Are these 3 beaten-down ASX shares bargains or value traps?

Bellamy's Australia Ltd (ASX:BAL) is one of three shares which has been battered in 2017. Is it a bargain buy or best avoided?

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Should the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) be able to hold onto its gains this afternoon, then the index will finish the day with a slight gain year-to-date.

Whilst this isn't the best start to the year, it certainly isn't anywhere near as bad as the start the three shares below have made. The question now is whether they are bargain buys or best avoided?

Bellamy's Australia Ltd (ASX: BAL)

The infant formula manufacturer has had a month to forget. When its shares finally came back from their self-imposed suspension they sunk like a stone. The prospect of legal action against the company from Slater & Gordon Limited (ASX: SGH) has further weighed on its shares and left them down 42% year-to-date. If Bellamy's can somehow turnaround its fortunes then it could end up being an absolute bargain buy, but the likelihood of this happening seems to be reasonably slim. As tempting as it may be, I would avoid Bellamy's.

BT Investment Management Ltd (ASX: BTT)

The shares of this leading fund manager have fallen 11.5% so far in 2017 due to concerns over Britain's exit from the European Union. At one stage this led to the British pound falling to a 30-year low against the U.S. dollar. The depreciation of the pound is bad news for BTIM as it generates the majority of its profit from its UK operations. In FY 2016 its international operations accounted for approximately 77% of its cash net profit. Whilst I'm a big fan of the fund manager, I would avoid it until the full ramifications of the Brexit are known.

Mantra Group Ltd (ASX: MTR)

This leading accommodation provider sank to a 52-week low of $2.70 today, bringing its year-to-date decline to around 12%. Today's decline is likely to be attributable to a research note from Deutsche Bank which revealed that its analysts maintained the sell rating on its shares but lowered their price target to $2.60. Although I'll happily acknowledge that its CBD portfolio underperformed last year, I still believe that the tourism boom will provide the company with strong organic growth for years to come. At the current share price I would class Mantra as a bargain. But with its half-year results just a few weeks away, investors could play it safe and sit tight until they are announced.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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