It's shocking enough the S&P/ASX 200 Index (ASX: XJO) has sunk 5.8% so far this year.
But with mining and financial shares dragging the index up, there are hundreds of ASX shares that have fallen far more than that.
Some former market darlings, especially ASX growth stocks, have seen their valuations halve, if not worse.
But are we now at a point where some of those businesses have been punished too much? Perhaps the stock price has lost all sense of the company's outlook?
A couple of experts recently each picked out an ASX share they think are in that position and are ripe to buy right now:
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'Unjustly' sold off
To Montgomery Investment Management portfolio manager Gary Rollo, Symbio Holdings Ltd (ASX: SYM) looks way too cheap at the moment.
The software maker has seen its share price plunge 38.7% this calendar year.
"It's been sold off so hard because the comparators, the overseas players that do what it does, they're at a different stage in their life cycle than the Symbio is," Rollo told a Livewire video.
"So this business has had its valuation regime adjusted, I think unjustly, without reflecting on the fundamentals."
Rollo doesn't detect any change to the business or its outlook compared to before the stock price fall.
"It's a $350 million market cap. It's got $50 million of cash on the balance sheet, so we don't have a capital structure question," he said.
"It's on 8.5 to 9 times EBITDA [earnings before interest, tax, depreciation, and amortisation]… so it doesn't have a valuation question."
Symbio's hot growth opportunity is in Asia and that hasn't diminished.
"But you're not paying for it and so we like the look of that and that's our tip for now."
'Capital-light, high growth' business
QVG Capital portfolio manager Josh Clark picked Johns Lyng Group Ltd (ASX: JLG) as a current bargain.
Johns Lyng shares have fallen a shocking 37.5% just this month.
"Yeah, absolutely it's been sold off, [from] the $9 range into the mid-$5s or thereabouts, so the valuation's actually starting to look much more compelling."
As a service provider to insurance companies, Johns Lyng was recognised by the market as a star in recent years.
Clark admits that did make the ASX share expensive before May started.
"But they haven't seen a change to their earnings. They're still going to hit their earnings guidance," he said.
"I think part of the sell-off is the market's having a bit of a hissy fit that there's no upgrade near term… Also management has sold some stock."
Clark urged investors to look past the recent share price movements.
"If you focus too much on that, you're missing the forest for the trees," he said.
"It's still a really capital-light, high growth services business. I've said this a lot, but owner, founder-led, which is really important and these guys have just got more irons in the fire than you can count."
