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According to CLSA, China Mobile will see slowdown in development, as China's mobile telecommunication market is becoming mature with the penetration rate as high as 50 percent.
In addition, the telecom operator will be challenged by the country's supervision.
China Unicom's P/E ratio on predicted 2009 EPS is 12.7, enjoying premium price compared to its peers of the industry in Chinese mainland.
CLSA said that the shares could tumble, facing policy adjustment, severer competition, and laggard development.
The H-share price of China Mobile gained 3.9 dollars, or 4.756 percent, to close at 85.90 dollars on Monday, and that of China Unicom advanced 0.12 dollar, or 0.968 percent, to close at 12.52 dollars.
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