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Indonesian (IDX) Telecom Sector Analysis

UpdatedFeb 06, 2026
DataAggregated Company Financials
Companies45
  • 7D-19.7%
  • 3M2.8%
  • 1Y29.8%
  • YTD-21.8%

Over the last 7 days, the Telecom industry has dropped 18%, driven by a pullback from Mora Telematika Indonesia of 53%. On the other hand Elang Mahkota Teknologi is actually up 6.4%. This takes the industry's 12 month performance to a gain of 34%. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

Has the Indonesian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Feb 2026Rp1084.0tRp367.0tRp39.1t22.2x27.7x3x
Sun, 04 Jan 2026Rp1408.0tRp367.0tRp39.1t25.1x36x3.8x
Tue, 02 Dec 2025Rp1210.5tRp366.7tRp39.1t22.7x31x3.3x
Thu, 30 Oct 2025Rp979.3tRp363.0tRp46.9t22.8x20.9x2.7x
Sat, 27 Sep 2025Rp941.6tRp363.0tRp46.8t26.2x20.1x2.6x
Mon, 25 Aug 2025Rp932.0tRp360.7tRp49.0t21.1x19x2.6x
Wed, 23 Jul 2025Rp843.0tRp360.8tRp40.7t23.3x20.7x2.3x
Fri, 20 Jun 2025Rp845.2tRp362.4tRp41.9t19.9x20.2x2.3x
Sun, 18 May 2025Rp882.7tRp362.8tRp41.8t21.8x21.1x2.4x
Tue, 15 Apr 2025Rp805.3tRp374.9tRp35.8t20.4x22.5x2.1x
Thu, 13 Mar 2025Rp818.1tRp369.5tRp36.8t20.9x22.2x2.2x
Sat, 08 Feb 2025Rp824.7tRp368.4tRp37.9t21.6x21.8x2.2x
Mon, 06 Jan 2025Rp854.9tRp367.2tRp38.5t21.5x22.2x2.3x
Wed, 04 Dec 2024Rp863.9tRp366.2tRp38.2t21.8x22.6x2.4x
Fri, 01 Nov 2024Rp945.7tRp367.6tRp40.0t21.6x23.7x2.6x
Sun, 29 Sep 2024Rp975.6tRp368.0tRp41.8t21.3x23.3x2.7x
Tue, 27 Aug 2024Rp908.3tRp369.0tRp41.8t19.4x21.7x2.5x
Thu, 25 Jul 2024Rp891.1tRp367.0tRp41.5t21.5x21.5x2.4x
Sat, 22 Jun 2024Rp828.5tRp367.0tRp42.5t21.5x19.5x2.3x
Mon, 20 May 2024Rp864.7tRp367.0tRp42.3t20.7x20.4x2.4x
Wed, 17 Apr 2024Rp910.6tRp364.1tRp41.5t26.6x21.9x2.5x
Fri, 15 Mar 2024Rp973.5tRp373.3tRp39.4t25.5x24.7x2.6x
Sun, 11 Feb 2024Rp976.1tRp372.3tRp39.4t26.4x24.7x2.6x
Tue, 09 Jan 2024Rp976.8tRp368.7tRp38.9t24.8x25.1x2.6x
Thu, 07 Dec 2023Rp973.0tRp368.8tRp40.9t27.2x23.8x2.6x
Sat, 04 Nov 2023Rp908.2tRp368.8tRp41.5t25.1x21.9x2.5x
Mon, 02 Oct 2023Rp955.2tRp368.8tRp41.4t28.4x23.1x2.6x
Wed, 30 Aug 2023Rp969.0tRp368.9tRp41.5t31.7x23.4x2.6x
Fri, 28 Jul 2023Rp931.4tRp364.1tRp44.1t25.6x21.1x2.6x
Sun, 25 Jun 2023Rp949.3tRp364.1tRp44.1t29.2x21.5x2.6x
Tue, 23 May 2023Rp933.0tRp364.3tRp44.6t27.5x20.9x2.6x
Thu, 20 Apr 2023Rp957.0tRp360.0tRp48.5t18.9x19.7x2.7x
Sat, 18 Mar 2023Rp924.0tRp356.7tRp56.0t18.4x16.5x2.6x
Mon, 13 Feb 2023Rp934.6tRp351.9tRp55.9t16.2x16.7x2.7x
Price to Earnings Ratio

16.7x


Total Market Cap: Rp934.6tTotal Earnings: Rp55.9tTotal Revenue: Rp351.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.6x202420252026
Current Industry PE
  • Investors are optimistic on the Indonesian Communication Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 28.9x which is higher than its 3-year average PE of 22.6x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have declined 11% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Indonesian Telecom sector?

