Sime's year 2008 record dividends = 49 sen, derived from earnings per share (eps) of 59 sen
Up to third quarters ending May 2009, eps todate =21 sen only. With the fourth quarter earnings announcement due in Aug, I think Sime will not be able to match their 2008 total earnings and dividend payout.
More likely total earnings = 45 sen and dividend paid for year 2009 = 30 sen.
If this be the case, my fair price of Sime = 30 sen/0.04 = RM 7.50
P/E = 17