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Malaysian (KLSE) Telecom Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies26
  • 7D-0.2%
  • 3M-3.6%
  • 1Y1.6%
  • YTD-1.4%

Last week, the Telecom industry hasn't moved much but Axiata Group Berhad is up 3.9% in that time. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026RM 134.0bRM 64.5bRM 5.8b13.7x23.1x2.1x
Mon, 05 Jan 2026RM 135.8bRM 64.4bRM 5.8b14.6x23.4x2.1x
Wed, 03 Dec 2025RM 137.3bRM 64.5bRM 5.8b16.1x23.5x2.1x
Fri, 31 Oct 2025RM 136.4bRM 64.5bRM 6.5b14.5x20.9x2.1x
Sun, 28 Sep 2025RM 135.7bRM 64.6bRM 6.5b14.2x20.8x2.1x
Tue, 26 Aug 2025RM 136.6bRM 64.8bRM 6.7b12.9x20.5x2.1x
Thu, 24 Jul 2025RM 134.8bRM 64.7bRM 6.6b10x20.4x2.1x
Sat, 21 Jun 2025RM 131.1bRM 64.7bRM 6.6b10x19.8x2x
Mon, 19 May 2025RM 136.6bRM 65.4bRM 6.5b11.7x21x2.1x
Wed, 16 Apr 2025RM 124.2bRM 65.2bRM 6.4b12.8x19.3x1.9x
Fri, 14 Mar 2025RM 121.6bRM 65.3bRM 6.5b12.4x18.8x1.9x
Sun, 09 Feb 2025RM 131.0bRM 66.0bRM 6.3b14.4x20.9x2x
Tue, 07 Jan 2025RM 131.8bRM 66.0bRM 6.3b16.7x21x2x
Thu, 05 Dec 2024RM 130.8bRM 66.0bRM 6.2b17.1x21.2x2x
Sat, 02 Nov 2024RM 127.6bRM 66.2bRM 5.3b17.1x24.2x1.9x
Mon, 30 Sep 2024RM 137.0bRM 66.3bRM 5.2b15.9x26.2x2.1x
Wed, 28 Aug 2024RM 134.5bRM 66.2bRM 4.9b16x27.3x2x
Fri, 26 Jul 2024RM 134.3bRM 66.0bRM 4.8b22x27.9x2x
Sun, 23 Jun 2024RM 134.1bRM 66.1bRM 4.8b19.4x27.9x2x
Tue, 21 May 2024RM 144.0bRM 65.3bRM 4.7b23.6x30.8x2.2x
Thu, 18 Apr 2024RM 137.7bRM 65.2bRM 4.6b20.8x29.7x2.1x
Sat, 16 Mar 2024RM 145.0bRM 65.5bRM 4.7b21.4x31.1x2.2x
Mon, 12 Feb 2024RM 142.2bRM 65.3bRM 214.2m20.3x663.7x2.2x
Wed, 10 Jan 2024RM 140.2bRM 65.3bRM 215.4m25.3x650.9x2.1x
Fri, 08 Dec 2023RM 134.7bRM 65.3bRM 257.9m20.9x522.3x2.1x
Sun, 05 Nov 2023RM 137.8bRM 63.2b-RM 1,416,786,318.0022.4x-97.3x2.2x
Tue, 03 Oct 2023RM 139.2bRM 63.2b-RM 1,414,189,318.0020.2x-98.5x2.2x
Thu, 31 Aug 2023RM 139.6bRM 63.3b-RM 1,323,815,364.0015.2x-105.5x2.2x
Sat, 29 Jul 2023RM 142.3bRM 60.7b-RM 891,992,201.0015.8x-159.5x2.3x
Mon, 26 Jun 2023RM 141.2bRM 60.7b-RM 894,575,201.0016.3x-157.8x2.3x
Wed, 24 May 2023RM 146.2bRM 58.6b-RM 1,250,437,057.0013.1x-116.9x2.5x
Fri, 21 Apr 2023RM 148.0bRM 58.5b-RM 1,281,469,420.0014.8x-115.5x2.5x
Sun, 19 Mar 2023RM 141.0bRM 58.5b-RM 1,211,995,420.0015.2x-116.3x2.4x
Tue, 14 Feb 2023RM 142.3bRM 63.7bRM 4.0b15.5x35.6x2.2x
Price to Earnings Ratio

35.6x


Total Market Cap: RM 142.3bTotal Earnings: RM 4.0bTotal Revenue: RM 63.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Telecom Sector Price to Earnings3Y Average 31.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Malaysian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 23.1x which is lower than its 3-year average PE of 31.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 13% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Malaysian Telecom sector?

