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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies45
  • 7D1.4%
  • 3M46.4%
  • 1Y66.7%
  • YTD1.6%

The Telecom industry is up 1.4% in the last week, with Mora Telematika Indonesia up 9.0%. In the same time, Indosat Ooredoo Hutchison was down 8.5%. This means that the industry has gained 67% over the past year. 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
Sun, 11 Jan 2026Rp1428.0tRp367.0tRp39.1t24.6x36.5x3.9x
Tue, 09 Dec 2025Rp1352.7tRp366.7tRp39.1t23.8x34.6x3.7x
Thu, 06 Nov 2025Rp1040.7tRp364.4tRp47.1t21.1x22.1x2.9x
Sat, 04 Oct 2025Rp976.6tRp363.0tRp46.8t24.1x20.8x2.7x
Mon, 01 Sep 2025Rp947.4tRp362.8tRp46.9t25.9x20.2x2.6x
Wed, 30 Jul 2025Rp845.7tRp361.0tRp40.8t21.7x20.7x2.3x
Fri, 27 Jun 2025Rp828.9tRp362.4tRp41.9t19.6x19.8x2.3x
Sun, 25 May 2025Rp877.7tRp362.2tRp41.9t21.6x21x2.4x
Tue, 22 Apr 2025Rp808.9tRp362.5tRp38.3t21.2x21.1x2.2x
Thu, 20 Mar 2025Rp816.6tRp369.7tRp36.8t21.5x22.2x2.2x
Sat, 15 Feb 2025Rp815.2tRp368.6tRp36.4t22x22.4x2.2x
Mon, 13 Jan 2025Rp843.8tRp367.2tRp38.4t18.8x21.9x2.3x
Wed, 11 Dec 2024Rp873.8tRp366.2tRp38.2t21.6x22.9x2.4x
Fri, 08 Nov 2024Rp909.9tRp368.1tRp40.3t22.5x22.6x2.5x
Sun, 06 Oct 2024Rp949.3tRp368.1tRp40.8t20.7x23.3x2.6x
Tue, 03 Sep 2024Rp938.4tRp369.0tRp41.8t19.8x22.4x2.5x
Thu, 01 Aug 2024Rp857.9tRp367.9tRp41.0t21.9x20.9x2.3x
Sat, 29 Jun 2024Rp851.2tRp367.0tRp42.5t22.3x20x2.3x
Mon, 27 May 2024Rp852.2tRp367.0tRp42.3t20.1x20.1x2.3x
Wed, 24 Apr 2024Rp860.4tRp365.5tRp41.2t25.2x20.9x2.4x
Fri, 22 Mar 2024Rp955.8tRp373.1tRp39.4t25.3x24.3x2.6x
Sun, 18 Feb 2024Rp991.2tRp373.1tRp39.4t23.3x25.2x2.7x
Tue, 16 Jan 2024Rp994.2tRp368.7tRp38.8t26.2x25.6x2.7x
Thu, 14 Dec 2023Rp971.0tRp368.4tRp40.5t26x24x2.6x
Sat, 11 Nov 2023Rp919.1tRp368.0tRp41.0t26.9x22.4x2.5x
Mon, 09 Oct 2023Rp957.2tRp368.7tRp41.3t27.6x23.2x2.6x
Wed, 06 Sep 2023Rp975.5tRp368.9tRp41.5t30.9x23.5x2.6x
Fri, 04 Aug 2023Rp954.3tRp370.0tRp42.1t25.9x22.7x2.6x
Sun, 02 Jul 2023Rp958.6tRp364.1tRp44.1t26.3x21.8x2.6x
Tue, 30 May 2023Rp945.0tRp364.3tRp44.6t25.8x21.2x2.6x
Thu, 27 Apr 2023Rp967.4tRp360.1tRp48.3t19.2x20x2.7x
Sat, 25 Mar 2023Rp926.0tRp356.9tRp55.8t18.4x16.6x2.6x
Mon, 20 Feb 2023Rp935.7tRp351.9tRp55.9t16.2x16.8x2.7x
Wed, 18 Jan 2023Rp945.7tRp342.1tRp55.8t16.7x16.9x2.8x
Price to Earnings Ratio

16.9x


Total Market Cap: Rp945.7tTotal 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 Market1.78%
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 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%
ISAT
Rp2,160.00
Indosat Ooredoo Hutchison
7D
-8.5%
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
Rp5,525.00
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%
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%