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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies45
  • 7D2.5%
  • 3M51.0%
  • 1Y73.6%
  • YTD7.3%

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia is up 6.4%, leading the way for the Telecom industry, which has gained 2.4%. Meanwhile, Tower Bersama Infrastructure actually underperformed within the industry, shrinking 11% in the last week. This takes the industry's 12 month performance to a gain of 72%. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 27 Jan 2026Rp1499.9tRp367.0tRp39.1t23.6x38.4x4.1x
Thu, 25 Dec 2025Rp1327.6tRp367.0tRp39.1t24.4x34x3.6x
Sat, 22 Nov 2025Rp1146.1tRp366.7tRp39.1t22.1x29.3x3.1x
Mon, 20 Oct 2025Rp927.8tRp363.0tRp46.8t24x19.8x2.6x
Wed, 17 Sep 2025Rp963.5tRp362.7tRp46.8t26.1x20.6x2.7x
Fri, 15 Aug 2025Rp939.0tRp360.7tRp49.0t21.1x19.1x2.6x
Sun, 13 Jul 2025Rp804.4tRp360.8tRp40.6t18.4x19.8x2.2x
Tue, 10 Jun 2025Rp883.8tRp362.4tRp41.9t20.8x21.1x2.4x
Thu, 08 May 2025Rp877.5tRp362.4tRp42.1t23.2x20.8x2.4x
Sat, 05 Apr 2025Rp804.7tRp374.9tRp35.8t21.3x22.5x2.1x
Mon, 03 Mar 2025Rp823.0tRp369.3tRp36.8t22.5x22.4x2.2x
Wed, 29 Jan 2025Rp848.8tRp367.9tRp37.7t20x22.5x2.3x
Fri, 27 Dec 2024Rp844.9tRp367.2tRp38.5t20.3x22x2.3x
Sun, 24 Nov 2024Rp900.7tRp368.0tRp39.3t23x22.9x2.4x
Tue, 22 Oct 2024Rp966.3tRp368.3tRp40.8t21.3x23.7x2.6x
Thu, 19 Sep 2024Rp983.8tRp368.9tRp41.7t21.1x23.6x2.7x
Sat, 17 Aug 2024Rp893.7tRp368.6tRp41.8t19.8x21.4x2.4x
Mon, 15 Jul 2024Rp895.0tRp367.0tRp41.5t21.7x21.6x2.4x
Wed, 12 Jun 2024Rp849.3tRp367.0tRp42.5t20.8x20x2.3x
Fri, 10 May 2024Rp866.9tRp365.5tRp42.0t23.2x20.6x2.4x
Sun, 07 Apr 2024Rp865.2tRp361.9tRp40.2t26.3x21.5x2.4x
Tue, 05 Mar 2024Rp977.6tRp373.1tRp39.4t26.4x24.8x2.6x
Thu, 01 Feb 2024Rp983.8tRp368.7tRp38.8t26.6x25.3x2.7x
Sat, 30 Dec 2023Rp978.7tRp368.4tRp40.5t26.1x24.2x2.7x
Mon, 27 Nov 2023Rp941.9tRp368.6tRp41.0t27.1x23x2.6x
Wed, 25 Oct 2023Rp922.0tRp368.8tRp41.2t26.6x22.4x2.5x
Fri, 22 Sep 2023Rp957.1tRp368.8tRp41.4t28x23.1x2.6x
Sun, 20 Aug 2023Rp974.3tRp368.8tRp41.5t30.3x23.5x2.6x
Tue, 18 Jul 2023Rp958.6tRp364.1tRp44.1t26.1x21.8x2.6x
Thu, 15 Jun 2023Rp957.9tRp364.2tRp44.6t26.1x21.5x2.6x
Sat, 13 May 2023Rp942.9tRp364.6tRp44.5t20.3x21.2x2.6x
Mon, 10 Apr 2023Rp952.5tRp359.9tRp47.5t17.2x20.1x2.6x
Wed, 08 Mar 2023Rp940.4tRp356.4tRp55.8t17.2x16.9x2.6x
Fri, 03 Feb 2023Rp947.8tRp351.9tRp55.9t16.4x17x2.7x
Price to Earnings Ratio

