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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies45
  • 7D2.6%
  • 3M46.6%
  • 1Y72.1%
  • YTD3.6%

In the last week, the Telecom industry is up 2.6%, with Mora Telematika Indonesia up 6.5%. Meanwhile, MDTV Media Technologies actually underperformed within the industry, shrinking 12% in the last week. This means that the industry has gained 72% over the past year. Earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026Rp1453.8tRp367.0tRp39.1t25x37.2x4x
Wed, 17 Dec 2025Rp1343.3tRp367.0tRp39.1t23.3x34.4x3.7x
Fri, 14 Nov 2025Rp1117.3tRp363.3tRp40.5t22x27.6x3.1x
Sun, 12 Oct 2025Rp972.5tRp363.0tRp46.8t23.4x20.8x2.7x
Tue, 09 Sep 2025Rp934.0tRp362.7tRp46.8t24.4x20x2.6x
Thu, 07 Aug 2025Rp884.5tRp360.8tRp48.9t20.4x18.1x2.5x
Sat, 05 Jul 2025Rp850.8tRp362.5tRp41.6t19.2x20.4x2.3x
Mon, 02 Jun 2025Rp887.9tRp362.4tRp41.9t21.4x21.2x2.4x
Wed, 30 Apr 2025Rp842.8tRp362.2tRp38.1t23x22.1x2.3x
Fri, 28 Mar 2025Rp780.9tRp371.8tRp38.0t20.5x20.5x2.1x
Sun, 23 Feb 2025Rp886.3tRp369.3tRp36.9t24.2x24x2.4x
Tue, 21 Jan 2025Rp831.6tRp367.9tRp37.7t20x22.1x2.3x
Thu, 19 Dec 2024Rp840.9tRp367.2tRp38.5t19.6x21.9x2.3x
Sat, 16 Nov 2024Rp867.7tRp367.1tRp39.2t22.4x22.1x2.4x
Mon, 14 Oct 2024Rp959.9tRp368.3tRp40.8t21.8x23.5x2.6x
Wed, 11 Sep 2024Rp1031.0tRp369.0tRp41.8t21.8x24.7x2.8x
Fri, 09 Aug 2024Rp842.1tRp369.5tRp42.0t19.3x20.1x2.3x
Sun, 07 Jul 2024Rp851.1tRp367.0tRp42.5t23.4x20x2.3x
Tue, 04 Jun 2024Rp839.8tRp367.0tRp42.3t20.9x19.8x2.3x
Thu, 02 May 2024Rp882.8tRp365.5tRp41.2t25.6x21.4x2.4x
Sat, 30 Mar 2024Rp915.1tRp372.4tRp40.2t27.8x22.7x2.5x
Mon, 26 Feb 2024Rp990.0tRp373.1tRp39.4t25.1x25.1x2.7x
Wed, 24 Jan 2024Rp990.5tRp368.7tRp38.8t27.6x25.5x2.7x
Fri, 22 Dec 2023Rp969.9tRp368.4tRp40.5t26.3x24x2.6x
Sun, 19 Nov 2023Rp927.6tRp368.0tRp41.0t26.4x22.6x2.5x
Tue, 17 Oct 2023Rp967.3tRp368.7tRp41.3t27.7x23.4x2.6x
Thu, 14 Sep 2023Rp976.6tRp368.9tRp41.5t30.9x23.6x2.6x
Sat, 12 Aug 2023Rp972.8tRp368.9tRp41.6t29.9x23.4x2.6x
Mon, 10 Jul 2023Rp966.1tRp364.1tRp44.1t26.2x21.9x2.7x
Wed, 07 Jun 2023Rp943.6tRp364.2tRp44.7t22.6x21.1x2.6x
Fri, 05 May 2023Rp941.7tRp361.8tRp44.1t19.5x21.4x2.6x
Sun, 02 Apr 2023Rp933.2tRp356.6tRp53.2t19.6x17.5x2.6x
Tue, 28 Feb 2023Rp951.8tRp356.4tRp55.8t17.3x17.1x2.7x
Thu, 26 Jan 2023Rp939.5tRp342.1tRp55.8t16.1x16.8x2.7x
Price to Earnings Ratio

