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Indonesian (IDX) Telecom Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies44
  • 7D3.9%
  • 3M-24.1%
  • 1Y32.1%
  • YTD-27.4%

The Telecom industry is up 3.9% in the last week, with Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia up 8.2%. This takes the industry's 12 month performance to a gain of 32%. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026Rp1009.6tRp371.4tRp37.9t20.5x26.6x2.7x
Sat, 21 Feb 2026Rp1164.2tRp371.0tRp37.6t21.6x30.9x3.1x
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
Price to Earnings Ratio

17.5x


Total Market Cap: Rp933.2tTotal Earnings: Rp53.2tTotal Revenue: Rp356.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 23.1x202420252026
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 26.6x which is higher than its 3-year average PE of 23.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
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 Market2.37%
Telecom3.91%
Media4.91%
Telecom Services and Carriers4.52%
Entertainment2.56%
Interactive Media and Services2.08%
Wireless Telecom0.72%
Industry PE
  • Investors are most optimistic about the Interactive Media and Services industry which is trading above its 3-year average PE ratio.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 24.0x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 6.3% 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
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi IndonesiaRp3.17k3.9%
+Rp11.9t		31.5%PE14.4x
MORA Mora Telematika IndonesiaRp4.67k2.9%
+Rp3.1t		1,028.0%PE396.1x
EMTK Elang Mahkota TeknologiRp845.006.3%
+Rp3.1t		55.0%PE6.9x
MSIN MNC Digital EntertainmentRp525.005.8%
+Rp1.8t		-10.3%PE70.2x
TOWR Sarana Menara NusantaraRp498.004.2%
+Rp1.2t		-1.4%PE7.9x

Latest News

ISAT
Rp2,130.00
Indosat Ooredoo Hutchison
7D
-0.9%
1Y
46.4%

ISAT: Higher Margin Assumptions Will Support Future Upside Potential

Analysts have nudged their price target for Indosat Ooredoo Hutchison slightly higher to IDR 2,739 from IDR 2,730, citing updated assumptions around revenue growth, profit margins and future P/E. Together, these factors point to a modest adjustment in fair value rather than a major shift in the outlook.
TLKM
Rp3,170.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
3.9%
1Y
31.5%

TLKM: NeutraDC Stake Review And Governance Moves Will Shape Fairly Valued Outlook

Analysts have made a small upward adjustment to their IDR price target for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia to IDR3,169.91 from IDR3,167.87, reflecting updated assumptions around revenue growth, profit margin, discount rate, and future P/E levels. What's in the News M&A discussions are underway as Telkom Indonesia considers selling a stake in its data center unit, NeutraDC.
TOWR
Rp498.00
Sarana Menara Nusantara
7D
4.2%
1Y
-1.4%

TOWR: Share Buyback Plan Will Support Future Upside Despite Slightly Higher Assumptions

Analysts have trimmed their price target for Sarana Menara Nusantara slightly to IDR 785.5 per share, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E multiples. What's in the News The Board of Directors authorized a share buyback plan on February 2, 2026, signaling approval for repurchases within a defined period (company announcement).
EXCL
Rp2,910.00
XLSMART Telecom Sejahtera
7D
-1.7%
1Y
27.6%

EXCL: Fair Value And Margin Outlook Will Shape Balanced 2025 View

Analysts now set their fair value estimate for XLSMART Telecom Sejahtera at IDR 3,149.75 per share, up from IDR 3,134.75, reflecting updated assumptions around profit margin and future P/E while keeping the discount rate broadly unchanged. Valuation Changes Fair Value: IDR 3,134.75 per share to IDR 3,149.75 per share, a small upward adjustment in the valuation range.
PGJO
Rp655.00
Bahtera Bumi Raya
7D
-7.7%
1Y
495.5%
IPTV
Rp40.00
MNC Vision Networks
7D
-4.8%
1Y
100.0%
BALI
Rp1,210.00
Bali Towerindo Sentra
7D
-1.2%
1Y
-1.6%
WIFI
Rp2,180.00
Solusi Sinergi Digital
7D
9.0%
1Y
21.1%
MSIN
Rp525.00
MNC Digital Entertainment
7D
5.8%
1Y
-10.3%
EMTK
Rp845.00
Elang Mahkota Teknologi
7D
6.3%
1Y
55.0%
RAAM
Rp206.00
Tripar Multivision Plus
7D
26.4%
1Y
-28.0%
TBIG
Rp1,615.00
Tower Bersama Infrastructure
7D
-0.3%
1Y
-18.8%
FILM
Rp3,070.00
PT.MD Entertainment
7D
-15.0%
1Y
8.1%
MTEL
Rp540.00
Dayamitra Telekomunikasi
7D
0.9%
1Y
-4.4%
GOLD
Rp270.00
Visi Telekomunikasi Infrastruktur
7D
-2.9%
1Y
3.8%
MORA
Rp4,670.00
Mora Telematika Indonesia
7D
2.9%
1Y
1,028.0%