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Leading Asia-Pacific luxury watch retailer operating authorized boutiques for brands like Rolex and Patek Philippe.
Leading Asia-Pacific luxury watch retailer operating authorized boutiques for brands like Rolex and Patek Philippe.
Sells watches at prices set by the brands, so it earns the retailer's margin, and brands decide how many pieces each boutique is allocated, making its dealer relationships the key asset. Its founding family remains the dominant shareholder.
In one line: A leading Asia-Pacific luxury watch retailer, like a regional Tourneau.
Moat: narrow (distribution, brand, scale). Long-standing authorized dealer relationships with top luxury watch brands across multiple markets.
Headquarters: Singapore · Founded: 1979
Size Hour Glass (AGS.SI) is a Singapore Industrials company (Wholesale Distributors) with a market value of $1.38B, the 61st largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.74 on 6 Nov 2026.
Performance Over six months the shares gained 10.0%, against -4.7% for the median peer and -1.2% for the Singapore market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 18.2% over the last twelve months (peer median +5.8%); the operating margin is 14.9% (peer median 7.6%).
Valuation It trades at 10.4× forward earnings against a peer median of 16.2× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.0 points above its cost of capital (6.1% WACC).
Next results Next results expected around 27 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$1.46B | S$1.34B | S$1.16B | S$1.13B | S$1.12B |
| Revenue growth | — | +15% | +3% | +1% | — |
| Gross profit | S$306M | S$274M | S$239M | S$246M | S$266M |
| EBITDA | S$276M | S$249M | S$214M | S$224M | S$242M |
| Net income | S$200M | S$179M | S$136M | S$156M | S$172M |
| Free cash flow | S$171M | S$194M | S$138M | S$118M | S$67.3M |
| Capital expenditure | S$43.3M | S$31.8M | S$27.9M | S$19.4M | S$94.0M |
| Total debt | n/a | S$209M | S$152M | S$176M | S$168M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hour Glass AGS.SI | $1.38B | +10% | +18% | 15% | 10.4× | -8.7% |
| Watches of Switzerland WOSG.L | $2.34B | +43% | +11% | 10% | 14.1× | 14.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AGS.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | -2.9% | 8th highest of 21 |
| 6-month return | +10.0% | -4.7% | 4th highest of 20 |
| Distance from 52-week high | -6.5% | -33.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +18.2% | +5.8% | 3rd highest of 21 |
| Operating margin | 14.9% | 7.6% | 3rd highest of 21 |
| Forward P/E | 10.4× | 16.2× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.7% | 4.9% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +12.5% | +7.6% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | -21.2 pp | -6.0 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +9.0 pp | +0.0 pp | 4th highest of 21 |
| EV / EBITDA | 6.6× | 10.2× | 5th cheapest of 12 |
| Net debt / EBITDA | 0.2× | 1.0× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hour Glass AGS.SI | Singapore | $1.38B | +10% | +18% | 15% | 10.4× | -8.7% | +12.5% |
| ADI Global Distribution ADIG | United States | $1.39B | n/a | +14% | 4% | 11.9× | n/a | n/a |
| Minmetals Development 600058.SS | China | $1.40B | -22% | -16% | 1% | n/a | 20.4% | -4.7% |
| Shanghai Luoman Technologies 605289.SS | China | $1.35B | -45% | +170% | 13% | 49.9× | 36.2% | +25.7% |
| Mitani 8066.T | Japan | $1.45B | +4% | +1% | 10% | n/a | -12.2% | -3.1% |
| Taikisha 1979.T | Japan | $1.32B | -5% | -1% | 8% | 10.6× | -13.3% | +7.2% |
| Inabata & 8098.T | Japan | $1.31B | +6% | +5% | 3% | n/a | -7.8% | +7.6% |
| ZheJiang Dong Ri 600113.SS | China | $1.48B | -46% | -1% | 16% | n/a | 38.5% | +7.6% |
| Gansu Guofang Industry & Trade (Group) 601086.SS | China | $1.27B | +42% | +17% | 7% | n/a | 33.6% | -4.8% |
| Electrolux Professional EPRO-B.ST | Sweden | $1.52B | +20% | -4% | 10% | 16.2× | 4.9% | +10.9% |
| Xinjiang Zhongtai Chemical 002092.SZ | China | $1.57B | -41% | +7% | 3% | 25.4× | -4.2% | -19.5% |
| Redox RDX.AX | Australia | $1.22B | +2% | +7% | 11% | 17.5× | -7.8% | +10.8% |
| Hillman Solutions HLMN | United States | $1.62B | +6% | +6% | 6% | 13.3× | 17.9% | +2.6% |
| Distribution Solutions DSGR | United States | $1.62B | +27% | +6% | 4% | 40.9× | 15.5% | +41.3% |
| Chengdu Haoneng Technology 603809.SS | China | $1.16B | -23% | +18% | 10% | 20.5× | n/a | n/a |
| Techstorm Advanced Material 601026.SS | China | $1.16B | -33% | +8% | 6% | n/a | n/a | n/a |
| Imdex IMD.AX | Australia | $1.15B | -21% | +21% | 16% | 24.5× | 20.1% | +14.5% |
| Daiichikosho 7458.T | Japan | $1.13B | +6% | +4% | 11% | 13.0× | -6.0% | +11.8% |
| Innovation Medical Management 002173.SZ | China | $1.12B | -29% | -13% | -18% | n/a | n/a | n/a |
| Norinco International Cooperation 000065.SZ | China | $1.72B | -23% | -21% | 9% | 13.5× | -5.1% | +1.1% |
| Anhui Xinhua Media 601801.SS | China | $1.72B | -3% | -16% | 4% | 13.6× | n/a | n/a |