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Malaysian (KLSE) Telecom Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies26
  • 7D-2.5%
  • 3M-1.3%
  • 1Y2.8%
  • YTD-1.2%

Over the last 7 days, the Telecom industry has dropped 2.7%, driven by declines in Axiata Group Berhad and Celcomdigi Berhad of 6.1% and 3.0%, respectively. In contrast, Reach Ten Holdings Berhad has gained 12%. Over the last year, the industry has been flat overall. 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
Sat, 31 Jan 2026RM 134.3bRM 64.5bRM 5.8b14x23.1x2.1x
Mon, 29 Dec 2025RM 136.4bRM 64.4bRM 5.8b14.3x23.5x2.1x
Wed, 26 Nov 2025RM 136.8bRM 64.6bRM 6.7b14.2x20.4x2.1x
Fri, 24 Oct 2025RM 137.0bRM 64.6bRM 6.5b14.6x21x2.1x
Sun, 21 Sep 2025RM 138.5bRM 64.7bRM 6.6b14.5x21.1x2.1x
Tue, 19 Aug 2025RM 137.2bRM 64.8bRM 6.6b10.1x20.7x2.1x
Thu, 17 Jul 2025RM 134.9bRM 64.7bRM 6.6b10x20.4x2.1x
Sat, 14 Jun 2025RM 130.6bRM 64.8bRM 6.6b10x19.7x2x
Mon, 12 May 2025RM 135.6bRM 65.4bRM 6.5b11.4x20.9x2.1x
Wed, 09 Apr 2025RM 120.1bRM 65.2bRM 6.4b12.2x18.7x1.8x
Fri, 07 Mar 2025RM 126.0bRM 65.3bRM 6.5b12.3x19.5x1.9x
Sun, 02 Feb 2025RM 129.7bRM 66.0bRM 6.3b14.4x20.7x2x
Tue, 31 Dec 2024RM 132.7bRM 66.0bRM 6.3b16.9x21.2x2x
Thu, 28 Nov 2024RM 129.0bRM 66.2bRM 5.2b17.5x24.6x1.9x
Sat, 26 Oct 2024RM 129.3bRM 66.2bRM 5.3b15.9x24.5x2x
Mon, 23 Sep 2024RM 135.9bRM 66.3bRM 5.2b16.2x26x2.1x
Wed, 21 Aug 2024RM 132.2bRM 66.0bRM 4.9b21.2x27.1x2x
Fri, 19 Jul 2024RM 137.8bRM 66.0bRM 4.8b20.7x28.6x2.1x
Sun, 16 Jun 2024RM 137.4bRM 66.1bRM 4.8b20.3x28.5x2.1x
Tue, 14 May 2024RM 140.4bRM 65.2bRM 4.6b22.9x30.3x2.2x
Thu, 11 Apr 2024RM 139.0bRM 65.2bRM 4.6b21.1x30x2.1x
Sat, 09 Mar 2024RM 139.7bRM 65.5bRM 4.7b21.8x29.9x2.1x
Mon, 05 Feb 2024RM 141.9bRM 65.3bRM 214.2m20.9x662.6x2.2x
Wed, 03 Jan 2024RM 136.3bRM 65.3bRM 215.4m23.5x632.5x2.1x
Fri, 01 Dec 2023RM 136.7bRM 65.3bRM 247.2m20.3x552.9x2.1x
Sun, 29 Oct 2023RM 135.4bRM 63.2b-RM 1,417,561,318.0020.9x-95.5x2.1x
Tue, 26 Sep 2023RM 140.4bRM 63.3b-RM 1,339,289,318.0020.9x-104.8x2.2x
Thu, 24 Aug 2023RM 141.1bRM 62.4b-RM 856,382,364.0015.5x-164.8x2.3x
Sat, 22 Jul 2023RM 140.6bRM 60.7b-RM 894,575,201.0015.4x-157.2x2.3x
Mon, 19 Jun 2023RM 145.1bRM 60.8b-RM 810,475,201.0013.4x-179x2.4x
Wed, 17 May 2023RM 148.8bRM 58.5b-RM 1,296,713,057.0014x-114.8x2.5x
Fri, 14 Apr 2023RM 147.1bRM 58.5b-RM 1,283,873,420.0015.4x-114.5x2.5x
Sun, 12 Mar 2023RM 143.5bRM 58.5b-RM 1,211,995,420.0015.8x-118.4x2.5x
Tue, 07 Feb 2023RM 143.3bRM 63.7bRM 4.0b15.5x35.8x2.3x
Price to Earnings Ratio

35.8x


Total Market Cap: RM 143.3bTotal Earnings: RM 4.0bTotal Revenue: RM 63.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Telecom Sector Price to Earnings3Y Average 31.2x202420252026
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 22.9x 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 Market0.44%
Telecom-2.53%
Entertainment0%0
Telecom Services and Carriers-0.38%
Media-2.27%
Interactive Media and Services-3.08%
Wireless Telecom-3.52%
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 21.5%, 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 36% 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
REACHTEN Reach Ten Holdings BerhadRM 0.5212.0%
+RM 55.0m		n/aPE7.3x
MEDIA Media Prima BerhadRM 0.3210.5%
+RM 33.3m		-33.0%PE16.8x
TIMECOM TIME dotCom BerhadRM 5.970.2%
+RM 18.5m		28.4%PE25.2x
REDTONE REDtone Digital BerhadRM 0.372.8%
+RM 7.7m		-50.0%PE14.3x

Latest News

MEDIA
RM 0.32
Media Prima Berhad
7D
10.5%
1Y
-33.0%

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 0.42
Foodie Media Berhad
7D
-10.5%
1Y
n/a
MAXIS
RM 3.82
Maxis Berhad
7D
-2.3%
1Y
9.8%
REACHTEN
RM 0.52
Reach Ten Holdings Berhad
7D
12.0%
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 7.90
Telekom Malaysia Berhad
7D
-0.8%
1Y
19.7%

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 3.26
Celcomdigi Berhad
7D
-3.0%
1Y
-13.1%

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 2.30
Axiata Group Berhad
7D
-6.1%
1Y
3.6%

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 5.97
TIME dotCom Berhad
7D
0.2%
1Y
28.4%

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
-27.3%
1Y
n/a
OCK
RM 0.38
OCK Group Berhad
7D
-2.6%
1Y
-11.8%
REDTONE
RM 0.37
REDtone Digital Berhad
7D
2.8%
1Y
-50.0%

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
CATCHA
RM 0.29
Catcha Digital Berhad
7D
-6.3%
1Y
-25.3%

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