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Malaysian (KLSE) Telecom Sector Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies26
  • 7D-1.7%
  • 3M-3.3%
  • 1Y2.6%
  • YTD-1.2%

Over the last 7 days, the Telecom industry has dropped 1.7%, driven by Celcomdigi Berhad declining 1.8%. In contrast, Axiata Group Berhad has gained 5.1%. As for the longer term, the industry's performance has been flat for the past year. 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
Tue, 03 Feb 2026RM 134.3bRM 64.5bRM 5.8b14x23.1x2.1x
Thu, 01 Jan 2026RM 135.2bRM 64.4bRM 5.8b14.6x23.3x2.1x
Sat, 29 Nov 2025RM 133.8bRM 64.5bRM 5.9b16x22.9x2.1x
Mon, 27 Oct 2025RM 136.4bRM 64.6bRM 6.5b14.3x20.9x2.1x
Wed, 24 Sep 2025RM 136.7bRM 64.7bRM 6.6b14.5x20.8x2.1x
Fri, 22 Aug 2025RM 133.4bRM 64.8bRM 6.6b10x20.1x2.1x
Sun, 20 Jul 2025RM 135.3bRM 64.7bRM 6.6b10x20.4x2.1x
Tue, 17 Jun 2025RM 132.4bRM 64.8bRM 6.6b10x20x2x
Thu, 15 May 2025RM 137.4bRM 65.4bRM 6.5b11.9x21.1x2.1x
Sat, 12 Apr 2025RM 122.0bRM 65.2bRM 6.4b12x19x1.9x
Mon, 10 Mar 2025RM 125.3bRM 65.3bRM 6.5b13.1x19.4x1.9x
Wed, 05 Feb 2025RM 129.9bRM 66.0bRM 6.3b14.4x20.7x2x
Fri, 03 Jan 2025RM 132.4bRM 66.0bRM 6.3b16.8x21.1x2x
Sun, 01 Dec 2024RM 128.1bRM 66.0bRM 6.2b16.8x20.7x1.9x
Tue, 29 Oct 2024RM 128.9bRM 66.2bRM 5.3b15.5x24.5x1.9x
Thu, 26 Sep 2024RM 136.5bRM 66.3bRM 5.2b16.1x26.1x2.1x
Sat, 24 Aug 2024RM 131.8bRM 66.2bRM 5.0b16.3x26.3x2x
Mon, 22 Jul 2024RM 138.0bRM 66.0bRM 4.8b21x28.7x2.1x
Wed, 19 Jun 2024RM 138.1bRM 66.1bRM 4.8b19.7x28.7x2.1x
Fri, 17 May 2024RM 140.2bRM 65.2bRM 4.6b23.4x30.2x2.1x
Sun, 14 Apr 2024RM 137.8bRM 65.2bRM 4.6b20.9x29.7x2.1x
Tue, 12 Mar 2024RM 141.3bRM 65.5bRM 4.7b22x30.3x2.2x
Thu, 08 Feb 2024RM 141.7bRM 65.3bRM 214.2m20.3x661.4x2.2x
Sat, 06 Jan 2024RM 140.1bRM 65.3bRM 215.4m24.1x650.2x2.1x
Mon, 04 Dec 2023RM 136.6bRM 65.3bRM 257.9m20.3x529.7x2.1x
Wed, 01 Nov 2023RM 135.0bRM 63.2b-RM 1,417,561,318.0021.7x-95.2x2.1x
Fri, 29 Sep 2023RM 140.9bRM 63.2b-RM 1,414,189,318.0022.6x-99.7x2.2x
Sun, 27 Aug 2023RM 142.1bRM 62.4b-RM 659,897,364.0014.9x-215.3x2.3x
Tue, 25 Jul 2023RM 141.9bRM 60.7b-RM 894,575,201.0015.4x-158.6x2.3x
Thu, 22 Jun 2023RM 140.4bRM 60.7b-RM 894,575,201.0016.9x-156.9x2.3x
Sat, 20 May 2023RM 148.3bRM 58.5b-RM 1,272,437,057.0013.4x-116.5x2.5x
Mon, 17 Apr 2023RM 147.6bRM 58.5b-RM 1,283,873,420.0015.6x-115x2.5x
Wed, 15 Mar 2023RM 139.1bRM 58.5b-RM 1,211,995,420.0014.9x-114.8x2.4x
Fri, 10 Feb 2023RM 142.2bRM 63.7bRM 4.0b14.1x35.6x2.2x
Price to Earnings Ratio

35.6x


Total Market Cap: RM 142.2bTotal Earnings: RM 4.0bTotal Revenue: RM 63.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Telecom Sector Price to Earnings3Y Average 31.2x202420252026
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 31.2x.
  • 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-1.32%
Telecom-1.71%
Entertainment0%0
Telecom Services and Carriers-0.79%
Media-1.81%
Wireless Telecom-2.14%
Interactive Media and Services-3.08%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry which is trading above its 3-year average PE ratio of 7.9x.
    • Analysts are expecting annual earnings growth of 21.7%, 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 2.475.1%
+RM 1.1b		11.3%PE224.2x
TM Telekom Malaysia BerhadRM 8.040.9%
+RM 268.6m		21.5%PE13.9x
MEDIA Media Prima BerhadRM 0.303.4%
+RM 11.1m		-37.5%PE16x
REACHTEN Reach Ten Holdings BerhadRM 0.521.0%
+RM 5.0m		n/aPE7.3x
INNITY Innity Corporation BerhadRM 0.173.0%
+RM 697.0k		-48.5%PS0.2x

Latest News

MEDIA
RM 0.30
Media Prima Berhad
7D
3.4%
1Y
-37.5%

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
-15.3%
1Y
n/a
MAXIS
RM 3.90
Maxis Berhad
7D
-1.3%
1Y
10.5%
REACHTEN
RM 0.52
Reach Ten Holdings Berhad
7D
1.0%
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 8.04
Telekom Malaysia Berhad
7D
0.9%
1Y
21.5%

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 3.24
Celcomdigi Berhad
7D
-1.8%
1Y
-12.9%

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 2.47
Axiata Group Berhad
7D
5.1%
1Y
11.3%

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 5.98
TIME dotCom Berhad
7D
-0.3%
1Y
27.8%

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
SBS
RM 0.16
SBS Nexus Berhad
7D
-20.0%
1Y
n/a
INNITY
RM 0.17
Innity Corporation Berhad
7D
3.0%
1Y
-48.5%

Little Excitement Around Innity Corporation Berhad's (KLSE:INNITY) Revenues As Shares Take 27% Pounding

Jan 19
Little Excitement Around Innity Corporation Berhad's (KLSE:INNITY) Revenues As Shares Take 27% Pounding
OCK
RM 0.38
OCK Group Berhad
7D
-2.6%
1Y
-11.8%
ASTRO
RM 0.085
Astro Malaysia Holdings Berhad
7D
-10.5%
1Y
-62.2%
JCBNEXT
RM 1.76
JcbNext Berhad
7D
-2.2%
1Y
7.3%