MY Market-1.04%
Telecom-0.22%
Wireless Telecom0.097%
Entertainment0%0
Telecom Services and Carriers-0.56%
Interactive Media and Services-2.92%
Media-7.59%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 7.8x.
    • Analysts are expecting annual earnings growth of 22.2%, which is higher than its past year's earnings decline of 26.5% per year.
  • Investors are most pessimistic about the Interactive Media and Services industry, which is trading below its 3-year average of 8.6x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings decline of 27% per year.
  • In contrast, the Media industry is expected to see its earnings decline by 35% 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
AXIATA Axiata Group BerhadRM 2.393.9%
+RM 826.8m		8.1%PE216.9x
MAXIS Maxis BerhadRM 3.861.0%
+RM 313.4m		9.7%PE20.1x
NOVATECH Nova Technology Services BerhadRM 0.0414.3%
+RM 4.5m		-20.0%PE5.6x

Latest News

MEDIA
RM 0.29
Media Prima Berhad
7D
-6.3%
1Y
-38.5%

Media Prima Berhad's (KLSE:MEDIA) Shareholders Might Be Looking For Exit

Jan 30
Media Prima Berhad's (KLSE:MEDIA) Shareholders Might Be Looking For Exit
FOODIE
RM 0.41
Foodie Media Berhad
7D
-4.7%
1Y
n/a
MAXIS
RM 3.86
Maxis Berhad
7D
1.0%
1Y
9.7%
REACHTEN
RM 0.50
Reach Ten Holdings Berhad
7D
-2.9%
1Y
n/a

Estimating The Intrinsic Value Of Reach Ten Holdings Berhad (KLSE:REACHTEN)

Jan 30
Estimating The Intrinsic Value Of Reach Ten Holdings Berhad (KLSE:REACHTEN)
TM
RM 7.89
Telekom Malaysia Berhad
7D
-0.1%
1Y
16.9%

TM: Higher Margins And Lower P/E Assumptions Will Support Fair Value Outlook

Analysts have nudged their price target on Telekom Malaysia Berhad slightly higher to RM7.84 from RM7.83, citing updated assumptions that include a modestly higher profit margin outlook and a lower future P/E multiple in their valuation models. Valuation Changes Fair Value Estimate: Adjusted slightly higher from MYR7.83 to MYR7.84 per share.
CDB
RM 3.17
Celcomdigi Berhad
7D
-2.8%
1Y
-16.1%

CDB: Future Spectrum Assignments And Dividends Will Support Long Term Upside

Analysts have lifted their price target for Celcomdigi Berhad to RM3.94 from RM3.94, citing updated assumptions that include slightly higher projected revenue growth and a marginally lower profit margin while keeping the future P/E broadly unchanged. What's in the News CelcomDigi and its wholly owned subsidiaries accepted spectrum assignments from the Malaysian Communications and Multimedia Commission for 2x5MHz in the 1,800MHz band and 2x20MHz in the 2,600MHz band, effective from 30 November 2025 (Key Developments).
AXIATA
RM 2.39
Axiata Group Berhad
7D
3.9%
1Y
8.1%

AXIATA: Weaker Revenue And Margin Outlook Will Likely Expose Downside Risk

Analysts have trimmed their price targets for Axiata Group Berhad, citing an assumed revenue contraction of about 17% and a slightly lower profit margin near 6.7%, along with a modest adjustment to the anticipated future P/E multiple to around 24.1x. What's in the News Axiata Group Berhad held an Analyst/Investor Day, giving the market a structured forum to hear updated management views and priorities (Key Developments).
TIMECOM
RM 5.88
TIME dotCom Berhad
7D
-1.5%
1Y
25.1%

Here's Why We Think TIME dotCom Berhad (KLSE:TIMECOM) Might Deserve Your Attention Today

Jan 20
Here's Why We Think TIME dotCom Berhad (KLSE:TIMECOM) Might Deserve Your Attention Today
NOVATECH
RM 0.04
Nova Technology Services Berhad
7D
14.3%
1Y
-20.0%

Nova Technology Services Berhad (KLSE:NOVATECH) Might Not Be As Mispriced As It Looks After Plunging 33%

Dec 23
Nova Technology Services Berhad (KLSE:NOVATECH) Might Not Be As Mispriced As It Looks After Plunging 33%
REDTONE
RM 0.35
REDtone Digital Berhad
7D
-4.1%
1Y
-52.7%

REDtone Digital Berhad (KLSE:REDTONE) Stock's 26% Dive Might Signal An Opportunity But It Requires Some Scrutiny

Dec 18
REDtone Digital Berhad (KLSE:REDTONE) Stock's 26% Dive Might Signal An Opportunity But It Requires Some Scrutiny
ASTRO
RM 0.08
Astro Malaysia Holdings Berhad
7D
-15.8%
1Y
-65.2%