Looking for ASX value shares? Here's 1 I'd buy and 1 I'd avoid!

It can be tricky working out ASX value shares.

The very definition makes identifying such stocks a subjective exercise. Different investors have varying criteria as to what they consider a bargain.

For me, I do a simple test. Does the business have a positive outlook?

Using this simple metric, I have picked out one that I am convinced is value right now and another that seems like a sure value trap:

ASX value shares not slowing down for anyone

Regis Healthcare Ltd (ASX: REG) provides aged care residences, including for clients with specialised needs such as dementia and palliative care.

Incredibly its share price has rocketed more than 151% since a trough in March last year.

And the market has warmly received its contribution this reporting season, sending the share price almost 6% upwards just on Monday.

Revenue for the first half was up 26% and net profit after tax (NPAT) before amortisation of operational places rocketed 527%.

To top it off, Regis Healthcare is paying out a respectable 3.7% half-franked dividend yield.

A rapidly ageing population in Australia also provides a long-term demographic tailwind for Regis and its industry.

Professional investors are thus bullish on Regis' future. 

Broking platform CMC Invest currently shows five out of six analysts rating the shares for the $1.1 billion aged care provider as a buy.

'A serial destroyer of shareholder value'

Meanwhile, construction giant Lendlease Group (ASX: LLC) has sat through a much less comfortable earnings season.

In fact, it's been downright painful, with the shares diving 15% on the morning that its half-year numbers were revealed on 19 February.

Just before COVID-19 panic struck the ASX, LendLease shares were almost touching the $20 mark. But now, just four years later, they are only slightly above $6.

All up it has burnt nearly 70% of value for shareholders since February 2020.

Tanarra chief executive John Wylie, who had supported the company for a long time, finally ran out of patience.

"This is a broken business model and the company clearly needs restructuring," Wylie told the Financial Review after the half-year results. 

"Lendlease has a reputation of building fine buildings, but it is also a serial destroyer of shareholder value."

This is why I think maybe LeadLease is one to leave on the shelf, at least for now.

Only two out of nine analysts covering the stock currently recommend it as a buy, according to CMC Invest.