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Indonesian (IDX) Telecom Sector Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies44
  • 7D-0.5%
  • 3M-31.9%
  • 1Y26.5%
  • YTD-30.5%

Over the last 7 days, the Telecom industry has remained flat, although notably MNC Digital Entertainment gained 18%. As for the the longer term, the industry is up 27% over the past 12 months. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026Rp966.4tRp373.7tRp37.4t20.3x25.9x2.6x
Thu, 26 Feb 2026Rp1157.2tRp371.0tRp37.6t21.8x30.8x3.1x
Sat, 24 Jan 2026Rp1488.5tRp367.0tRp39.1t23.2x38.1x4.1x
Mon, 22 Dec 2025Rp1302.1tRp367.0tRp39.1t23.6x33.3x3.5x
Wed, 19 Nov 2025Rp1146.4tRp366.7tRp39.1t22.5x29.3x3.1x
Fri, 17 Oct 2025Rp970.0tRp363.0tRp46.8t23x20.7x2.7x
Sun, 14 Sep 2025Rp935.7tRp362.7tRp46.8t24.4x20x2.6x
Tue, 12 Aug 2025Rp902.9tRp360.9tRp49.0t21.3x18.4x2.5x
Thu, 10 Jul 2025Rp841.4tRp362.5tRp41.6t19.5x20.2x2.3x
Sat, 07 Jun 2025Rp883.8tRp362.4tRp41.9t20.8x21.1x2.4x
Mon, 05 May 2025Rp864.2tRp360.8tRp38.7t23.8x22.4x2.4x
Wed, 02 Apr 2025Rp804.7tRp375.1tRp35.8t20.7x22.5x2.1x
Fri, 28 Feb 2025Rp852.9tRp369.3tRp36.9t23.2x23.1x2.3x
Sun, 26 Jan 2025Rp848.8tRp367.9tRp37.7t20x22.5x2.3x
Tue, 24 Dec 2024Rp843.0tRp367.2tRp38.5t21.5x21.9x2.3x
Thu, 21 Nov 2024Rp890.2tRp368.0tRp39.3t22.7x22.7x2.4x
Sat, 19 Oct 2024Rp954.6tRp368.3tRp40.8t21.5x23.4x2.6x
Mon, 16 Sep 2024Rp1002.4tRp369.0tRp41.8t21.8x24x2.7x
Wed, 14 Aug 2024Rp867.8tRp368.6tRp41.8t19.3x20.7x2.4x
Fri, 12 Jul 2024Rp889.4tRp367.0tRp41.5t22.3x21.4x2.4x
Sun, 09 Jun 2024Rp853.6tRp367.0tRp42.5t22x20.1x2.3x
Tue, 07 May 2024Rp872.7tRp365.6tRp42.0t24.3x20.8x2.4x
Thu, 04 Apr 2024Rp859.7tRp361.9tRp40.0t25.5x21.5x2.4x
Sat, 02 Mar 2024Rp977.6tRp373.1tRp39.4t26.3x24.8x2.6x
Mon, 29 Jan 2024Rp988.1tRp368.7tRp38.8t26.7x25.4x2.7x
Wed, 27 Dec 2023Rp975.8tRp368.4tRp40.5t29x24.1x2.6x
Fri, 24 Nov 2023Rp941.7tRp368.6tRp41.0t27.1x23x2.6x
Sun, 22 Oct 2023Rp932.2tRp368.8tRp41.2t26.4x22.6x2.5x
Tue, 19 Sep 2023Rp962.1tRp368.9tRp41.5t30.4x23.2x2.6x
Thu, 17 Aug 2023Rp983.3tRp368.9tRp41.6t28.8x23.7x2.7x
Sat, 15 Jul 2023Rp956.0tRp364.1tRp44.1t26.9x21.7x2.6x
Mon, 12 Jun 2023Rp968.1tRp364.2tRp44.6t26.2x21.7x2.7x
Wed, 10 May 2023Rp941.1tRp363.8tRp44.5t18.7x21.2x2.6x
Fri, 07 Apr 2023Rp952.5tRp356.5tRp53.2t19.5x17.9x2.7x
Price to Earnings Ratio

