This watch was made in 1996 (as a limited edition?) to commemorate the 30th anniversary of the first Ultraman episode.
Ultraman was first aired in 1966, produced by Tokyo Broadcasting System, and special effects specialists Tsuburaya Productions (who have the copyright shown on the back). The face on the watch is of the original Ultraman, who was the transformation of Shin Hayata, a Science Special Search Party member, who defends earth from alien monsters.
The watch is a 3-hand dial under an Ultraman-shaped plastic glass. At the bottom of the display, it states that this is a Classic Edition. The back shows that this is copyright 1996 Tsuburaya, and licenced by Ultracom.