Sime vs. IOI

Sime (Last four Q eps 16/11/7/ -5 sen). Quarterly earnings decline with the recent at a loss. Sold my holding much earlier when I saw the earning drop from 11 sen to 7. What's the fair value to buy in again..? Assuming becomes profitable in the next two quarters at Q eps 7 sen, then fair value Fv (with annualised PER 10) = 7 x 4 x 10 = RM2.80
Current price of Sime = RM7.49 ie. at 2.67 times over its fair value of PER 10

Check IOI (Q eps 8.2/8.0/7.7/8.6 sen recent) Fair value Fv = 8.6 x 4 x 10 = RM3.44
Current price of IOI = RM4.95
Ratio 495/ 344 = 1.44, so IOI is currently priced at 14.4 PER
Applying same ratio, Sime should be priced at 1.44 x RM2.80 = RM4.04
For now, IOI seems to have better value than Sime