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Indonesian (IDX) Telecom Sector Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies45
  • 7D-17.6%
  • 3M20.3%
  • 1Y46.1%
  • YTD-10.8%

Over the last 7 days, the Telecom industry has dropped 10%, driven by Mora Telematika Indonesia declining 34%. Over the past 12 months, the industry was up 57%. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Feb 2026Rp1236.1tRp367.0tRp39.1t20.6x31.6x3.4x
Thu, 01 Jan 2026Rp1414.1tRp367.0tRp39.1t25.4x36.2x3.9x
Sat, 29 Nov 2025Rp1178.4tRp366.7tRp39.1t22.4x30.2x3.2x
Mon, 27 Oct 2025Rp985.7tRp363.0tRp46.9t23.2x21x2.7x
Wed, 24 Sep 2025Rp956.3tRp363.0tRp46.8t26.5x20.4x2.6x
Fri, 22 Aug 2025Rp924.5tRp360.7tRp49.0t21.1x18.9x2.6x
Sun, 20 Jul 2025Rp826.8tRp360.8tRp40.6t20.4x20.3x2.3x
Tue, 17 Jun 2025Rp862.3tRp362.4tRp41.9t20.2x20.6x2.4x
Thu, 15 May 2025Rp861.7tRp362.0tRp41.9t22.6x20.6x2.4x
Sat, 12 Apr 2025Rp782.2tRp375.1tRp35.6t19.9x22x2.1x
Mon, 10 Mar 2025Rp830.6tRp369.5tRp36.8t22.9x22.5x2.2x
Wed, 05 Feb 2025Rp833.0tRp367.9tRp37.7t19.9x22.1x2.3x
Fri, 03 Jan 2025Rp848.4tRp367.2tRp38.5t21.9x22.1x2.3x
Sun, 01 Dec 2024Rp845.2tRp366.2tRp38.2t21.5x22.1x2.3x
Tue, 29 Oct 2024Rp942.0tRp368.2tRp40.7t22x23.1x2.6x
Thu, 26 Sep 2024Rp991.5tRp368.9tRp41.7t21.1x23.8x2.7x
Sat, 24 Aug 2024Rp901.9tRp369.0tRp41.8t19.6x21.6x2.4x
Mon, 22 Jul 2024Rp840.0tRp365.1tRp40.4t20.5x20.8x2.3x
Wed, 19 Jun 2024Rp810.9tRp367.0tRp42.5t20.6x19.1x2.2x
Fri, 17 May 2024Rp870.8tRp365.1tRp42.0t21.1x20.7x2.4x
Sun, 14 Apr 2024Rp865.2tRp362.2tRp40.4t26.3x21.4x2.4x
Tue, 12 Mar 2024Rp964.0tRp373.3tRp39.4t26.1x24.5x2.6x
Thu, 08 Feb 2024Rp976.1tRp370.8tRp38.8t26.4x25.2x2.6x
Sat, 06 Jan 2024Rp983.4tRp368.7tRp38.9t24.1x25.3x2.7x
Mon, 04 Dec 2023Rp971.2tRp368.6tRp40.8t27.2x23.8x2.6x
Wed, 01 Nov 2023Rp889.8tRp368.7tRp41.2t26.3x21.6x2.4x
Fri, 29 Sep 2023Rp948.9tRp368.8tRp41.4t28.2x22.9x2.6x
Sun, 27 Aug 2023Rp971.7tRp368.9tRp41.5t31.4x23.4x2.6x
Tue, 25 Jul 2023Rp950.3tRp364.1tRp44.1t26.6x21.6x2.6x
Thu, 22 Jun 2023Rp959.4tRp364.2tRp44.5t26.8x21.5x2.6x
Sat, 20 May 2023Rp927.0tRp364.3tRp44.2t25.5x21x2.5x
Mon, 17 Apr 2023Rp961.8tRp360.0tRp48.5t18.5x19.8x2.7x
Wed, 15 Mar 2023Rp931.1tRp356.7tRp56.0t18.4x16.6x2.6x
Fri, 10 Feb 2023Rp929.9tRp351.9tRp55.9t15.8x16.6x2.6x
Price to Earnings Ratio

16.6x


Total Market Cap: Rp929.9tTotal Earnings: Rp55.9tTotal Revenue: Rp351.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 22.6x202420252026
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 34.2x which is higher than its 3-year average PE of 22.6x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.6x.
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-12.73%
Telecom-17.59%
Interactive Media and Services-11.84%
Entertainment-15.84%
Telecom Services and Carriers-17.26%
Media-19.84%
Wireless Telecom-20.14%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 114x.
    • 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 60% 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
DNET Indoritel Makmur InternasionalRp8.98k0.3%
+Rp354.6b		-0.3%PE109.2x
FORU Fortune IndonesiaRp1.62k8.0%
+Rp55.8b		-53.7%PS17.6x

Latest News

TBIG
Rp1,800.00
Tower Bersama Infrastructure
7D
-10.9%
1Y
-14.3%
FILM
Rp10,500.00
PT.MD Entertainment
7D
-27.6%
1Y
160.5%
EMTK
Rp875.00
Elang Mahkota Teknologi
7D
-15.9%
1Y
59.1%
MSIN
Rp338.00
MNC Digital Entertainment
7D
-21.4%
1Y
-48.8%
ISAT
Rp2,200.00
Indosat Ooredoo Hutchison
7D
-10.6%
1Y
-2.2%

ISAT: Future Returns Will Likely Reflect Overvaluation Despite Slight Margin Improvement

Analysts have kept their fair value estimate for Indosat Ooredoo Hutchison steady at Rp2,000, citing only minor adjustments to revenue growth, profit margin and future P/E assumptions that do not materially change their overall view. Valuation Changes Fair Value Estimate: Kept unchanged at IDR2,000, with no revision to the overall valuation level.
TLKM
Rp3,450.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-12.4%
1Y
30.7%

TLKM: Infrastructure Spinoff And Streamlining Will Unlock Future Capital Benefits

Analysts have nudged their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia slightly higher to IDR 4,500, citing updated assumptions on growth, margins and future P/E, along with recent Street research highlighting potential capital benefits from the company’s infrastructure spinoff and streamlining plans. Analyst Commentary Recent Street commentary has turned more constructive on Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia, with bullish analysts pointing to valuation support and potential capital benefits from the planned infrastructure spinoff and streamlining efforts.
EXCL
Rp3,130.00
XLSMART Telecom Sejahtera
7D
-30.3%
1Y
36.7%

EXCL: Higher 2025 Revenue Guidance And Richer P/E Will Support Future Upside

Analysts have lifted their fair value estimate for XLSMART Telecom Sejahtera from Rp4,479.92 to Rp4,500, reflecting updated assumptions around revenue growth, profit margins, and future P/E levels. What's in the News XLSMART Telecom Sejahtera issued earnings guidance for 2025, giving investors a clearer view of management expectations for the year (company guidance).
FORU
Rp1,620.00
Fortune Indonesia
7D
8.0%
1Y
-53.7%
DNET
Rp8,975.00
Indoritel Makmur Internasional
7D
0.3%
1Y
-0.3%
MORA
Rp8,450.00
Mora Telematika Indonesia
7D
-46.4%
1Y
2,100.5%