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Indonesian (IDX) Telecom Sector Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies45
  • 7D-7.2%
  • 3M-28.7%
  • 1Y23.5%
  • YTD-29.8%

Over the last 7 days, the Telecom industry has dropped 3.8%, driven by pullbacks in Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia and Mora Telematika Indonesia of 7.4% and 16%, respectively. In the past year, the industry has gained 26%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026Rp976.6tRp371.1tRp37.7t20.1x25.9x2.6x
Sun, 08 Feb 2026Rp1054.4tRp367.0tRp39.1t21.4x27x2.9x
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
Price to Earnings Ratio

16.6x


Total Market Cap: Rp927.9tTotal Earnings: Rp55.7tTotal Revenue: Rp356.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Telecom Sector Price to Earnings3Y Average 23x202420252026
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 26.1x which is higher than its 3-year average PE of 23.0x.
  • 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 12% 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-4.47%
Telecom-7.25%
Interactive Media and Services1.49%
Wireless Telecom-3.32%
Media-4.19%
Telecom Services and Carriers-7.35%
Entertainment-14.62%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 25.3x.
    • Analysts are expecting annual earnings growth of 46.8%, which is higher than its past year's earnings growth of 12.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 47% 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 6.6% 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
SCMA Surya Citra MediaRp254.003.3%
+Rp507.7b		35.1%PE23.8x
NETV MDTV Media TechnologiesRp91.0011.0%
+Rp372.2b		-39.3%PS35.1x
PGJO Bahtera Bumi RayaRp645.007.5%
+Rp35.8b		465.8%PS718.9x
GHON Gihon Telekomunikasi IndonesiaRp1.81k0.6%
+Rp5.5b		18.0%PE11.6x

Latest News

NETV
Rp91.00
MDTV Media Technologies
7D
11.0%
1Y
-39.3%
ISAT
Rp2,140.00
Indosat Ooredoo Hutchison
7D
-4.5%
1Y
39.9%

ISAT: Future Returns Will Likely Track Fair Value With Modest Margin Support

Analysts have nudged their price target on Indosat Ooredoo Hutchison from IDR 2,000 to about IDR 2,040, citing small adjustments to fair value estimates that reflect updated assumptions on revenue growth, profit margins, and future P/E multiples. Valuation Changes Fair Value: Updated from IDR 2,000 to about IDR 2,040, reflecting a small upward adjustment in the modelled estimate.
TLKM
Rp3,020.00
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
7D
-7.4%
1Y
24.3%

TLKM: Data Center Stake Sale And Spin Off Will Unlock Equity Value

Analysts have maintained their fair value estimate for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia at IDR 3,887.27 per share. They have made minor adjustments to assumptions around the discount rate, revenue growth, profit margin, and future P/E to reflect updated modelling inputs.
TOWR
Rp462.00
Sarana Menara Nusantara
7D
-4.5%
1Y
-10.3%

TOWR: Share Buyback Plan Will Support Future Upside Despite Lower Multiple

Analysts have trimmed their price target for Sarana Menara Nusantara to IDR785.91 from IDR813.33, reflecting updated assumptions around revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News The Board of Directors of PT Sarana Menara Nusantara Tbk.
SCMA
Rp254.00
Surya Citra Media
7D
3.3%
1Y
35.1%
EMTK
Rp725.00
Elang Mahkota Teknologi
7D
-5.8%
1Y
39.4%
PGJO
Rp645.00
Bahtera Bumi Raya
7D
7.5%
1Y
465.8%
GHON
Rp1,805.00
Gihon Telekomunikasi Indonesia
7D
0.6%
1Y
18.0%
TBIG
Rp1,520.00
Tower Bersama Infrastructure
7D
-4.1%
1Y
-29.6%
FILM
Rp3,860.00
PT.MD Entertainment
7D
-25.8%
1Y
28.2%
DNET
Rp8,825.00
Indoritel Makmur Internasional
7D
-0.8%
1Y
-6.1%
MORA
Rp5,250.00
Mora Telematika Indonesia
7D
-15.7%
1Y
1,150.0%