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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies45
  • 7D3.3%
  • 3M49.9%
  • 1Y71.9%
  • YTD4.1%

The Telecom industry is up 3.3% in the last week, with Mora Telematika Indonesia up 16%. In the same time, Dayamitra Telekomunikasi was down 14%. This takes the industry's 12 month performance to a gain of 72%. Looking forward, earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026Rp1460.2tRp367.0tRp39.1t24.6x37.3x4x
Sun, 07 Dec 2025Rp1332.7tRp366.7tRp39.1t23.6x34.1x3.6x
Tue, 04 Nov 2025Rp1016.0tRp362.9tRp45.1t21.6x22.5x2.8x
Thu, 02 Oct 2025Rp968.8tRp363.0tRp46.8t24.6x20.7x2.7x
Sat, 30 Aug 2025Rp965.3tRp362.8tRp46.9t25.9x20.6x2.7x
Mon, 28 Jul 2025Rp835.8tRp360.8tRp40.7t22.4x20.6x2.3x
Wed, 25 Jun 2025Rp825.8tRp362.4tRp41.9t19.4x19.7x2.3x
Fri, 23 May 2025Rp892.0tRp362.2tRp41.9t21.6x21.3x2.5x
Sun, 20 Apr 2025Rp811.5tRp362.5tRp38.3t21.4x21.2x2.2x
Tue, 18 Mar 2025Rp820.6tRp369.5tRp36.8t21.6x22.3x2.2x
Thu, 13 Feb 2025Rp800.3tRp368.6tRp36.4t20.7x22x2.2x
Sat, 11 Jan 2025Rp843.9tRp367.2tRp38.4t18.8x21.9x2.3x
Mon, 09 Dec 2024Rp867.2tRp366.2tRp38.2t22.2x22.7x2.4x
Wed, 06 Nov 2024Rp918.5tRp366.8tRp40.3t22.8x22.8x2.5x
Fri, 04 Oct 2024Rp949.3tRp368.1tRp40.8t20.9x23.3x2.6x
Sun, 01 Sep 2024Rp939.1tRp369.0tRp41.8t19.4x22.5x2.5x
Tue, 30 Jul 2024Rp871.1tRp367.3tRp41.6t21.7x20.9x2.4x
Thu, 27 Jun 2024Rp846.7tRp367.0tRp42.5t23.2x19.9x2.3x
Sat, 25 May 2024Rp852.2tRp367.0tRp42.3t20.1x20.1x2.3x
Mon, 22 Apr 2024Rp862.9tRp365.5tRp41.2t25.4x21x2.4x
Wed, 20 Mar 2024Rp965.3tRp373.1tRp39.4t25.4x24.5x2.6x
Fri, 16 Feb 2024Rp985.0tRp373.1tRp39.4t23.8x25x2.6x
Sun, 14 Jan 2024Rp995.2tRp368.7tRp38.8t27.2x25.6x2.7x
Tue, 12 Dec 2023Rp973.4tRp368.4tRp40.5t26.3x24x2.6x
Thu, 09 Nov 2023Rp907.0tRp368.0tRp41.0t25.7x22.1x2.5x
Sat, 07 Oct 2023Rp948.7tRp368.7tRp41.3t27.6x23x2.6x
Mon, 04 Sep 2023Rp968.7tRp368.9tRp41.5t30.6x23.3x2.6x
Wed, 02 Aug 2023Rp956.2tRp368.6tRp44.7t26.4x21.4x2.6x
Fri, 30 Jun 2023Rp958.6tRp364.1tRp44.1t29.3x21.8x2.6x
Sun, 28 May 2023Rp945.0tRp364.3tRp44.6t26.6x21.2x2.6x
Tue, 25 Apr 2023Rp957.0tRp360.1tRp48.3t18.9x19.8x2.7x
Thu, 23 Mar 2023Rp931.7tRp356.7tRp55.7t20.6x16.7x2.6x
Sat, 18 Feb 2023Rp935.7tRp351.9tRp55.9t16.2x16.8x2.7x
Mon, 16 Jan 2023Rp931.6tRp342.1tRp55.8t16.7x16.7x2.7x
Price to Earnings Ratio