16.8x


Total Market Cap: Rp939.5tTotal Earnings: Rp55.8tTotal Revenue: Rp342.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.3x202420252026
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 37.2x which is higher than its 3-year average PE of 22.3x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have declined 11% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.4% per year.
  • This means that although more sales are being generated, 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 Market1.88%
Telecom2.55%
Telecom Services and Carriers3.61%
Wireless Telecom2.09%
Entertainment0.043%
Media-0.77%
Interactive Media and Services-0.92%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 112x.
    • 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 64% 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 6.8% 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
MORA Mora Telematika IndonesiaRp14.15k11.4%
+Rp34.3t		3,584.9%PE1200x
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi IndonesiaRp3.62k2.8%
+Rp9.9t		38.7%PE16.5x
ISAT Indosat Ooredoo HutchisonRp2.26k4.1%
+Rp2.9t		0.4%PE15.8x
IBST Inti Bangun SejahteraRp6.50k26.2%
+Rp1.8t		15.6%PE22.2x
MSIN MNC Digital EntertainmentRp490.006.1%
+Rp1.7t		-35.9%PE65.5x

Latest News

MSIN
Rp490.00
MNC Digital Entertainment
7D
6.1%
1Y
-35.9%
IBST
Rp6,500.00
Inti Bangun Sejahtera
7D
26.2%
1Y
15.6%
TLKM
Rp3,620.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
2.8%
1Y
38.7%

TLKM: Infrastructure Spinoff And Streamlining Will Unlock Future Capital Upside

Analysts have lifted their price target for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia from IDR 3,900 to about IDR 4,497, citing expectations that the market is still not fully reflecting the potential capital benefits from the company’s infrastructure spinoff and streamlining plans. Analyst Commentary Recent research has highlighted a more constructive tone around Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia, with some bullish analysts revisiting their valuation frameworks in light of the planned infrastructure spinoff and broader streamlining plans.
ISAT
Rp2,260.00
Indosat Ooredoo Hutchison
7D
4.1%
1Y
0.4%

ISAT: Future Returns Will Likely Balance Margin Pressure And Stable Fair Value

Analysts have kept their fair value estimate for Indosat Ooredoo Hutchison steady at Rp2,000, citing a mix of slightly higher revenue growth expectations at 5.38%, a small reduction in projected profit margin to 7.74%, and a marginally lower future P/E assumption of 18.27x. Valuation Changes Fair Value Estimate remained at IDR 2,000 with no change from the prior assessment.
DATA
Rp5,125.00
Remala Abadi
7D
-8.9%
1Y
318.4%
NETV
Rp184.00
MDTV Media Technologies
7D
-5.6%
1Y
8.2%
TOWR
Rp545.00
Sarana Menara Nusantara
7D
-2.7%
1Y
-18.0%

TOWR: Higher Rate Assumptions Will Balance Margin Pressure And Earnings Multiple

Analysts have trimmed their fair value estimate for Sarana Menara Nusantara from Rp700 to Rp600, citing updated assumptions that include a higher discount rate, different revenue growth expectations, a slightly lower profit margin, and a higher future P/E multiple. Valuation Changes Fair Value Estimate reduced from IDR700 to IDR600, a reduction of IDR100 per share.
EXCL
Rp3,940.00
XLSMART Telecom Sejahtera
7D
-1.7%
1Y
75.1%

EXCL: Higher Margin Outlook And Extra Dividend Will Support Future Upside

Analysts have nudged their fair value estimate for XLSMART Telecom Sejahtera slightly higher to Rp4,479.92 from Rp4,470.25, citing updated assumptions that combine more moderate revenue growth expectations with higher projected profit margins and a slightly lower future P/E multiple. What's in the News Management issued earnings guidance for 2025, indicating revenue is expected to move broadly in line with the wider market, with reported growth guided in a 20% to 25% year on year range.
MTEL
Rp620.00
Dayamitra Telekomunikasi
7D
2.5%
1Y
-4.6%
WIFI
Rp3,150.00
Solusi Sinergi Digital
7D
-1.6%
1Y
219.8%
TBIG
Rp2,240.00
Tower Bersama Infrastructure
7D
-1.8%
1Y
7.2%
EMTK
Rp1,035.00
Elang Mahkota Teknologi
7D
-2.8%
1Y
88.2%
CENT
Rp176.00
Centratama Telekomunikasi Indonesia
7D
12.8%
1Y
282.6%
LINK
Rp3,400.00
Link Net
7D
-10.5%
1Y
183.3%
DNET
Rp9,025.00
Indoritel Makmur Internasional
7D
0.8%
1Y
1.4%
MORA
Rp14,150.00
Mora Telematika Indonesia
7D
11.4%
1Y
3,584.9%