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Indonesian (IDX) Telecom Sector Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies45
  • 7D-22.2%
  • 3M14.4%
  • 1Y40.4%
  • YTD-14.2%

Over the last 7 days, the Telecom industry has dropped 18%, driven by a pullback from Mora Telematika Indonesia of 46%. In the past year, the industry has gained 46%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026Rp1189.8tRp367.0tRp39.1t22.3x30.4x3.2x
Fri, 02 Jan 2026Rp1414.1tRp367.0tRp39.1t25.4x36.2x3.9x
Sun, 30 Nov 2025Rp1178.4tRp366.7tRp39.1t22.4x30.2x3.2x
Tue, 28 Oct 2025Rp974.7tRp363.0tRp46.9t23.1x20.8x2.7x
Thu, 25 Sep 2025Rp946.6tRp363.0tRp46.8t26.3x20.2x2.6x
Sat, 23 Aug 2025Rp925.2tRp360.7tRp49.0t21.1x18.9x2.6x
Mon, 21 Jul 2025Rp826.8tRp360.8tRp40.6t20.4x20.3x2.3x
Wed, 18 Jun 2025Rp861.5tRp362.4tRp41.9t20.4x20.5x2.4x
Fri, 16 May 2025Rp875.4tRp362.0tRp41.9t22.1x20.9x2.4x
Sun, 13 Apr 2025Rp774.9tRp375.1tRp35.6t19.9x21.8x2.1x
Tue, 11 Mar 2025Rp823.2tRp369.5tRp36.8t23.6x22.3x2.2x
Thu, 06 Feb 2025Rp831.6tRp367.9tRp37.7t20.1x22.1x2.3x
Sat, 04 Jan 2025Rp854.9tRp367.2tRp38.5t21.5x22.2x2.3x
Mon, 02 Dec 2024Rp845.2tRp366.2tRp38.2t21.5x22.1x2.3x
Wed, 30 Oct 2024Rp938.4tRp368.2tRp40.7t21.6x23.1x2.5x
Fri, 27 Sep 2024Rp991.5tRp368.9tRp41.7t21.1x23.8x2.7x
Sun, 25 Aug 2024Rp908.2tRp369.0tRp41.8t19.6x21.7x2.5x
Tue, 23 Jul 2024Rp840.2tRp365.1tRp40.4t21x20.8x2.3x
Thu, 20 Jun 2024Rp822.4tRp367.0tRp42.5t21.4x19.4x2.2x
Sat, 18 May 2024Rp862.9tRp365.1tRp42.0t20.7x20.6x2.4x
Mon, 15 Apr 2024Rp865.2tRp362.2tRp40.4t26.3x21.4x2.4x
Wed, 13 Mar 2024Rp964.0tRp373.3tRp39.4t26.1x24.5x2.6x
Fri, 09 Feb 2024Rp976.1tRp370.8tRp38.8t26.4x25.2x2.6x
Sun, 07 Jan 2024Rp976.0tRp368.7tRp38.9t24.1x25.1x2.6x
Tue, 05 Dec 2023Rp968.0tRp368.6tRp40.8t27.2x23.7x2.6x
Thu, 02 Nov 2023Rp903.3tRp365.2tRp42.2t26x21.4x2.5x
Sat, 30 Sep 2023Rp955.0tRp368.8tRp41.4t28.4x23.1x2.6x
Mon, 28 Aug 2023Rp971.7tRp368.9tRp41.5t31.4x23.4x2.6x
Wed, 26 Jul 2023Rp950.3tRp364.1tRp44.1t26.5x21.6x2.6x
Fri, 23 Jun 2023Rp959.4tRp364.2tRp44.5t26.8x21.5x2.6x
Sun, 21 May 2023Rp933.0tRp364.3tRp44.2t25.5x21.1x2.6x
Tue, 18 Apr 2023Rp955.5tRp360.0tRp48.5t19x19.7x2.7x
Thu, 16 Mar 2023Rp925.4tRp356.7tRp56.0t18.4x16.5x2.6x
Sat, 11 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 31.6x 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 3.4x.
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-10.43%
Telecom-22.19%
Interactive Media and Services-5.20%
Media-16.23%
Wireless Telecom-20.27%
Telecom Services and Carriers-22.71%
Entertainment-25.17%
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 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
DNET Indoritel Makmur InternasionalRp8.98k0.8%
+Rp1.1t		-2.2%PE109.2x
EMTK Elang Mahkota TeknologiRp890.000.6%
+Rp305.7b		56.1%PE7.3x
BHIT MNC Asia HoldingRp39.005.4%
+Rp167.1b		30.0%PE18.6x
NFCX NFC IndonesiaRp1.35k12.0%
+Rp96.0b		-9.4%PS0.2x
CNMA Nusantara Sejahtera RayaRp110.000.9%
+Rp81.7b		-22.0%PE13.9x

Latest News

BALI
Rp1,205.00
Bali Towerindo Sentra
7D
-30.7%
1Y
-15.1%
EXCL
Rp3,100.00
XLSMART Telecom Sejahtera
7D
-18.8%
1Y
36.6%

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
Rp8,925.00
PT.MD Entertainment
7D
-38.4%
1Y
123.1%
EMTK
Rp890.00
Elang Mahkota Teknologi
7D
0.6%
1Y
56.1%
MSIN
Rp338.00
MNC Digital Entertainment
7D
-16.3%
1Y
-49.2%
BHIT
Rp39.00
MNC Asia Holding
7D
5.4%
1Y
30.0%
TLKM
Rp3,330.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-4.0%
1Y
27.1%

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.
AWAN
Rp178.00
Era Digital Media
7D
2.9%
1Y
-50.3%
CNMA
Rp110.00
Nusantara Sejahtera Raya
7D
0.9%
1Y
-22.0%
MTEL
Rp545.00
Dayamitra Telekomunikasi
7D
-4.4%
1Y
-16.8%
FORU
Rp1,640.00
Fortune Indonesia
7D
9.7%
1Y
-53.8%
LINK
Rp1,880.00
Link Net
7D
-33.1%
1Y
-14.5%
DNET
Rp8,975.00
Indoritel Makmur Internasional
7D
0.8%
1Y
-2.2%
NFCX
Rp1,350.00
NFC Indonesia
7D
12.0%
1Y
-9.4%
MORA
Rp7,200.00
Mora Telematika Indonesia
7D
-46.4%
1Y
1,765.3%
PGJO
Rp905.00
Bahtera Bumi Raya
7D
5.8%
1Y
647.9%