With a P/B ratio of ~1, I find it very attractively valued. Swatch's real estate portfolio is substantial & probably additionally undervalued. Growth? - Moderate but stable. So I don't think UHRN is a "bad investment".
Emotionally, there is also the shareholder watch.
For me, it will be a buy this year or early next year - but it is not a priority and will only be a small position (especially for the watch).