16.7x


Total Market Cap: Rp931.6tTotal Earnings: Rp55.8tTotal Revenue: Rp342.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.1x202420252026
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 37.3x which is higher than its 3-year average PE of 22.1x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 4.0x.
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 Market2.96%
Telecom3.25%
Media5.56%
Telecom Services and Carriers3.57%
Wireless Telecom3.29%
Entertainment-0.018%
Interactive Media and Services-4.18%
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 6.5% 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 IndonesiaRp13.00k9.0%
+Rp25.4t		3,150.0%PE1102.5x
EXCL XLSMART Telecom SejahteraRp4.26k13.6%
+Rp8.7t		91.0%PS1.8x
EMTK Elang Mahkota TeknologiRp1.14k3.6%
+Rp2.4t		117.1%PE9.3x
DATA Remala AbadiRp5.53k25.6%
+Rp1.5t		622.2%PE69.7x
NETV MDTV Media TechnologiesRp202.0014.8%
+Rp1.1t		71.2%PS77.9x

Latest News

BMTR
Rp173.00
Global Mediacom
7D
22.7%
1Y
-7.0%
DATA
Rp5,525.00
Remala Abadi
7D
25.6%
1Y
622.2%
BHIT
Rp50.00
MNC Asia Holding
7D
28.2%
1Y
51.5%
NETV
Rp202.00
MDTV Media Technologies
7D
14.8%
1Y
71.2%
TOWR
Rp570.00
Sarana Menara Nusantara
7D
-2.6%
1Y
-15.6%

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
Rp4,260.00
XLSMART Telecom Sejahtera
7D
13.6%
1Y
91.0%

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.
BALI
Rp1,640.00
Bali Towerindo Sentra
7D
-3.5%
1Y
7.9%
MTEL
Rp600.00
Dayamitra Telekomunikasi
7D
-9.1%
1Y
-11.1%
TBIG
Rp2,330.00
Tower Bersama Infrastructure
7D
-10.4%
1Y
14.8%
TLKM
Rp3,450.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-0.6%
1Y
28.7%

TLKM: Infrastructure Spinoff Execution Risks Will Likely Limit Future Upside Potential

Analysts have raised their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia from IDR 2,900 to about IDR 3,107, citing improving long term revenue growth and profit margin assumptions, as well as the potential capital unlock from ongoing infrastructure spinoff and streamlining initiatives. Analyst Commentary Recent rating and target price upgrades highlight growing confidence that the company can monetize its infrastructure assets and sustain mid single digit revenue growth.
EMTK
Rp1,140.00
Elang Mahkota Teknologi
7D
3.6%
1Y
117.1%
SCMA
Rp338.00
Surya Citra Media
7D
-2.3%
1Y
107.4%
ISAT
Rp2,160.00
Indosat Ooredoo Hutchison
7D
-8.5%
1Y
-9.2%

ISAT: Future Returns Will Likely Be Capped By Margin Compression

Analysts have modestly raised their price target on Indosat Ooredoo Hutchison from IDR 1,882.77 to IDR 2,000.00, reflecting slightly stronger revenue growth expectations and a higher anticipated future price to earnings multiple, partly offset by a lower projected profit margin and discount rate. Valuation Changes The fair value estimate has increased slightly from IDR 1,882.77 to IDR 2,000.00, implying modest upside versus the previous target.
LINK
Rp3,740.00
Link Net
7D
-7.2%
1Y
218.3%
MORA
Rp13,000.00
Mora Telematika Indonesia
7D
9.0%
1Y
3,150.0%
IBST
Rp5,150.00
Inti Bangun Sejahtera
7D
4.0%
1Y
-8.4%