What is this component?

[nick0123]

The white rectangular component (arrowed) in the picture seems to be reasonably common in digital watches, but I'm not sure what it is — can anyone shed some light?

Many thanks :)

[bruce wegmann]

Either a capacitor, if there are just two leads, or a transistor (would have three leads). The white material is almost certainly an aluminum-based ceramic (for high thermal conductivity), similar to the circuit boards used in P2 and P3 Pulsars.

[nick0123]

Thanks Bruce — much appreciated :)