LS stock soars on positive outlook for cable business in 2024

[Courtesy of LS]

Shares of LS Corp. soared on Friday on the back of a positive outlook for its main cable business, which is projected to post record earnings next year following this year.

Shares of LS were trading 4.82 percent higher at 91,300 won ($70.6) as of 10:15 a.m. Friday, after soaring as high as 91,900 won after the stock market opening.

“The key to LS’s corporate value lies in the performance of the cable sector,” said Kim Ji-san, an analyst at Kiwoom Securities Co. “The company is likely to continue its record-breaking performance next year following this year, with more contributions of submarine cables and strong performance from its grandson companies LS Cable & System Asia Ltd. and LS Materials Co.”

Kiwoom Securities projected that the operating profit of LS’s cable business would grow by about 16 percent to 273.7 billion won in 2024, up from 235.2 billion won this year.