Singapore-listed luxury watch retailer The Hour Glass (SGX: AGS) has frustrated shareholders for a few years now. Its share price peaked at S$0.88 in 2015 and has been bouncing sideways since. Today, Hour Glass’s shares trade at just S$0.80 each. The curious thing is that Hour Glass’s business fundamentals have actually improved since 2015. While many traditional brick and mortar retailers have struggled due to the introduction of e-commerce, this luxury watch retailer has bucked the trend.  The reason is that the supply of Swiss luxury watches is tightly controlled. Hour Glass has long-standing relationships with brands such as Rolex and Patek Phillipe, giving it near-exclusive rights in Singapore to sell their highly coveted models. As such, watch collectors who want to buy first-hand watches in Singapore have little choice but to come to Hour Glass. This has been reflected in its financial statements. Profit has increased from S$53.5 million in FY2016...