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Malaysian (KLSE) Telecom Sector Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies25
  • 7D1.8%
  • 3M-0.5%
  • 1Y3.8%
  • YTD2.5%

Over the last 7 days, the Telecom industry has risen 1.8%, driven by gains from Maxis Berhad of 2.9%. In the same time, REDtone Digital Berhad was down 13%. This takes the industry's 12 month performance to a gain of 3.8%. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025RM 136.8bRM 64.4bRM 5.8b14.6x23.6x2.1x
Sat, 15 Nov 2025RM 139.6bRM 64.6bRM 6.6b14.1x21.2x2.2x
Mon, 13 Oct 2025RM 135.3bRM 64.6bRM 6.5b14.4x20.7x2.1x
Wed, 10 Sep 2025RM 133.8bRM 64.7bRM 6.6b13.9x20.4x2.1x
Fri, 08 Aug 2025RM 135.7bRM 64.8bRM 6.6b10x20.5x2.1x
Sun, 06 Jul 2025RM 135.0bRM 64.7bRM 6.6b10x20.4x2.1x
Tue, 03 Jun 2025RM 128.9bRM 64.8bRM 6.6b10.3x19.5x2x
Thu, 01 May 2025RM 132.3bRM 65.2bRM 6.4b12.9x20.6x2x
Sat, 29 Mar 2025RM 121.7bRM 65.2bRM 6.4b12x18.9x1.9x
Mon, 24 Feb 2025RM 125.4bRM 65.9bRM 6.3b13.1x20x1.9x
Wed, 22 Jan 2025RM 131.5bRM 66.0bRM 6.3b15.4x21x2x
Fri, 20 Dec 2024RM 130.4bRM 66.0bRM 6.3b16.4x20.8x2x
Sun, 17 Nov 2024RM 124.0bRM 66.3bRM 5.3b16.2x23.2x1.9x
Tue, 15 Oct 2024RM 130.9bRM 66.2bRM 5.3b15.3x24.8x2x
Thu, 12 Sep 2024RM 135.3bRM 66.3bRM 5.2b18.8x25.8x2x
Sat, 10 Aug 2024RM 131.6bRM 66.0bRM 4.8b22.2x27.3x2x
Mon, 08 Jul 2024RM 132.5bRM 66.0bRM 4.8b20.3x27.5x2x
Wed, 05 Jun 2024RM 139.4bRM 66.1bRM 4.8b18.6x29x2.1x
Fri, 03 May 2024RM 141.2bRM 65.2bRM 4.6b23.1x30.4x2.2x
Sun, 31 Mar 2024RM 137.9bRM 65.2bRM 4.6b21.1x29.7x2.1x
Tue, 27 Feb 2024RM 143.9bRM 65.5bRM 4.7b22x30.8x2.2x
Thu, 25 Jan 2024RM 142.0bRM 65.3bRM 215.4m20.9x659x2.2x
Sat, 23 Dec 2023RM 136.8bRM 65.3bRM 215.4m21.9x634.8x2.1x
Mon, 20 Nov 2023RM 138.9bRM 64.9b-RM 1,257,781,318.0021.9x-110.4x2.1x
Wed, 18 Oct 2023RM 139.3bRM 63.2b-RM 1,414,189,318.0022x-98.5x2.2x
Fri, 15 Sep 2023RM 143.2bRM 63.3b-RM 1,339,289,318.0020.9x-106.9x2.3x
Sun, 13 Aug 2023RM 141.0bRM 60.8b-RM 875,361,364.0015.7x-161.1x2.3x
Tue, 11 Jul 2023RM 136.0bRM 60.7b-RM 894,575,201.0014.8x-152x2.2x
Thu, 08 Jun 2023RM 143.8bRM 60.8b-RM 810,513,201.0013.5x-177.4x2.4x
Sat, 06 May 2023RM 151.1bRM 58.5b-RM 1,296,027,420.0014.5x-116.6x2.6x
Mon, 03 Apr 2023RM 145.9bRM 58.5b-RM 1,283,873,420.0014.7x-113.6x2.5x
Wed, 01 Mar 2023RM 144.8bRM 58.7b-RM 1,331,467,463.0014x-108.8x2.5x
Fri, 27 Jan 2023RM 145.0bRM 63.7bRM 4.0b14x36.3x2.3x
Sun, 25 Dec 2022RM 136.8bRM 63.7bRM 4.0b18.4x34.2x2.1x
Price to Earnings Ratio

34.2x


Total Market Cap: RM 136.8bTotal Earnings: RM 4.0bTotal Revenue: RM 63.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Telecom Sector Price to Earnings3Y Average 31.7x202320242025
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 23.6x which is lower than its 3-year average PE of 31.7x.
  • 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 Market1.25%
Telecom1.77%
Media6.74%
Interactive Media and Services2.88%
Telecom Services and Carriers1.92%
Wireless Telecom1.61%
Entertainment0%0
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 8.7x.
    • Analysts are expecting annual earnings growth of 23.1%, 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 8.7x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 23% 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
MAXIS Maxis BerhadRM 3.901.3%
+RM 391.8m		9.9%PE20.3x
TIMECOM TIME dotCom BerhadRM 5.511.8%
+RM 184.9m		20.3%PE23.2x
FOODIE Foodie Media BerhadRM 0.4712.0%
+RM 44.4m		n/aPE44.2x
CATCHA Catcha Digital BerhadRM 0.326.8%
+RM 9.0m		-14.9%PE18.5x
JCBNEXT JcbNext BerhadRM 1.792.9%
+RM 6.5m		4.1%PE4.5x

Latest News

MTOUCHE
RM 0.04
mTouche Technology Berhad
7D
14.3%
1Y
14.3%

Is mTouche Technology Berhad (KLSE:MTOUCHE) Using Debt In A Risky Way?

