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Indonesian (IDX) Telecom Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies45
  • 7D3.9%
  • 3M-25.6%
  • 1Y28.0%
  • YTD-30.1%

Over the last 7 days, the Telecom industry has risen 3.9%, driven by gains from Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia of 2.7%. This takes the industry's 12 month performance to a gain of 28%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026Rp972.2tRp371.5tRp37.9t20.4x25.6x2.6x
Mon, 16 Feb 2026Rp1130.0tRp371.2tRp37.7t22.1x30x3x
Wed, 14 Jan 2026Rp1422.0tRp367.0tRp39.1t24.4x36.4x3.9x
Fri, 12 Dec 2025Rp1384.5tRp366.7tRp39.1t28.6x35.4x3.8x
Sun, 09 Nov 2025Rp1054.5tRp363.4tRp40.5t21.3x26x2.9x
Tue, 07 Oct 2025Rp953.8tRp363.0tRp46.8t23.7x20.4x2.6x
Thu, 04 Sep 2025Rp941.5tRp362.8tRp46.9t26.5x20.1x2.6x
Sat, 02 Aug 2025Rp841.4tRp361.7tRp48.1t21.5x17.5x2.3x
Mon, 30 Jun 2025Rp844.1tRp362.4tRp41.9t19.6x20.1x2.3x
Wed, 28 May 2025Rp895.6tRp362.2tRp41.9t21.6x21.4x2.5x
Fri, 25 Apr 2025Rp841.6tRp362.5tRp38.3t21x22x2.3x
Sun, 23 Mar 2025Rp792.6tRp371.7tRp37.9t21.3x20.9x2.1x
Tue, 18 Feb 2025Rp825.0tRp367.5tRp35.8t22.8x23.1x2.2x
Thu, 16 Jan 2025Rp841.6tRp367.2tRp38.4t19.6x21.9x2.3x
Sat, 14 Dec 2024Rp876.2tRp366.2tRp38.2t21.4x22.9x2.4x
Mon, 11 Nov 2024Rp893.8tRp368.3tRp40.3t22.5x22.2x2.4x
Wed, 09 Oct 2024Rp962.1tRp368.0tRp40.7t20x23.6x2.6x
Fri, 06 Sep 2024Rp997.0tRp369.0tRp41.8t19.1x23.8x2.7x
Sun, 04 Aug 2024Rp847.8tRp368.0tRp41.9t20.2x20.2x2.3x
Tue, 02 Jul 2024Rp859.2tRp367.0tRp42.5t22x20.2x2.3x
Thu, 30 May 2024Rp843.4tRp367.0tRp42.3t21.1x19.9x2.3x
Sat, 27 Apr 2024Rp862.9tRp365.5tRp41.2t24.5x21x2.4x
Mon, 25 Mar 2024Rp958.3tRp373.1tRp39.4t26.3x24.4x2.6x
Wed, 21 Feb 2024Rp989.2tRp373.1tRp39.4t23.7x25.1x2.7x
Fri, 19 Jan 2024Rp989.4tRp368.7tRp38.8t26.6x25.5x2.7x
Sun, 17 Dec 2023Rp980.1tRp368.4tRp40.5t26.1x24.2x2.7x
Tue, 14 Nov 2023Rp922.0tRp368.0tRp41.0t26.9x22.5x2.5x
Thu, 12 Oct 2023Rp962.0tRp368.7tRp41.3t28.1x23.3x2.6x
Sat, 09 Sep 2023Rp973.3tRp368.9tRp41.5t31.7x23.5x2.6x
Mon, 07 Aug 2023Rp953.8tRp369.1tRp41.9t25.9x22.8x2.6x
Wed, 05 Jul 2023Rp957.0tRp364.1tRp44.1t26.2x21.7x2.6x
Fri, 02 Jun 2023Rp941.1tRp364.3tRp44.6t25x21.1x2.6x
Sun, 30 Apr 2023Rp952.4tRp361.0tRp48.6t18.9x19.6x2.6x
Tue, 28 Mar 2023Rp922.7tRp357.4tRp53.8t19.4x17.2x2.6x
Price to Earnings Ratio

17.2x


Total Market Cap: Rp922.7tTotal Earnings: Rp53.8tTotal Revenue: Rp357.4tTotal 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 25.6x 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 Market-1.01%
Telecom3.88%
Wireless Telecom9.30%
Media6.30%
Telecom Services and Carriers3.07%
Entertainment0.069%
Interactive Media and Services-1.08%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 26.1x.
    • Analysts are expecting annual earnings growth of 46.9%, which is higher than its past year's earnings growth of 12.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 47% 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 IndonesiaRp3.05k2.7%
+Rp7.9t		32.0%PE13.9x
EXCL XLSMART Telecom SejahteraRp2.96k11.7%
+Rp5.6t		31.0%PS1.3x
EMTK Elang Mahkota TeknologiRp795.0012.8%
+Rp5.5t		48.6%PE6.5x
ISAT Indosat Ooredoo HutchisonRp2.15k7.5%
+Rp4.8t		61.0%PE12.6x
DNET Indoritel Makmur InternasionalRp8.98k2.9%
+Rp3.5t		-3.2%PE109.2x

Latest News

TOWR
Rp478.00
Sarana Menara Nusantara
7D
5.8%
1Y
-9.0%

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
Rp2,960.00
XLSMART Telecom Sejahtera
7D
11.7%
1Y
31.0%

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.
FORU
Rp1,035.00
Fortune Indonesia
7D
-12.7%
1Y
27.8%
NETV
Rp72.00
MDTV Media Technologies
7D
-7.7%
1Y
-48.2%
ISAT
Rp2,150.00
Indosat Ooredoo Hutchison
7D
7.5%
1Y
61.0%

ISAT: Future Returns Will Likely Track Fair Value With Modest Margin Support

Analysts have nudged their price target on Indosat Ooredoo Hutchison from IDR 2,000 to about IDR 2,040, citing small adjustments to fair value estimates that reflect updated assumptions on revenue growth, profit margins, and future P/E multiples. Valuation Changes Fair Value: Updated from IDR 2,000 to about IDR 2,040, reflecting a small upward adjustment in the modelled estimate.
DMMX
Rp183.00
Digital Mediatama Maxima
7D
-6.6%
1Y
-48.9%
TLKM
Rp3,050.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
2.7%
1Y
32.0%

TLKM: Data Center Stake Sale And Spin Off Will Unlock Equity Value

Analysts have maintained their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia at IDR 3,887.27 per share. They have made minor adjustments to assumptions around the discount rate, revenue growth, profit margin, and future P/E to reflect updated modelling inputs.
BALI
Rp1,225.00
Bali Towerindo Sentra
7D
-1.2%
1Y
-2.0%
WIFI
Rp2,000.00
Solusi Sinergi Digital
7D
-2.0%
1Y
2.8%
EMTK
Rp795.00
Elang Mahkota Teknologi
7D
12.8%
1Y
48.6%
RAAM
Rp163.00
Tripar Multivision Plus
7D
-4.7%
1Y
-41.8%
LINK
Rp1,830.00
Link Net
7D
-4.2%
1Y
-3.4%
TBIG
Rp1,620.00
Tower Bersama Infrastructure
7D
8.7%
1Y
-17.6%
FILM
Rp3,610.00
PT.MD Entertainment
7D
-1.4%
1Y
30.8%
MTEL
Rp535.00
Dayamitra Telekomunikasi
7D
5.9%
1Y
-2.7%
DNET
Rp8,975.00
Indoritel Makmur Internasional
7D
2.9%
1Y
-3.2%