17x


Total Market Cap: Rp947.8tTotal Earnings: Rp55.9tTotal Revenue: Rp351.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.5x202420252026
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 38.1x which is higher than its 3-year average PE of 22.5x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 4.1x.
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-1.77%
Telecom2.52%
Wireless Telecom8.34%
Telecom Services and Carriers3.77%
Interactive Media and Services3.32%
Entertainment-1.06%
Media-7.51%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 113x.
    • 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 65% 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 IndonesiaRp15.78k13.3%
+Rp43.7t		3,863.6%PE1337.9x
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi IndonesiaRp3.94k9.4%
+Rp33.7t		46.5%PE17.9x
ISAT Indosat Ooredoo HutchisonRp2.46k9.8%
+Rp7.1t		5.6%PE17.2x
EXCL XLSMART Telecom SejahteraRp4.49k5.2%
+Rp3.8t		96.1%PS1.9x
TOWR Sarana Menara NusantaraRp600.007.1%
+Rp2.3t		-11.8%PE10.1x

Latest News

JAST
Rp132.00
PT. Jasnita Telekomindo
7D
25.7%
1Y
109.5%
ISAT
Rp2,460.00
Indosat Ooredoo Hutchison
7D
9.8%
1Y
5.6%

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
Rp3,940.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
9.4%
1Y
46.5%

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.
TOWR
Rp600.00
Sarana Menara Nusantara
7D
7.1%
1Y
-11.8%

TOWR: Higher Required Returns Will Still Support Upside With Firm Margins

Narrative Update Analysts have trimmed their fair value estimate for Sarana Menara Nusantara to Rp813 from around Rp847, pointing to slightly higher discount rate assumptions and more measured revenue growth expectations, partly offset by a small uplift in projected profit margins and a modestly lower future P/E multiple. Valuation Changes Fair Value: trimmed from IDR846.92 to IDR813.33 per share, a small reduction in the central estimate.
EXCL
Rp4,490.00
XLSMART Telecom Sejahtera
7D
5.2%
1Y
96.1%

EXCL: Higher 2025 Revenue Guidance And Richer P/E Will Support Future Upside

Analysts have lifted their fair value estimate for XLSMART Telecom Sejahtera from Rp4,479.92 to Rp4,500, reflecting updated assumptions around revenue growth, profit margins, and future P/E levels. What's in the News XLSMART Telecom Sejahtera issued earnings guidance for 2025, giving investors a clearer view of management expectations for the year (company guidance).
MSIN
Rp430.00
MNC Digital Entertainment
7D
-11.5%
1Y
-42.3%
NETV
Rp183.00
MDTV Media Technologies
7D
8.9%
1Y
-7.1%
MTEL
Rp585.00
Dayamitra Telekomunikasi
7D
-4.9%
1Y
-14.6%
WIFI
Rp2,770.00
Solusi Sinergi Digital
7D
-10.6%
1Y
182.7%
TBIG
Rp2,020.00
Tower Bersama Infrastructure
7D
-9.4%
1Y
1.0%
RAAM
Rp276.00
Tripar Multivision Plus
7D
7.0%
1Y
10.4%
SCMA
Rp304.00
Surya Citra Media
7D
-5.6%
1Y
78.8%
MDIA
Rp77.00
Intermedia Capital
7D
-30.0%
1Y
352.9%
DNET
Rp8,950.00
Indoritel Makmur Internasional
7D
-1.1%
1Y
-1.9%
FUTR
Rp505.00
Lini Imaji Kreasi Ekosistem
7D
-18.5%
1Y
331.6%
MORA
Rp15,775.00
Mora Telematika Indonesia
7D
13.3%
1Y
3,863.6%