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Indonesian (IDX) Telecom Sector Analysis

UpdatedJan 06, 2026
DataAggregated Company Financials
Companies45
  • 7D3.1%
  • 3M48.6%
  • 1Y64.7%
  • YTD1.0%

Over the last 7 days, the Telecom industry has risen 3.1%, driven by gains from Mora Telematika Indonesia of 8.9%. Meanwhile, Tower Bersama Infrastructure actually underperformed within the industry, shrinking 9.3% in the last week. This takes the industry's 12 month performance to a gain of 65%. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 06 Jan 2026Rp1420.3tRp367.0tRp39.1t25x36.3x3.9x
Thu, 04 Dec 2025Rp1251.0tRp366.7tRp39.1t23.3x32x3.4x
Sat, 01 Nov 2025Rp993.1tRp362.9tRp44.9t22.3x22.1x2.7x
Mon, 29 Sep 2025Rp947.2tRp363.0tRp46.8t26.2x20.2x2.6x
Wed, 27 Aug 2025Rp962.9tRp360.7tRp49.0t23.1x19.6x2.7x
Fri, 25 Jul 2025Rp833.2tRp360.8tRp40.7t22.9x20.5x2.3x
Sun, 22 Jun 2025Rp845.0tRp362.4tRp41.9t19.1x20.2x2.3x
Tue, 20 May 2025Rp895.2tRp362.0tRp41.8t21.8x21.4x2.5x
Thu, 17 Apr 2025Rp809.3tRp374.2tRp36.0t20.6x22.5x2.2x
Sat, 15 Mar 2025Rp829.8tRp369.4tRp36.8t22.7x22.6x2.2x
Mon, 10 Feb 2025Rp824.5tRp368.4tRp37.9t21.6x21.8x2.2x
Wed, 08 Jan 2025Rp837.7tRp367.2tRp38.4t19.2x21.8x2.3x
Fri, 06 Dec 2024Rp865.0tRp366.2tRp38.2t21.8x22.7x2.4x
Sun, 03 Nov 2024Rp925.5tRp366.7tRp40.1t23x23.1x2.5x
Tue, 01 Oct 2024Rp961.5tRp368.0tRp41.8t21.1x23x2.6x
Thu, 29 Aug 2024Rp924.9tRp369.0tRp41.8t20.3x22.1x2.5x
Sat, 27 Jul 2024Rp877.3tRp367.0tRp41.5t21.5x21.1x2.4x
Mon, 24 Jun 2024Rp839.7tRp367.0tRp42.5t21.5x19.8x2.3x
Wed, 22 May 2024Rp861.3tRp367.0tRp42.3t20.5x20.3x2.3x
Fri, 19 Apr 2024Rp878.0tRp364.1tRp41.5t25x21.1x2.4x
Sun, 17 Mar 2024Rp967.4tRp373.3tRp39.4t26.1x24.6x2.6x
Tue, 13 Feb 2024Rp981.8tRp372.3tRp39.4t26.7x24.9x2.6x
Thu, 11 Jan 2024Rp993.8tRp368.7tRp38.8t29.1x25.6x2.7x
Sat, 09 Dec 2023Rp971.8tRp368.5tRp40.6t26.7x23.9x2.6x
Mon, 06 Nov 2023Rp908.8tRp368.0tRp41.0t26.7x22.2x2.5x
Wed, 04 Oct 2023Rp957.5tRp368.8tRp41.4t28.3x23.1x2.6x
Fri, 01 Sep 2023Rp980.3tRp368.9tRp41.5t31.3x23.6x2.7x
Sun, 30 Jul 2023Rp933.6tRp364.7tRp43.2t26.3x21.6x2.6x
Tue, 27 Jun 2023Rp953.6tRp364.1tRp44.1t29.2x21.6x2.6x
Thu, 25 May 2023Rp932.6tRp364.3tRp44.6t27x20.9x2.6x
Sat, 22 Apr 2023Rp957.0tRp360.1tRp48.3t18.9x19.8x2.7x
Mon, 20 Mar 2023Rp927.9tRp356.7tRp55.7t20.2x16.6x2.6x
Wed, 15 Feb 2023Rp937.9tRp351.9tRp55.9t16.3x16.8x2.7x
Fri, 13 Jan 2023Rp941.6tRp342.1tRp55.8t16.7x16.9x2.8x
Price to Earnings Ratio

16.9x


Total Market Cap: Rp941.6tTotal 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 36.3x 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 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 Market2.31%
Telecom3.08%
Entertainment11.13%
Telecom Services and Carriers2.75%
Media1.49%
Interactive Media and Services-0.99%
Wireless Telecom-2.58%
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 15.8%, which is higher than its past year's earnings growth of 1.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Media industry, expecting annual earnings growth of 63% over the next 5 years.
  • This is better than its past earnings decline of 9.1% 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 IndonesiaRp12.53k3.9%
+Rp11.2t		3,078.9%PE1062.2x
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi IndonesiaRp3.52k1.1%
+Rp4.0t		37.0%PE16x
EMTK Elang Mahkota TeknologiRp1.13k3.7%
+Rp2.4t		114.3%PE9.2x
NETV MDTV Media TechnologiesRp191.0022.4%
+Rp1.4t		76.9%PS73.7x
WIFI Solusi Sinergi DigitalRp3.46k6.5%
+Rp1.1t		773.7%PE46.2x

Latest News

EXCL
Rp3,800.00
XLSMART Telecom Sejahtera
7D
1.3%
1Y
70.4%

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
Rp1,730.00
Bali Towerindo Sentra
7D
-2.8%
1Y
10.2%
MTEL
Rp650.00
Dayamitra Telekomunikasi
7D
-7.1%
1Y
-3.0%
WIFI
Rp3,460.00
Solusi Sinergi Digital
7D
6.5%
1Y
773.7%
TBIG
Rp2,450.00
Tower Bersama Infrastructure
7D
-8.6%
1Y
17.8%
TLKM
Rp3,520.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
1.1%
1Y
37.0%

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
Rp1,125.00
Elang Mahkota Teknologi
7D
3.7%
1Y
114.3%
TOWR
Rp565.00
Sarana Menara Nusantara
7D
-3.4%
1Y
-18.7%

TOWR: Higher Required Returns Will Still Support A Bullish Outlook

Analysts have trimmed their price target for Sarana Menara Nusantara from approximately Rp1,175 to around Rp1,096. They cite a higher required return and slightly softer revenue growth expectations, partly offset by a modestly improved profit margin outlook and a richer projected forward P/E multiple.
SCMA
Rp354.00
Surya Citra Media
7D
4.7%
1Y
113.3%
ISAT
Rp2,160.00
Indosat Ooredoo Hutchison
7D
-6.9%
1Y
-7.7%

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.
DATA
Rp4,690.00
Remala Abadi
7D
11.7%
1Y
521.2%
LINK
Rp3,920.00
Link Net
7D
-3.7%
1Y
232.2%
FUTR
Rp645.00
Lini Imaji Kreasi Ekosistem
7D
-2.3%
1Y
403.9%
NETV
Rp191.00
MDTV Media Technologies
7D
22.4%
1Y
76.9%
MORA
Rp12,525.00
Mora Telematika Indonesia
7D
3.9%
1Y
3,078.9%
IBST
Rp4,950.00
Inti Bangun Sejahtera
7D
-4.8%
1Y
-10.0%