Chinese mobile communications giant China Mobile (CHL) once again is today’s top mover by market capitalization.

China Mobile Ltd. [[CHL]]had a strong trading day Monday, gaining more than $4.53 billion in market capitalization on the heels of Friday’s $4.37 billion gain. China’s largest cellular company by subscribers is perhaps up on the momentum provided by a number of significant analyst upgrades for Chinese mobile companies – China Telecom Corp. [[CHA]] and China Unicom [[CHU]] were both upgraded from “Hold” to “Buy” – as well as general bullishness on the state of the Chinese economy which has helped China Mobile shares gain more than 22% over the last month.

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China Mobile (CHL) and China Petroleum & Chemical Corp. (SNP) are the top Chinese movers of the day by market capitalization, though shares of these giants in moved in opposite directions.

China Mobile Ltd. [[CHL]] gained more than $4.37 billion in market capitalization Friday as shares gained 1.94%. Shares of China’s largest cellphone company moved on news that its new online application store, Mobile Market, would go live this month.

China Petroleum & Chemical Corp. [[SNP]] lost more than $2.31 billion in market capitalization Friday as shares lost 2.95%. The company better known as Sinopec was particularly hard hit on a day that was generally bad for energy companies. The energy sector lost 0.28% of its value with PetroChina Company Ltd. [[PTR]] and CNOOC Ltd. [[CEO]] also down.

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China Mobile (CHL) is today’s top Chinese stock mover, adding more than $5.4 billion in market capitalization.

China Mobile Ltd. [[CHL]], China’s largest cellphone company which can brag it has more subscribers than the U.S. has citizens, is up more than 7% over the last five days. Today the company added more than $5.49 billion in market capitalization thanks to its 4 billion outstanding shares.

It was announced today the China Mobile is partnering with China Telecom [[CHA]] to battle the Apple [[AAPL]] iPhone. The iPhone is going to be exclusively offered by China Mobile’s smaller competitor China Unicom [[CHU]], in a coup for the company. China Mobile and China Telecom plan on offering the “OPhone,” which Lenovo Group is helping to develop based on Google’s [[GOOG]] Android operating system for cellphones. The OPhone will even have its own version of the iPhone’s “App Store” named MobileMarket.

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China Mobile (CHL) is among today’s top gainers by market share while Changyou.com (CYOU) was among today’s top losers by percentage change.

China Mobile Ltd. [[CHL]] gained more than 3.3% in normal trading today. China’s largest cellphone company added more than $13 billion in market capitalization despite no news to report.

Changyou.com Ltd. [[CYOU]] lost more than 8.3% despite reporting excellent second quarter results today. The Chinese online game maker recently spun-off from Sohu.com [[SOHU]] reported earnings and revenue in excess of analysts’ expectations, with non-GAAP net income of $0.75 per share on a record $66.6 million in revenue. Furthermore, Citigroup reaffirmed its ‘Buy’ rating and $45 price target on the shares.

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China Petroleum & Chemical Corp. (SNP) and China Mobile Ltd. (CHL) both are experiencing large swings in their market capitalization today, though in the opposite direction.

China Petroleum & Chemical Corp. [[SNP]], more commonly referred to as Sinopec, added more than $3.5 billion in market capitalization after the company announced its refined oil stockpile reached approximately 8 million tons after the first-half of this year.

China Mobile Ltd. [[CHL]], China’s largest cellphone provider with nearly 500 million subscribers, shed about $3 billion worth of market capitalization on concerns about Apple’s [[AAPL]] exclusive iPhone arrangement with competitor China Unicom Ltd. [[CHU]]. Though China Unicom has a much smaller subscriber base, the availability of the iPhone on its network will appeal to the most urban, upper-class Chinese.

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China Mobile Ltd. (CHL) trades at about the same price-earnings multiple as U.S. based companies like Verizon Communications Inc. (VZ) and AT&T Inc. (T), but higher growth rates might make its stock a much better deal relative to its peers abroad.

China Mobile Ltd. [[CHL]], a leading Chinese telecom provider, is trading with a price-earnings multiple of just 12.42x despite posting net income growth of approximately 29.5%. This compares to 16.4% growth at its closest U.S.-based competitor Verizon Communications [[VZ]], which trades at a higher price-earnings multiple of 13.74x.

Using the price-earnings to growth ratio (PEG ratio), China Mobile trades at just 0.42 compared to 0.83, which suggests that it could be dramatically undervalued. In fact, a market-standard PEG ratio of 1.0 would yield a stock price of more than double its current price of $50.22. And if it were to trade at Verizon’s PEG ratio, its share price would be around $98.91.

China’s economy is also expected to grow much faster than the U.S. economy over the next several years. The Organization for Economic Cooperation and Development raised its forecast for China’s economic growth to 7.7% amid its stimulus measures in place. Meanwhile, domestic spending is expected to ramp up heavily as the country becomes richer.

As in the United States, telecom growth in China will likely come from value-added services like data. Revenue from these businesses jumped 23.8%, from 2007 to $16.6 billion, at China Mobile and represents one of its fastest growing segments. Meanwhile, SMS and video remain two other key areas that will drive growth over the next several years.

In the end, China Mobile remains an undervalued growth play by many measures. The stock trades at a valuation below that of comparable U.S. corporations and has strong growth prospects with over 488 million subscribers and counting. As a result, U.S. investors in more traditional telecoms may want to take a look at this strong Chinese play to diversify their portfolio.

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