Here are 4 possible risks to China Telecom's investment growth

But it's still a 24% EPS growth forecast.

Acording to Nomura, China Telecom is at the beginning of an earnings upgrade cycle. Nomura said CT's iPhone customer take-up remains strong into the second year of the launch, which should offset the impact of subsidies, as per its analysis. 

Nomura forecasts a 24% EPS growth over FY13F. CT's current 14x P/E and 3x EV/EBITDA are appealing, Nomura adds. Also, CT's execution remains strong – in FY10-12, it consistently exceeded its subscriber KPIs. Moreover, for FY13F, Nomura believes the company will derive savings from owning the CDMA network. 
 

Here's more:

(However), the risks to our investment view include: 1) irrational tariff competition — if China Mobile or China Unicom were to lower mobile tariffs in an attempt to gain market share, we believe CT might respond by launching similar tariff plans;

2) the regulatory environment — any significant change in the regulatory environment could have important implications for mainland telecom operators;

3) new technologies may disrupt the industry landscape — the introduction of new technologies could complement or cannibalise existing technologies (i.e., GSM, GPRS and EDGE).

Given that telecom operators have invested heavily in their existing networks, the potential obsolescence of networks could lead to asset write-offs, in our view; and 4) mobile data may increasingly eat into mobile voice revenue.