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Indonesian (IDX) Telecom Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies45
  • 7D-1.6%
  • 3M40.5%
  • 1Y55.0%
  • YTD54.4%

Over the last 7 days, the Telecom industry has dropped 2.8%, driven by a pullback from Mora Telematika Indonesia of 12%. Meanwhile, PT.MD Entertainment actually outperformed within the industry, gaining 31% in the last week. This takes the industry's 12 month performance to a gain of 52%. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025Rp1327.6tRp367.0tRp39.1t24.4x34x3.6x
Sat, 22 Nov 2025Rp1146.1tRp366.7tRp39.1t22.1x29.3x3.1x
Mon, 20 Oct 2025Rp927.8tRp363.0tRp46.8t24x19.8x2.6x
Wed, 17 Sep 2025Rp963.5tRp362.7tRp46.8t26.1x20.6x2.7x
Fri, 15 Aug 2025Rp939.0tRp360.7tRp49.0t21.1x19.1x2.6x
Sun, 13 Jul 2025Rp804.4tRp360.8tRp40.6t18.4x19.8x2.2x
Tue, 10 Jun 2025Rp883.8tRp362.4tRp41.9t20.8x21.1x2.4x
Thu, 08 May 2025Rp877.5tRp362.4tRp42.1t23.2x20.8x2.4x
Sat, 05 Apr 2025Rp804.7tRp374.9tRp35.8t21.3x22.5x2.1x
Mon, 03 Mar 2025Rp823.0tRp369.3tRp36.8t22.5x22.4x2.2x
Wed, 29 Jan 2025Rp848.8tRp367.9tRp37.7t20x22.5x2.3x
Fri, 27 Dec 2024Rp844.9tRp367.2tRp38.5t20.3x22x2.3x
Sun, 24 Nov 2024Rp900.7tRp368.0tRp39.3t23x22.9x2.4x
Tue, 22 Oct 2024Rp966.3tRp368.3tRp40.8t21.3x23.7x2.6x
Thu, 19 Sep 2024Rp983.8tRp368.9tRp41.7t21.1x23.6x2.7x
Sat, 17 Aug 2024Rp893.7tRp368.6tRp41.8t19.8x21.4x2.4x
Mon, 15 Jul 2024Rp895.0tRp367.0tRp41.5t21.7x21.6x2.4x
Wed, 12 Jun 2024Rp849.3tRp367.0tRp42.5t20.8x20x2.3x
Fri, 10 May 2024Rp866.9tRp365.5tRp42.0t23.2x20.6x2.4x
Sun, 07 Apr 2024Rp865.2tRp361.9tRp40.2t26.3x21.5x2.4x
Tue, 05 Mar 2024Rp977.6tRp373.1tRp39.4t26.4x24.8x2.6x
Thu, 01 Feb 2024Rp983.8tRp368.7tRp38.8t26.6x25.3x2.7x
Sat, 30 Dec 2023Rp978.7tRp368.4tRp40.5t26.1x24.2x2.7x
Mon, 27 Nov 2023Rp941.9tRp368.6tRp41.0t27.1x23x2.6x
Wed, 25 Oct 2023Rp922.0tRp368.8tRp41.2t26.6x22.4x2.5x
Fri, 22 Sep 2023Rp957.1tRp368.8tRp41.4t28x23.1x2.6x
Sun, 20 Aug 2023Rp974.3tRp368.8tRp41.5t30.3x23.5x2.6x
Tue, 18 Jul 2023Rp958.6tRp364.1tRp44.1t26.1x21.8x2.6x
Thu, 15 Jun 2023Rp957.9tRp364.2tRp44.6t26.1x21.5x2.6x
Sat, 13 May 2023Rp942.9tRp364.6tRp44.5t20.3x21.2x2.6x
Mon, 10 Apr 2023Rp952.5tRp359.9tRp47.5t17.2x20.1x2.6x
Wed, 08 Mar 2023Rp940.4tRp356.4tRp55.8t17.2x16.9x2.6x
Fri, 03 Feb 2023Rp947.8tRp351.9tRp55.9t16.4x17x2.7x
Sun, 01 Jan 2023Rp950.8tRp342.1tRp55.8t16.4x17x2.8x
Price to Earnings Ratio

17x


Total Market Cap: Rp950.8tTotal Earnings: Rp55.8tTotal Revenue: Rp342.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 21.9x202320242025
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 33.4x which is higher than its 3-year average PE of 21.9x.
  • The 3-year average PS ratio of 2.5x 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 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 Market-2.07%
Telecom-1.60%
Entertainment20.98%
Telecom Services and Carriers-2.54%
Wireless Telecom-2.73%
Interactive Media and Services-8.18%
Media-13.45%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 110x.
    • 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 64% over the next 5 years.
  • This is better than its past earnings growth rate of 1.2% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 6.6% 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
FILM PT.MD EntertainmentRp11.70k31.1%
+Rp27.5t		221.4%PS225.2x
TBIG Tower Bersama InfrastructureRp2.49k22.7%
+Rp10.3t		27.4%PE42.6x
MTEL Dayamitra TelekomunikasiRp640.004.9%
+Rp2.4t		-3.0%PE24.6x
TOWR Sarana Menara NusantaraRp585.005.4%
+Rp1.7t		-5.6%PE9.9x
DNET Indoritel Makmur InternasionalRp8.93k1.1%
+Rp1.4t		-0.8%PE108.6x

Latest News

WIFI
Rp3,250.00
Solusi Sinergi Digital
7D
-6.3%
1Y
704.5%
TBIG
Rp2,490.00
Tower Bersama Infrastructure
7D
22.7%
1Y
27.4%
TLKM
Rp3,460.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-1.1%
1Y
26.3%

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
Rp1,085.00
Elang Mahkota Teknologi
7D
-18.7%
1Y
110.7%
TOWR
Rp585.00
Sarana Menara Nusantara
7D
5.4%
1Y
-5.6%

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.
FORU
Rp1,510.00
Fortune Indonesia
7D
18.9%
1Y
-58.6%
SCMA
Rp332.00
Surya Citra Media
7D
-19.0%
1Y
107.5%
ISAT
Rp2,400.00
Indosat Ooredoo Hutchison
7D
-2.8%
1Y
-1.6%

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.
EXCL
Rp3,750.00
XLSMART Telecom Sejahtera
7D
-2.6%
1Y
65.9%

EXCL: Lower Risk Profile And Cable Project Will Drive Stronger Margins

Analysts have raised their price target for XLSMART Telecom Sejahtera from Rp4,120 to Rp4,470, citing a lower perceived risk profile, improved long term profit margins, and a more conservative outlook on revenue growth and valuation multiples. What's in the News Issued 2025 earnings guidance with reported revenue expected to grow 20% to 25% year on year, broadly in line with the market (corporate guidance).
LINK
Rp3,710.00
Link Net
7D
-8.2%
1Y
214.4%
IPTV
Rp50.00
MNC Vision Networks
7D
19.0%
1Y
117.4%
MTEL
Rp640.00
Dayamitra Telekomunikasi
7D
4.9%
1Y
-3.0%
FILM
Rp11,700.00
PT.MD Entertainment
7D
31.1%
1Y
221.4%
DNET
Rp8,925.00
Indoritel Makmur Internasional
7D
1.1%
1Y
-0.8%
NETV
Rp146.00
MDTV Media Technologies
7D
21.7%
1Y
27.0%
MORA
Rp10,200.00
Mora Telematika Indonesia
7D
-11.9%
1Y
1,981.6%