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Indonesian (IDX) Telecom Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies45
  • 7D-21.2%
  • 3M-0.003%
  • 1Y25.6%
  • YTD-23.9%

Over the last 7 days, the Telecom industry has dropped 21%, driven by a pullback from Mora Telematika Indonesia of 52%. Meanwhile, NFC Indonesia actually outperformed within the industry, gaining 5.7% in the last week. This takes the industry's 12 month performance to a gain of 26%. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026Rp1054.4tRp367.0tRp39.1t21.4x27x2.9x
Mon, 05 Jan 2026Rp1408.0tRp367.0tRp39.1t25.1x36x3.8x
Wed, 03 Dec 2025Rp1224.7tRp366.7tRp39.1t23.1x31.3x3.3x
Fri, 31 Oct 2025Rp981.1tRp363.0tRp46.9t22.5x20.9x2.7x
Sun, 28 Sep 2025Rp947.2tRp363.0tRp46.8t26.2x20.2x2.6x
Tue, 26 Aug 2025Rp961.8tRp360.7tRp49.0t22.6x19.6x2.7x
Thu, 24 Jul 2025Rp839.2tRp360.8tRp40.7t22.1x20.6x2.3x
Sat, 21 Jun 2025Rp845.0tRp362.4tRp41.9t19.1x20.2x2.3x
Mon, 19 May 2025Rp882.7tRp362.0tRp41.8t21.8x21.1x2.4x
Wed, 16 Apr 2025Rp808.4tRp374.2tRp36.0t20.9x22.5x2.2x
Fri, 14 Mar 2025Rp823.5tRp369.4tRp36.8t23.2x22.4x2.2x
Sun, 09 Feb 2025Rp824.5tRp368.4tRp37.9t21.6x21.8x2.2x
Tue, 07 Jan 2025Rp849.4tRp367.2tRp38.5t20.7x22.1x2.3x
Thu, 05 Dec 2024Rp867.5tRp366.2tRp38.2t21.4x22.7x2.4x
Sat, 02 Nov 2024Rp938.2tRp367.5tRp39.8t21.3x23.6x2.6x
Mon, 30 Sep 2024Rp975.6tRp368.0tRp41.8t21.3x23.3x2.7x
Wed, 28 Aug 2024Rp925.7tRp369.0tRp41.8t19.5x22.1x2.5x
Fri, 26 Jul 2024Rp877.3tRp367.0tRp41.5t21.1x21.1x2.4x
Sun, 23 Jun 2024Rp839.7tRp367.0tRp42.5t21.5x19.8x2.3x
Tue, 21 May 2024Rp861.4tRp367.0tRp42.3t20.7x20.3x2.3x
Thu, 18 Apr 2024Rp879.9tRp364.1tRp41.5t25.7x21.2x2.4x
Sat, 16 Mar 2024Rp967.4tRp373.3tRp39.4t26.1x24.6x2.6x
Mon, 12 Feb 2024Rp976.1tRp372.3tRp39.4t26.4x24.7x2.6x
Wed, 10 Jan 2024Rp984.8tRp368.7tRp38.8t28.1x25.4x2.7x
Fri, 08 Dec 2023Rp971.0tRp368.8tRp40.9t26.9x23.8x2.6x
Sun, 05 Nov 2023Rp908.8tRp367.9tRp41.0t26.7x22.2x2.5x
Tue, 03 Oct 2023Rp957.2tRp368.8tRp41.4t28.3x23.1x2.6x
Thu, 31 Aug 2023Rp970.8tRp368.9tRp41.5t31.7x23.4x2.6x
Sat, 29 Jul 2023Rp933.6tRp364.1tRp44.1t26.3x21.2x2.6x
Mon, 26 Jun 2023Rp949.3tRp364.1tRp44.1t29.2x21.5x2.6x
Wed, 24 May 2023Rp933.7tRp364.3tRp44.6t27x20.9x2.6x
Fri, 21 Apr 2023Rp957.0tRp360.1tRp48.3t18.9x19.8x2.7x
Sun, 19 Mar 2023Rp927.9tRp356.7tRp55.7t20.2x16.6x2.6x
Tue, 14 Feb 2023Rp935.5tRp351.9tRp55.9t16x16.7x2.7x
Price to Earnings Ratio

16.7x


Total Market Cap: Rp935.5tTotal 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 27.0x 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 2.9x.
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-4.59%
Telecom-21.17%
Wireless Telecom-7.47%
Interactive Media and Services-9.51%
Media-11.38%
Telecom Services and Carriers-19.25%
Entertainment-46.96%
Industry PE
  • Investors are most optimistic about the Entertainment industry, which is trading close to 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 57% 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
NFCX NFC IndonesiaRp1.39k5.7%
+Rp49.7b		-9.2%PS0.2x
GHON Gihon Telekomunikasi IndonesiaRp1.80k0.8%
+Rp8.3b		14.0%PE11.6x
FORU Fortune IndonesiaRp1.59k0.6%
+Rp4.7b		-53.1%PS17.2x

Latest News

EXCL
Rp2,890.00
XLSMART Telecom Sejahtera
7D
-12.4%
1Y
26.2%

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
Rp6,475.00
PT.MD Entertainment
7D
-55.3%
1Y
66.0%
EMTK
Rp855.00
Elang Mahkota Teknologi
7D
-12.3%
1Y
44.9%
MSIN
Rp292.00
MNC Digital Entertainment
7D
-23.2%
1Y
-52.1%
ISAT
Rp2,150.00
Indosat Ooredoo Hutchison
7D
-3.6%
1Y
-3.2%

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
Rp3,380.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-6.1%
1Y
30.5%

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.
GHON
Rp1,795.00
Gihon Telekomunikasi Indonesia
7D
0.8%
1Y
14.0%
MTEL
Rp530.00
Dayamitra Telekomunikasi
7D
-4.5%
1Y
-18.5%
FORU
Rp1,585.00
Fortune Indonesia
7D
0.6%
1Y
-53.1%
NFCX
Rp1,390.00
NFC Indonesia
7D
5.7%
1Y
-9.2%
MORA
Rp5,550.00
Mora Telematika Indonesia
7D
-52.5%
1Y
1,345.3%