That is not the right way to determine if a share is expensive or not. Other values like EPS etc are the right gauge of how expensive a share is.

Most of the "cheap" shares are priced low because,

1. the company is worth very little, or has very little potential (sometimes they are undervalued of course)
2. the company has many shares listed, so when you buy 1 share, you are buying only a very very small piece of the cake.

Many companies like to exploit this incorrect assumption on the side of investors to boost their trading volume. They keep splitting their share over and over and over, so the shares are "cheap".

Think about this, would you buy 1 whole cake at RM10 or will you buy one slice of cake (whole cake cut into 10) for RM1.5? Which one is cheaper?