Is it time to buy these 3 beaten down ASX shares?

The Brambles Limited (ASX:BXB) share price is one of three that have sunk significantly lower this year. Have they fallen into bargain territory?

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Year-to-date the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to carve out a gain of 3% thanks partly to a strong run from the big four banks.

Unfortunately not all shares have been able to follow the index higher this year. In fact, the following three shares have fallen sharply. Does this make them bargain buys?

The Baby Bunting Group Ltd (ASX: BBN) share price has tumbled over 23% so far this year despite the baby products retailer delivering a 22% increase in half-year profit in February. The sell-off appears to relate to concerns over the potential launch of Amazon in Australia later this year. Whilst Amazon does represent a major threat, at 22x annualised earnings I feel Baby Bunting is worth taking a closer look at.

The Brambles Limited (ASX: BXB) share price has fallen 23% since the turn of the year as well. The supply-chain logistics company's shares were sold off in January after advising that its North American business was struggling with both revenue and cost pressures. Unfortunately these pressures don't appear to be going anywhere any time soon. As a result management expects full-year underlying profit to be flat. At 18x trailing earnings its shares look reasonable, but I would suggest investors hold off until its performance improves.

The Healthscope Ltd (ASX: HSO) share price is down almost 7% this year, bringing its six-month decline to a whopping 27%. Its shares fell in response to surprisingly weaker-than-expected patient admissions late last year. Whilst this weakness is likely to persist in the short term, in the long-term I expect things will improve greatly as demand for health care services increases. Whilst rival private hospital operator Ramsay Health Care Limited (ASX: RHC) would be my pick of the industry, at the current share price I feel Healthscope could prove to be a good buy and hold investment.

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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