ID Market-1.81%
Telecom-19.66%
Media1.34%
Interactive Media and Services-0.56%
Wireless Telecom-7.19%
Telecom Services and Carriers-20.00%
Entertainment-39.50%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 114x.
    • Analysts are expecting annual earnings growth of 9.2%, which is higher than its past year's earnings growth of 1.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings decline of 17% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 6.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EMTK Elang Mahkota TeknologiRp910.006.4%
+Rp3.4t		58.3%PE7.5x
DNET Indoritel Makmur InternasionalRp8.98k1.1%
+Rp1.4t		-0.3%PE109.2x
SCMA Surya Citra MediaRp260.007.4%
+Rp1.1t		36.1%PE24.4x
TOWR Sarana Menara NusantaraRp535.002.9%
+Rp873.2b		-15.1%PE9x
IBST Inti Bangun SejahteraRp5.50k3.8%
+Rp270.2b		2.3%PE18.8x

Latest News

TOWR
Rp535.00
Sarana Menara Nusantara
7D
2.9%
1Y
-15.1%

TOWR: Share Buyback Plan Will Support A Bullish Long Term Outlook

Analysts have lifted their fair value estimate for Sarana Menara Nusantara from Rp1,095.94 to Rp1,108.45, citing updated views on discount rates, revenue growth, profit margins and future P/E assumptions. What's in the News The Board of Directors of PT Sarana Menara Nusantara Tbk.
TBIG
Rp1,765.00
Tower Bersama Infrastructure
7D
-4.1%
1Y
-15.6%
EXCL
Rp2,920.00
XLSMART Telecom Sejahtera
7D
-10.2%
1Y
27.5%

EXCL: Stronger 2025 Guidance And Firmer Margins Will Support Future Upside

Analysts keep their fair value estimate for XLSMART Telecom Sejahtera steady at Rp4,500, highlighting slightly higher assumed revenue growth of about 10.4%, a modestly stronger profit margin near 23.5%, and a marginally lower future P/E of around 10.7x as the key drivers behind the updated price target narrative. What's in the News Company issues earnings guidance for 2025, with revenue expected to grow broadly in line with the wider market (Key Developments).
FILM
Rp7,600.00
PT.MD Entertainment
7D
-47.6%
1Y
92.9%
SCMA
Rp260.00
Surya Citra Media
7D
7.4%
1Y
36.1%
EMTK
Rp910.00
Elang Mahkota Teknologi
7D
6.4%
1Y
58.3%
MSIN
Rp336.00
MNC Digital Entertainment
7D
-14.3%
1Y
-49.5%
ISAT
Rp2,130.00
Indosat Ooredoo Hutchison
7D
-4.9%
1Y
-2.7%

ISAT: Future Returns Will Likely Reflect Overvaluation Despite Slight Margin Improvement

Analysts have kept their fair value estimate for Indosat Ooredoo Hutchison steady at Rp2,000, citing only minor adjustments to revenue growth, profit margin and future P/E assumptions that do not materially change their overall view. Valuation Changes Fair Value Estimate: Kept unchanged at IDR2,000, with no revision to the overall valuation level.
TLKM
Rp3,290.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-4.6%
1Y
28.5%

TLKM: Infrastructure Spinoff And Streamlining Will Unlock Future Capital Benefits

Analysts have nudged their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia slightly higher to IDR 4,500, citing updated assumptions on growth, margins and future P/E, along with recent Street research highlighting potential capital benefits from the company’s infrastructure spinoff and streamlining plans. Analyst Commentary Recent Street commentary has turned more constructive on Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia, with bullish analysts pointing to valuation support and potential capital benefits from the planned infrastructure spinoff and streamlining efforts.
IBST
Rp5,500.00
Inti Bangun Sejahtera
7D
3.8%
1Y
2.3%
CNMA
Rp109.00
Nusantara Sejahtera Raya
7D
0.9%
1Y
-20.4%
FORU
Rp1,625.00
Fortune Indonesia
7D
14.4%
1Y
-52.5%
LINK
Rp1,875.00
Link Net
7D
-26.5%
1Y
-13.2%
DNET
Rp8,975.00
Indoritel Makmur Internasional
7D
1.1%
1Y
-0.3%
DMMX
Rp294.00
Digital Mediatama Maxima
7D
5.8%
1Y
21.5%
MORA
Rp6,125.00
Mora Telematika Indonesia
7D
-53.4%
1Y
1,454.6%