Stacked intelligent metasurface (SIM) is an emerging technology that uses multiple reconfigurable surface layers to enable flexible wave-based beamforming. In this paper, we focus on an \ac{SIM}-assisted multi-user multiple-input single-output system, where it is essential to ensure that all users receive a fair and reliable service level. To this end, we develop two max-min fairness algorithms based on instantaneous channel state information (CSI) and statistical CSI. For the instantaneous CSI case, we propose an alternating optimization algorithm that jointly optimizes power allocation using geometric programming and wave-based beamforming coefficients using the gradient descent-ascent method. For the statistical CSI case, since deriving an exact expression for the average minimum achievable rate is analytically intractable, we derive a tight upper bound and thereby formulate a stochastic optimization problem. This problem is then solved, capitalizing on an alternating approach combining geometric programming and gradient descent algorithms, to obtain the optimal policies. Our numerical results show significant improvements in the minimum achievable rate compared to the benchmark schemes. In particular, for the instantaneous CSI scenario, the individual impact of the optimal wave-based beamforming is significantly higher than that of the power allocation strategy. Moreover, the proposed upper bound is shown to be tight in the low signal-to-noise ratio regime under the statistical CSI.