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China Mobile (CHL) has been cheap for a long time. It's a foreign company, in China and a mobile operator. All of these factors have been unfavored by investors concentrated on bidding up U.S. tech companies regardless of valuation (or profits).
This has made China Mobile become even more absurdly cheaper than it already was. At 2.6x EV/EBITDA, China Mobile carries a valuation multiple unseen outside of any U.S. company whose EBITDA isn't about to disappear. China Mobile's EBITDA, of course, is not about to disappear.
You could say, however, that China Mobile is stagnant.