The Hour Glass (SGX:AGS) is asset-backed, family-run, and just made its largest acquisition while the seller was fleeing the brand.
The SEA Analyst,
Thanks for sharing your analysis of The Hour Glass Limited (AGS; HG SP).
I also thought it was interesting, but I did not end up shortlisting it.
Like you said, the investment hinges on whether Rolex will expand into retail and eat AGS' lunch. I've heard both sides of the argument.
But I concluded that even though Rolex said they have no such plans, the fact remains that Rolex has the ability to upend AGS' business overnight.
Thanks for sharing your thinking. The Rolex relationship going back 75 years and the explicit blessing on THGRAU are what give us some comfort, but we don't dismiss the tail risk either. It's a judgement call in the end.
The SEA Analyst,
Thanks for sharing your analysis of The Hour Glass Limited (AGS; HG SP).
I also thought it was interesting, but I did not end up shortlisting it.
Like you said, the investment hinges on whether Rolex will expand into retail and eat AGS' lunch. I've heard both sides of the argument.
But I concluded that even though Rolex said they have no such plans, the fact remains that Rolex has the ability to upend AGS' business overnight.
Thanks for sharing your thinking. The Rolex relationship going back 75 years and the explicit blessing on THGRAU are what give us some comfort, but we don't dismiss the tail risk either. It's a judgement call in the end.