That psu can do 120W, sure.
But... no proper EMI input filtering. Only has two non safety rated caps at YC1, YC2.
EI33 main transformer and output common coil in that size can do 150W at 60-70C temperatures.
The output rectifiers really hint at the max power. Looks like a 20A doube diode in TO220 package for the 5V rail. Two 3A diode combined for the 12V rail.
With 70% average efficency the realistic power output for the 5V rail is 15A and 4A for the 12V rail.
Looks like Q6, R60, R50, RTC2 could make up a temperature sensing fan controller circuit.
Set to who knows what power limit, as that 494 pwm and lm339 may and may not be configured to shut off the psu at 150W or 200W or 250W or until the casing melts...
The electrolitic capacitors are old so that might be a problem.
As pentiumspeed pointed out this unit is about cutting costs. If one would replace the parts with higher rated ones, add the missing components and set the up protections and pwm control proper, it would make this a way better AT psu.