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Malaysian (KLSE) Telecom Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies26
  • 7D-1.2%
  • 3M-6.4%
  • 1Y10.0%
  • YTD-5.2%

Over the last 7 days, the Telecom industry has dropped 1.2%, driven by pullbacks in Celcomdigi Berhad and Maxis Berhad of 3.8% and 3.9%, respectively. Over the past 12 months, the industry was up 10%. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026RM 128.9bRM 55.1bRM 5.4b14.9x23.8x2.3x
Tue, 17 Feb 2026RM 132.5bRM 64.7bRM 6.1b14.1x21.9x2x
Thu, 15 Jan 2026RM 138.6bRM 64.4bRM 5.8b14.4x23.9x2.2x
Sat, 13 Dec 2025RM 137.1bRM 64.4bRM 5.8b15.9x23.7x2.1x
Mon, 10 Nov 2025RM 138.6bRM 64.6bRM 6.6b14.3x21.1x2.1x
Wed, 08 Oct 2025RM 135.9bRM 64.6bRM 6.5b14.2x20.8x2.1x
Fri, 05 Sep 2025RM 133.8bRM 64.7bRM 6.6b13.9x20.4x2.1x
Sun, 03 Aug 2025RM 135.4bRM 64.8bRM 6.6b10x20.4x2.1x
Tue, 01 Jul 2025RM 134.1bRM 64.7bRM 6.6b10x20.3x2.1x
Thu, 29 May 2025RM 132.5bRM 65.4bRM 6.5b11.4x20.3x2x
Sat, 26 Apr 2025RM 130.1bRM 65.2bRM 6.4b12.9x20.2x2x
Mon, 24 Mar 2025RM 116.4bRM 65.3bRM 6.5b12.2x18x1.8x
Wed, 19 Feb 2025RM 125.4bRM 65.9bRM 6.0b13.5x20.9x1.9x
Fri, 17 Jan 2025RM 129.5bRM 66.0bRM 6.3b14.9x20.7x2x
Sun, 15 Dec 2024RM 129.9bRM 66.0bRM 6.3b16.7x20.7x2x
Tue, 12 Nov 2024RM 126.5bRM 66.3bRM 5.3b16.5x23.7x1.9x
Thu, 10 Oct 2024RM 130.5bRM 66.2bRM 5.3b15.4x24.8x2x
Sat, 07 Sep 2024RM 134.7bRM 66.2bRM 5.3b16.7x25.6x2x
Mon, 05 Aug 2024RM 133.4bRM 66.0bRM 4.8b22.5x27.7x2x
Wed, 03 Jul 2024RM 133.1bRM 66.0bRM 4.8b18.9x27.6x2x
Fri, 31 May 2024RM 138.3bRM 66.0bRM 4.7b22.5x29.3x2.1x
Sun, 28 Apr 2024RM 140.3bRM 65.2bRM 4.6b19.9x30.2x2.1x
Tue, 26 Mar 2024RM 140.4bRM 65.2bRM 4.6b20.3x30.3x2.2x
Thu, 22 Feb 2024RM 143.9bRM 66.4bRM 611.6m21.9x235.3x2.2x
Sat, 20 Jan 2024RM 139.7bRM 65.3bRM 215.4m21.7x648.5x2.1x
Mon, 18 Dec 2023RM 135.8bRM 65.3bRM 215.4m22.8x630.3x2.1x
Wed, 15 Nov 2023RM 139.4bRM 63.3b-RM 1,437,786,318.0021.7x-97x2.2x
Fri, 13 Oct 2023RM 139.4bRM 63.2b-RM 1,414,189,318.0022.6x-98.6x2.2x
Sun, 10 Sep 2023RM 141.8bRM 63.3b-RM 1,339,289,318.0021.7x-105.9x2.2x
Tue, 08 Aug 2023RM 141.6bRM 60.7b-RM 892,361,364.0015.2x-158.6x2.3x
Thu, 06 Jul 2023RM 139.0bRM 60.7b-RM 894,575,201.0016.4x-155.4x2.3x
Sat, 03 Jun 2023RM 145.8bRM 60.8b-RM 817,787,201.0015x-178.3x2.4x
Mon, 01 May 2023RM 148.9bRM 58.5b-RM 1,296,027,420.0014.7x-114.9x2.5x
Wed, 29 Mar 2023RM 143.3bRM 58.5b-RM 1,283,873,420.0015.2x-111.6x2.5x
Price to Earnings Ratio

