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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies45
  • 7D1.4%
  • 3M49.1%
  • 1Y66.7%
  • YTD1.6%

The Telecom industry is up 1.4% in the last week, with Mora Telematika Indonesia up 6.7%. 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 67%. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026Rp1428.0tRp367.0tRp39.1t24.6x36.5x3.9x
Wed, 10 Dec 2025Rp1373.0tRp366.7tRp39.1t24.7x35.1x3.7x
Fri, 07 Nov 2025Rp1039.4tRp363.3tRp40.5t21.3x25.7x2.9x
Sun, 05 Oct 2025Rp966.7tRp363.0tRp46.8t24.1x20.6x2.7x
Tue, 02 Sep 2025Rp935.7tRp362.8tRp46.9t26.7x20x2.6x
Thu, 31 Jul 2025Rp843.4tRp361.1tRp40.9t22x20.6x2.3x
Sat, 28 Jun 2025Rp844.1tRp362.4tRp41.9t19.6x20.1x2.3x
Mon, 26 May 2025Rp877.7tRp362.2tRp41.9t21.6x21x2.4x
Wed, 23 Apr 2025Rp808.9tRp362.5tRp38.3t21x21.1x2.2x
Fri, 21 Mar 2025Rp820.4tRp370.7tRp36.9t21.8x22.3x2.2x
Sun, 16 Feb 2025Rp815.2tRp367.5tRp35.8t22x22.8x2.2x
Tue, 14 Jan 2025Rp839.6tRp367.2tRp38.4t19x21.8x2.3x
Thu, 12 Dec 2024Rp881.0tRp366.2tRp38.2t21.8x23.1x2.4x
Sat, 09 Nov 2024Rp910.0tRp368.1tRp40.3t22.7x22.6x2.5x
Mon, 07 Oct 2024Rp949.3tRp368.0tRp40.7t20.7x23.3x2.6x
Wed, 04 Sep 2024Rp948.3tRp369.0tRp41.8t19.6x22.7x2.6x
Fri, 02 Aug 2024Rp858.0tRp369.4tRp41.5t21.7x20.7x2.3x
Sun, 30 Jun 2024Rp865.8tRp367.0tRp42.5t22.3x20.4x2.4x
Tue, 28 May 2024Rp851.8tRp367.0tRp42.3t20.7x20.1x2.3x
Thu, 25 Apr 2024Rp865.4tRp365.5tRp41.2t24.5x21x2.4x
Sat, 23 Mar 2024Rp958.3tRp373.1tRp39.4t26.3x24.4x2.6x
Mon, 19 Feb 2024Rp991.2tRp373.1tRp39.4t23.3x25.2x2.7x
Wed, 17 Jan 2024Rp995.0tRp368.7tRp38.8t27.6x25.6x2.7x
Fri, 15 Dec 2023Rp975.9tRp368.4tRp40.5t26.3x24.1x2.6x
Sun, 12 Nov 2023Rp917.0tRp368.0tRp41.0t26.9x22.4x2.5x
Tue, 10 Oct 2023Rp957.6tRp368.7tRp41.3t27.7x23.2x2.6x
Thu, 07 Sep 2023Rp977.7tRp368.9tRp41.5t31.1x23.6x2.7x
Sat, 05 Aug 2023Rp954.3tRp370.0tRp42.0t25.9x22.7x2.6x
Mon, 03 Jul 2023Rp958.6tRp364.1tRp44.1t26.3x21.8x2.6x
Wed, 31 May 2023Rp951.5tRp364.3tRp44.6t24.6x21.3x2.6x
Fri, 28 Apr 2023Rp960.0tRp360.1tRp48.3t18.9x19.9x2.7x
Sun, 26 Mar 2023Rp926.0tRp356.9tRp55.8t18.4x16.6x2.6x
Tue, 21 Feb 2023Rp945.1tRp351.9tRp55.9t16.4x16.9x2.7x
Thu, 19 Jan 2023Rp945.6tRp342.1tRp55.8t16.9x16.9x2.8x
Price to Earnings Ratio

16.9x


Total Market Cap: Rp945.6tTotal Earnings: Rp55.8tTotal Revenue: Rp342.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.2x202420252026
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 36.5x which is higher than its 3-year average PE of 22.2x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.9x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have declined 11% per year over the last three years.
  • Meanwhile revenues 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 Market1.77%
Telecom1.42%
Media3.41%
Wireless Telecom1.62%
Telecom Services and Carriers1.35%
Entertainment0.13%
Interactive Media and Services-2.11%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 111x.
    • 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 67% 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
MORA Mora Telematika IndonesiaRp12.70k6.7%
+Rp18.9t		3,224.6%PE1077.1x
EXCL XLSMART Telecom SejahteraRp4.01k5.0%
+Rp3.2t		76.7%PS1.7x
DATA Remala AbadiRp5.63k26.4%
+Rp1.6t		630.5%PE70.9x
MSIN MNC Digital EntertainmentRp462.004.1%
+Rp1.1t		-44.0%PE61.7x
BHIT MNC Asia HoldingRp47.0017.5%
+Rp584.8b		46.9%PE22.4x

Latest News

TLKM
Rp3,520.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-1.7%
1Y
31.8%

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.
BMTR
Rp179.00
Global Mediacom
7D
20.1%
1Y
-3.2%
ISAT
Rp2,170.00
Indosat Ooredoo Hutchison
7D
-6.9%
1Y
-9.2%

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
Rp5,625.00
Remala Abadi
7D
26.4%
1Y
630.5%
BHIT
Rp47.00
MNC Asia Holding
7D
17.5%
1Y
46.9%
TOWR
Rp560.00
Sarana Menara Nusantara
7D
-2.6%
1Y
-13.8%

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
Rp4,010.00
XLSMART Telecom Sejahtera
7D
5.0%
1Y
76.7%

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
Rp605.00
Dayamitra Telekomunikasi
7D
-6.9%
1Y
-10.4%
WIFI
Rp3,200.00
Solusi Sinergi Digital
7D
-9.3%
1Y
575.1%
TBIG
Rp2,280.00
Tower Bersama Infrastructure
7D
-10.6%
1Y
12.3%
SCMA
Rp326.00
Surya Citra Media
7D
-4.1%
1Y
95.2%
MSIN
Rp462.00
MNC Digital Entertainment
7D
4.1%
1Y
-44.0%
DNET
Rp8,950.00
Indoritel Makmur Internasional
7D
-1.4%
1Y
-2.2%
MSKY
Rp116.00
MNC Sky Vision
7D
41.5%
1Y
90.2%
MORA
Rp12,700.00
Mora Telematika Indonesia
7D
6.7%
1Y
3,224.6%
IBST
Rp5,150.00
Inti Bangun Sejahtera
7D
4.0%
1Y
-8.4%