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Should you buy these beaten down ASX shares?

With the Australian share market sinking notably lower again on Wednesday, it will come as no surprise to learn that a large number of shares have fallen to 52-week lows.

Three that caught my eye are listed below. Is it time to buy these beaten down ASX shares?

The Crown Resorts Ltd (ASX: CWN) share price continued its poor run and hit a 52-week low of $11.43 today. Investors have been heading to the exits in their droves after the company revealed that it has had an underwhelming start to FY 2019. Last month the casino and resorts operator advised that year to date its main floor Australian gaming resorts revenue was down 0.6% on the prior corresponding period. While I don’t expect things to improve greatly for its shares in the near term, I think at the current level they could be a good option for patient investors.

The Lendlease Group (ASX: LLC) share price sunk to a 52-week low of $12.44 on Wednesday, stretching its four-month decline to a disappointing 40%. The international property and infrastructure company’s shares have come under significant pressure since it revealed that its Engineering and Services division was struggling. As a result of the further deterioration of a number of projects that it had previously flagged, Lendlease recently advised that it expects to take a provision in the order of $350 million after tax for the first half of FY 2019. Whiles its shares look cheap now, I would suggest investors wait for signs of improvement before considering an investment.

The Michael Hill International Ltd (ASX: MHJ) share price was trading at a 52-week low of 60 cents today, which means it has shed 50% of its value since the start of the year. A good portion of this decline has come in the last couple of months after the jewellery retailer released its first quarter update. That update revealed that in the September quarter Michael Hill saw its global sales fall 8.8% on the prior corresponding period to $122.9 million. Sizeable declines were also seen across its Australian, New Zealand, and Canadian stores, leading to same store sales falling 11% during the quarter. Like Lendlease, I would suggest investors wait for the company to report improvements before considering an investment.

Top 3 ASX Blue Chips To Buy For 2019

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Each one pays a fully franked dividend. The names of these Top 3 ASX Blue Chips are included in a specially prepared FREE report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

See the 3 blue chip stocks

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. 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 Scott Phillips.

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