Michael Tung, CEO, Time Watch. NextInsight file photo
TIME WATCH is keeping watch on the possibility of a dual listing in Shanghai or Hong Kong, reported The Business Times this morning.
The reasons propelling the company seem no different from those of a spate of other Singapore-listed companies who have recently announced dual listing plans.
Time Watch, which is listed on the Singapore Exchange, is grieving over its relatively low valuations and low liquidity.
Time Watch, at 15.5 cents, trades at 5X last year's earnings while its peers are said to trade at as high as 13X.
Its CEO, Michael Tung, said its stock performance has been a disappointment, and described the Singapore stock market as a "stagnant pond".
"People in China can see our stores and they know we're growing, but investors here just don't know," he told BT.
Time Watch is in the business of manufacturing and retailing its two proprietary brands: China-made Tian Wang and Swiss-label Balco.
Tian Wang was reportedly China’s second best-selling watch with a 10% market share in unit sales.
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Net profit rose 7.5% to HK$17.6 million.
Interestingly, the cashflow from operations was HKHK$46.2 million, up from HK$12.7 million in the corresponding period of the previous year.
Its cash and cash equivalents as at Q1 was HK$94 million, up from HK$60 million previously.
