Investment Thesis
Oriental Watch Holdings (ORWHF) is a classic Graham's net-net investment case in that if the management could liquidate the company today, the sale proceed will be higher than the current market value. In other words, the operation and 60 years' worth of brand name and reputation are valued as worthless by the market.
However, one may think the market is correct knowing that the company is a pure brick-and-mortar retailer with the majority of its stores located in the middle of the political battlefield, Hong Kong.
Nevertheless, not so often we