LS Cable and System Asia said on Wednesday that its subsidiary LS-VINA Cable & System Joint Stock Co. has signed a 36.76 billion won ($34.1 million) contract to supply medium-voltage cables to Meiden Singapore.

The contract value amounts to 9.95 percent of the firm’s 2017 revenue and the contract is valid until December 31, 2022.

LS Cable and System Asia finished Wednesday 1.7 percent up at 7,630 won. The stock price soared to a 52-week high of 8,600 won in intra-day trade on Tuesday.

LS Cable and System Asia is the holding entity overseeing Asian business of LS Cable & System and it went public on the Korean stock market in September 2016.

The company’s first quarter operating profit gained 6.7 percent on-year to 5.26 billion won on a consolidated basis over sales of 95.54 billion won, up 16 percent from a year ago.

Shinhan Investment recently maintained its ‘buy’ recommendation for LS Cable and System Asia with a target price of 9,000 won, saying the company’s strong performance will continue after the second quarter.

By Hwang Soon-min and Minu Kim

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