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Indonesian (IDX) Telecom Sector Analysis

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies45
  • 7D-4.7%
  • 3M34.9%
  • 1Y55.7%
  • YTD51.5%

Over the last 7 days, the Telecom industry has dropped 5.4%, driven by declines in PT.MD Entertainment and Mora Telematika Indonesia of 20% and 7.7%, respectively. In contrast, Tower Bersama Infrastructure has gained 13%. This takes the industry's 12 month performance to a gain of 56%. 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
Sat, 20 Dec 2025Rp1302.1tRp367.0tRp39.1t23.6x33.3x3.5x
Mon, 17 Nov 2025Rp1136.3tRp366.7tRp39.1t21.8x29.1x3.1x
Wed, 15 Oct 2025Rp948.3tRp363.0tRp46.8t23.4x20.2x2.6x
Fri, 12 Sep 2025Rp929.1tRp362.7tRp46.8t23.3x19.9x2.6x
Sun, 10 Aug 2025Rp887.9tRp360.9tRp49.0t21.3x18.1x2.5x
Tue, 08 Jul 2025Rp842.3tRp362.5tRp41.6t19.1x20.2x2.3x
Thu, 05 Jun 2025Rp883.9tRp362.4tRp41.9t20.8x21.1x2.4x
Sat, 03 May 2025Rp851.4tRp360.9tRp38.8t23.8x21.9x2.4x
Mon, 31 Mar 2025Rp797.5tRp372.3tRp37.9t21.6x21x2.1x
Wed, 26 Feb 2025Rp840.6tRp369.3tRp36.9t22.7x22.8x2.3x
Fri, 24 Jan 2025Rp855.8tRp367.9tRp37.7t20.2x22.7x2.3x
Sun, 22 Dec 2024Rp822.9tRp367.2tRp38.5t19.1x21.4x2.2x
Tue, 19 Nov 2024Rp869.1tRp368.0tRp39.3t22.5x22.1x2.4x
Thu, 17 Oct 2024Rp954.2tRp368.3tRp40.8t21.3x23.4x2.6x
Sat, 14 Sep 2024Rp995.7tRp369.0tRp41.8t21.8x23.8x2.7x
Mon, 12 Aug 2024Rp844.1tRp369.4tRp41.9t19.3x20.2x2.3x
Wed, 10 Jul 2024Rp870.6tRp367.0tRp41.5t21.7x21x2.4x
Fri, 07 Jun 2024Rp853.8tRp367.0tRp42.5t22.7x20.1x2.3x
Sun, 05 May 2024Rp872.5tRp365.2tRp41.5t22.6x21x2.4x
Tue, 02 Apr 2024Rp916.2tRp371.8tRp40.2t25.9x22.8x2.5x
Thu, 29 Feb 2024Rp979.4tRp373.1tRp39.4t24x24.9x2.6x
Sat, 27 Jan 2024Rp988.1tRp368.7tRp38.8t26.7x25.4x2.7x
Mon, 25 Dec 2023Rp975.8tRp368.4tRp40.5t29x24.1x2.6x
Wed, 22 Nov 2023Rp933.7tRp368.0tRp41.0t26.7x22.8x2.5x
Fri, 20 Oct 2023Rp941.6tRp368.7tRp41.3t26.9x22.8x2.6x
Sun, 17 Sep 2023Rp962.1tRp368.9tRp41.5t30.5x23.2x2.6x
Tue, 15 Aug 2023Rp973.8tRp368.9tRp41.6t30x23.4x2.6x
Thu, 13 Jul 2023Rp966.8tRp364.1tRp44.1t26.1x21.9x2.7x
Sat, 10 Jun 2023Rp964.7tRp364.2tRp44.6t26.2x21.6x2.6x
Mon, 08 May 2023Rp946.4tRp363.7tRp44.8t18.8x21.1x2.6x
Wed, 05 Apr 2023Rp937.0tRp356.6tRp53.2t19.4x17.6x2.6x
Fri, 03 Mar 2023Rp938.6tRp356.4tRp55.8t17.1x16.8x2.6x
Sun, 29 Jan 2023Rp952.1tRp342.1tRp55.8t16.5x17.1x2.8x
Tue, 27 Dec 2022Rp949.0tRp342.1tRp55.8t16.5x17x2.8x
Price to Earnings Ratio

17x


Total Market Cap: Rp949.0tTotal Earnings: Rp55.8tTotal Revenue: Rp342.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 21.8x202320242025
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 33.5x which is higher than its 3-year average PE of 21.8x.
  • 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-0.94%
Telecom-4.66%
Wireless Telecom2.94%
Interactive Media and Services-1.94%
Telecom Services and Carriers-3.51%
Media-8.55%
Entertainment-14.58%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio of 109x.
    • 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 69% 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
TBIG Tower Bersama InfrastructureRp2.14k12.6%
+Rp5.4t		12.6%PE36.6x
TOWR Sarana Menara NusantaraRp580.007.4%
+Rp2.3t		-4.9%PE9.8x
ISAT Indosat Ooredoo HutchisonRp2.43k3.0%
+Rp2.3t		2.5%PE17x
EXCL XLSMART Telecom SejahteraRp3.90k2.9%
+Rp1.9t		71.1%PS1.7x
MDIA Intermedia CapitalRp93.0038.8%
+Rp1.0t		n/aPS5.6x

Latest News

SCMA
Rp352.00
Surya Citra Media
7D
-17.8%
1Y
118.6%
TLKM
Rp3,410.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-3.9%
1Y
33.7%
ISAT
Rp2,430.00
Indosat Ooredoo Hutchison
7D
3.0%
1Y
2.5%

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
Rp3,900.00
XLSMART Telecom Sejahtera
7D
2.9%
1Y
71.1%

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).
WIFI
Rp3,270.00
Solusi Sinergi Digital
7D
-9.7%
1Y
721.6%
BALI
Rp1,805.00
Bali Towerindo Sentra
7D
3.7%
1Y
31.3%
MDIA
Rp93.00
Intermedia Capital
7D
38.8%
1Y
n/a
TOWR
Rp580.00
Sarana Menara Nusantara
7D
7.4%
1Y
-4.9%

TOWR: Share Buyback Will Drive Continued Upside Amid Stable Margins

Analysts have modestly increased their price target for Sarana Menara Nusantara to Rp846.92 from Rp845.38. This reflects slightly higher long term valuation multiples, despite marginally softer expectations for revenue growth and profit margins, as well as a reduced implied fair value uplift when adjusted for a higher discount rate.
BHIT
Rp40.00
MNC Asia Holding
7D
8.1%
1Y
17.6%
LINK
Rp3,610.00
Link Net
7D
-13.8%
1Y
195.9%
IPTV
Rp49.00
MNC Vision Networks
7D
16.7%
1Y
113.0%
EMTK
Rp1,225.00
Elang Mahkota Teknologi
7D
-9.6%
1Y
133.3%
MTEL
Rp585.00
Dayamitra Telekomunikasi
7D
-4.1%
1Y
-11.4%
FILM
Rp8,850.00
PT.MD Entertainment
7D
-19.5%
1Y
128.7%
TBIG
Rp2,140.00
Tower Bersama Infrastructure
7D
12.6%
1Y
12.6%
MORA
Rp10,450.00
Mora Telematika Indonesia
7D
-7.7%
1Y
2,171.7%