I like to look at fair value this ways:
. The current fair value in stock is performance as per next Q announcement or and next Q forecast using the last Q result as the guideline..
Say that we r looking at CIMB and MAYBANK
Both announced their last Q result with almost the same EPS for the last Q (12.59/12.89)
For the next Q result to be announced this month might not change much and their share price are almost the same so both of them are at the fair value.
. Now look at MBSB
I think this stock will have a better fair value in the future,