17.9x


Total Market Cap: Rp952.5tTotal Earnings: Rp53.2tTotal Revenue: Rp356.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 23.2x202420252026
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 26.0x which is higher than its 3-year average PE of 23.2x.
  • 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-0.40%
Telecom-0.53%
Interactive Media and Services4.86%
Media1.26%
Entertainment0.53%
Telecom Services and Carriers-0.39%
Wireless Telecom-3.46%
Industry PE
  • Investors are most optimistic about the Interactive Media and Services industry which is trading above its 3-year average PE ratio.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 24.0x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 46% 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
MSIN MNC Digital EntertainmentRp585.0017.9%
+Rp5.4t		4.5%PE78.2x
DNET Indoritel Makmur InternasionalRp9.08k1.1%
+Rp1.4t		-1.4%PE110.4x
WIFI Solusi Sinergi DigitalRp2.17k8.5%
+Rp902.5b		20.6%PE28.2x
NETV MDTV Media TechnologiesRp90.0025.0%
+Rp744.5b		-37.1%PS34.7x
TOWR Sarana Menara NusantaraRp490.002.5%
+Rp698.5b		-3.0%PE7.8x

Latest News

MSIN
Rp585.00
MNC Digital Entertainment
7D
17.9%
1Y
4.5%
NETV
Rp90.00
MDTV Media Technologies
7D
25.0%
1Y
-37.1%
RAAM
Rp212.00
Tripar Multivision Plus
7D
30.1%
1Y
-25.9%
WIFI
Rp2,170.00
Solusi Sinergi Digital
7D
8.5%
1Y
20.6%
EMTK
Rp800.00
Elang Mahkota Teknologi
7D
0.6%
1Y
46.8%
SCMA
Rp256.00
Surya Citra Media
7D
-5.2%
1Y
28.0%
ISAT
Rp2,080.00
Indosat Ooredoo Hutchison
7D
-3.3%
1Y
43.0%

ISAT: Higher Margin Assumptions Will Support Future Upside Potential

Analysts have nudged their price target for Indosat Ooredoo Hutchison slightly higher to IDR 2,739 from IDR 2,730, citing updated assumptions around revenue growth, profit margins and future P/E. Together, these factors point to a modest adjustment in fair value rather than a major shift in the outlook.
TLKM
Rp3,040.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-0.3%
1Y
26.1%

TLKM: NeutraDC Stake Review And Governance Moves Will Shape Fairly Valued Outlook

Analysts have made a small upward adjustment to their IDR price target for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia to IDR3,169.91 from IDR3,167.87, reflecting updated assumptions around revenue growth, profit margin, discount rate, and future P/E levels. What's in the News M&A discussions are underway as Telkom Indonesia considers selling a stake in its data center unit, NeutraDC.
TOWR
Rp490.00
Sarana Menara Nusantara
7D
2.5%
1Y
-3.0%

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
Rp2,850.00
XLSMART Telecom Sejahtera
7D
-3.7%
1Y
25.0%

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.
TBIG
Rp1,640.00
Tower Bersama Infrastructure
7D
1.2%
1Y
-17.6%
FILM
Rp3,050.00
PT.MD Entertainment
7D
-15.5%
1Y
7.4%
DATA
Rp3,530.00
Remala Abadi
7D
-4.9%
1Y
236.2%
MTEL
Rp530.00
Dayamitra Telekomunikasi
7D
-0.9%
1Y
-6.2%
DNET
Rp9,075.00
Indoritel Makmur Internasional
7D
1.1%
1Y
-1.4%
MORA
Rp4,380.00
Mora Telematika Indonesia
7D
-3.5%
1Y
958.0%