13.93%
Lifan    P 3.06  C -+3.38%  R 9.65 - 2.63  Y -31.24%
Loncin    P 3.62  C +1.4%  R 5.75 - 3.15  Y -17.54%
Linhai    P 6.37  C +0.16%  R 10.26 - 5.28  Y -0.93%
GAG    P 11.68  C -0.43%  R 15.00 - 10.14  Y +15.5%
CFMoto    P 37.30  C -3.73%  R 39.90 - 15.13  Y +113.81%

CHINA (Hong Kong dollar)

Jianshe    P 4.40  C +0.46%  R 8.35 - 4.02  Y -41.18%

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 6.48  C +0.15%  R 6.67 - 5.78  Y +16.18%
Hong Leong    P 10.48  C -0.38%  R 11.60 - 8.34  Y +20.96%

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

SOUTH KOREA (won)

KR    P 278  C +0.72%  R 619 - 273  Y -44.95%
Daelim    P 86,100  C -1.26%  R 122,500 - 85,800  Y -9.02%

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.)