-111.6x


Total Market Cap: RM 143.3bTotal Earnings: -RM 1,283,873,420.00Total Revenue: RM 58.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Telecom Sector Price to Earnings3Y Average 34.3x202420252026
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 23.8x which is lower than its 3-year average PE of 34.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • Total earnings for the Communication Services industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

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

MY Market0.96%
Telecom-1.17%
Media3.68%
Telecom Services and Carriers0.66%
Entertainment0%0
Interactive Media and Services0%0
Wireless Telecom-2.11%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 8.8x.
    • Analysts are expecting annual earnings growth of 18.9%, which is higher than its past year's earnings decline of 18.5% per year.
  • Investors are most pessimistic about the Interactive Media and Services industry, which is trading below its 3-year average of 8.5x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Media industry is expected to see its earnings decline by 17% 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 2.313.6%
+RM 739.3m		35.1%PE415.6x
TIMECOM TIME dotCom BerhadRM 6.101.7%
+RM 184.9m		26.3%PE26.3x
TM Telekom Malaysia BerhadRM 7.430.4%
+RM 115.1m		15.7%PE16.6x
ASTRO Astro Malaysia Holdings BerhadRM 0.0757.1%
+RM 26.1m		-58.3%PE7.9x
PUC PUC BerhadRM 0.0233.3%
+RM 15.2m		-42.9%PS0.8x

Latest News

TM
RM 7.43
Telekom Malaysia Berhad
7D
0.4%
1Y
15.7%

Rising Capital Intensity And Data Center Risks Will Pressure Long Term Earnings

Catalysts About Telekom Malaysia Berhad Telekom Malaysia Berhad is an integrated telecommunications group that provides fixed broadband, mobile, data, wholesale connectivity and data center services across consumer, business, government and carrier segments. What are the underlying business or industry changes driving this perspective?
CDB
RM 3.06
Celcomdigi Berhad
7D
-3.8%
1Y
-8.1%

CDB: New CEO And Digital Platform Integration Will Support Future Upside

Analysts have lifted their price target for Celcomdigi Berhad by MYR0.00 to reflect slightly higher revenue growth assumptions of 3.61% and a modestly stronger profit margin expectation of 18.44%, while keeping the discount rate and future P/E broadly in line with previous estimates. What's in the News The company issued earnings guidance for fiscal 2026, indicating EBIT is expected to see low single digit growth (Corporate guidance).
AXIATA
RM 2.31
Axiata Group Berhad
7D
3.6%
1Y
35.1%

AXIATA: Weaker Profit Outlook Under New Leadership Will Sustain Overvaluation Risk

Analysts have slightly reduced their fair value estimate for Axiata Group Berhad from MYR1.76 to MYR1.75, citing updated assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News Axiata appointed Nik Rizal Kamil Nik Ibrahim Kamil as group CEO effective June 1, taking over from Vivek Sood, who served the group for nine years in various leadership roles (Key Developments).
SJC
RM 0.52
Seni Jaya Corporation Berhad
7D
-1.0%
1Y
74.6%
ASTRO
RM 0.075
Astro Malaysia Holdings Berhad
7D
7.1%
1Y
-58.3%
INNITY
RM 0.12
Innity Corporation Berhad
7D
-7.7%
1Y
-60.0%
PUC
RM 0.02
PUC Berhad
7D
33.3%
1Y
-42.9%
OCK
RM 0.36
OCK Group Berhad
7D
1.4%
1Y
-7.6%
SBS
RM 0.14
SBS Nexus Berhad
7D
16.7%
1Y
n/a
MAXIS
RM 3.66
Maxis Berhad
7D
-3.9%
1Y
17.3%
TIMECOM
RM 6.10
TIME dotCom Berhad
7D
1.7%
1Y
26.3%
NOVATECH
RM 0.035
Nova Technology Services Berhad
7D
-12.5%
1Y
-36.4%
REACHTEN
RM 0.45
Reach Ten Holdings Berhad
7D
-4.3%
1Y
n/a
STAR
RM 0.32
Star Media Group Berhad
7D
-1.6%
1Y
-27.6%
REDTONE
RM 0.30
REDtone Digital Berhad
7D
-6.2%
1Y
-48.3%
FOODIE
RM 0.35
Foodie Media Berhad
7D
4.5%
1Y
n/a