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China Mobile Hoards More Cash Than Apple as Stocks Cheapen: Tech

China Mobile Ltd., sitting on more cash than Apple Inc., is missing the phone industry’s cheapest stock valuations in two years, fueling investor discontent over its takeover strategy.

Shares of Telefonica SA, Spain’s biggest phone company, are nearing their least expensive levels relative to estimated earnings on record as stocks in the MSCI World Telecommunication Services Index trade at their lowest multiples since July 2009, data compiled by Bloomberg show. China Mobile’s cash is better spent on network upgrades at home, Chairman Wang Jianzhou said.