Not every stock that falls 50% is a bargain.
Some deserve the decline. But occasionally, the market becomes overly focused on near-term issues and loses sight of the bigger picture.
These two ASX 200 shares stand out to me right now for that reason.
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WiseTech Global Ltd (ASX: WTC)
WiseTech is a stock that has gone from market darling to heavily scrutinised.
The share price has pulled back 50% from its high, and I think a lot of that comes down to concerns around growth, acquisitions, and how artificial intelligence (AI) could reshape the software landscape.
But when I look at the business itself, I still see an ASX 200 share with a very strong position.
CargoWise remains deeply embedded in global logistics workflows, and that is not something that is easy to replace. Once systems like this are integrated, switching becomes complex and risky for customers.
What I find particularly interesting is how management is leaning into AI rather than being threatened by it. The company is actively embedding AI into its platform to improve automation, productivity, and customer outcomes.
At the same time, it is shifting its commercial model toward transaction-based pricing, which I think could better align revenue with customer value over time.
There are also signs that the business continues to grow, with revenue and EBITDA both increasing, even if margins have been impacted in the short term.
For me, this looks like a company going through a transition rather than one that is losing its edge. If it executes well, I think the current weakness could prove to be an opportunity.
Treasury Wine Estates Ltd (ASX: TWE)
Treasury Wine Estates is a very different type of story.
The share price has been under pressure for some time and is down 50% over the past year. Sentiment has clearly been weak, but I think there are early signs that the business is starting to stabilise.
Its recent update suggests that underlying demand is improving in key markets, with depletions returning to growth in areas like the US and continuing to perform strongly in China.
I think this is important. This is a business that has been working through a transformation, and improving sales momentum is often one of the first signs that things are heading in the right direction.
There are also structural changes underway. The company is moving to a new regional operating model designed to improve execution and simplify the business.
At the same time, it continues to focus on its premium and luxury brands, particularly Penfolds, which still appears to be performing well.
I think this looks like a turnaround story that could be in the early chapters, but has the potential to be very rewarding for patient investors.
Foolish takeaway
Both WiseTech and Treasury Wine Estates have fallen a long way from their highs, and in both cases, there are valid reasons for that.
But I think the key question is whether their long-term positioning has fundamentally changed.
Right now, I do not think it has.
WiseTech still looks like a leader in a complex, global industry, while Treasury Wine Estates appears to be making progress in stabilising and reshaping its business.
For investors willing to look beyond short-term uncertainty, I believe both could be worth considering at these levels.
