Not absolute cheap, just relatively cheap.

不是必然的便宜，只是与便宜相关。

youdao

Finally, just because stocks look cheap, relative to record-low yielding Treasury bonds, does not make them cheap in any absolute sense.

FORBES: Stocks Going Higher? 3 Myths (And The Truth)!

The real way to determine if a stock is cheap or expensive is not on the absolute amount of the stock price, but on its valuation.

FORBES: Confidence in Apple's Cash Management