Dec 17
Is mTouche Technology Berhad (KLSE:MTOUCHE) Using Debt In A Risky Way?
ASTRO
RM 0.10
Astro Malaysia Holdings Berhad
7D
-4.5%
1Y
-51.2%
CDB
RM 3.29
Celcomdigi Berhad
7D
-0.3%
1Y
-8.9%

CDB: Future Spectrum Capacity And Dividends Will Support Stronger Long Term Share Price

Analysts have slightly lowered their price target for Celcomdigi Berhad, trimming fair value from MYR 3.98 to MYR 3.94 as they factor in modestly softer revenue growth expectations, partly offset by improving profit margin forecasts and a lower implied future P/E multiple. What's in the News Accepted long term spectrum assignments from the Malaysian Communications and Multimedia Commission for 2x5MHz in the 1800MHz band and 2x20MHz in the 2600MHz band, effective from 30 November 2025 and running to June 2032 and June 2027 respectively (company announcement) Committed MYR 292.5 million in upfront price component payments to the MCMC for the new spectrum and cumulative annual payments totaling MYR 120 million over the assignment periods, supporting network capacity and service quality (company announcement) Declared a third interim tax exempt single tier dividend of 3.6 sen per ordinary share for the financial year ending 31 December 2025, with ex dividend date on 9 December 2025, lodgment date on 10 December 2025, and payment date on 23 December 2025 (company announcement) Valuation Changes Fair Value: Trimmed slightly from MYR 3.98 to MYR 3.94, reflecting a marginally more conservative valuation.
MAXIS
RM 3.90
Maxis Berhad
7D
1.3%
1Y
9.9%

Subdued Growth No Barrier To Maxis Berhad's (KLSE:MAXIS) Price

Dec 12
Subdued Growth No Barrier To Maxis Berhad's (KLSE:MAXIS) Price
AXIATA
RM 2.58
Axiata Group Berhad
7D
-2.6%
1Y
7.1%

AXIATA: Edotco Sale Plans Will Unlock Value Despite Softer Revenue Outlook

Analysts have slightly reduced their price target on Axiata Group Berhad from around RM4.04 to RM3.92, citing lower expected revenue growth even as profitability and valuation assumptions improve. What's in the News Axiata Group Berhad is hosting an Analyst and Investor Day, providing updates on strategy, operational performance, and capital allocation plans (company event).
NOVATECH
RM 0.045
Nova Technology Services Berhad
7D
-10.0%
1Y
-25.0%

Shareholders Would Enjoy A Repeat Of Nova Technology Services Berhad's (KLSE:XOXTECH) Recent Growth In Returns

Dec 10
Shareholders Would Enjoy A Repeat Of Nova Technology Services Berhad's (KLSE:XOXTECH) Recent Growth In Returns
TM
RM 7.84
Telekom Malaysia Berhad
7D
-0.5%
1Y
18.3%

TM: AI Partnership And Stable Margins Will Shape Customer Experience By 2030

Analysts have modestly raised their price target on Telekom Malaysia Berhad to MYR 7.83 from MYR 7.78. This reflects slightly improved expectations for long term profit margins and earnings multiples, despite an unchanged risk profile.
TIMECOM
RM 5.51
TIME dotCom Berhad
7D
1.8%
1Y
20.3%
STAR
RM 0.34
Star Media Group Berhad
7D
1.5%
1Y
-14.8%
CATCHA
RM 0.32
Catcha Digital Berhad
7D
6.8%
1Y
-14.9%

We Think That There Are Issues Underlying Catcha Digital Berhad's (KLSE:CATCHA) Earnings

Dec 01
We Think That There Are Issues Underlying Catcha Digital Berhad's (KLSE:CATCHA) Earnings
JCBNEXT
RM 1.79
JcbNext Berhad
7D
2.9%
1Y
4.1%
WATTA
RM 0.40
Watta Holding Berhad
7D
-2.4%
1Y
-4.8%
REDTONE
RM 0.38
REDtone Digital Berhad
7D
-13.8%
1Y
-54.5%

There May Be Some Bright Spots In REDtone Digital Berhad's (KLSE:REDTONE) Earnings

Nov 28
There May Be Some Bright Spots In REDtone Digital Berhad's (KLSE:REDTONE) Earnings
FOODIE
RM 0.47
Foodie Media Berhad
7D
12.0%
1Y
n/a
SJC
RM 0.45
Seni Jaya Corporation Berhad
7D
3.4%
1Y
73.1%
OCK
RM 0.39
OCK Group Berhad
7D
-2.5%
1Y
-18.1%