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Are these beaten down blue chip ASX shares bargain buys?

Should you buy the beaten down shares of ASX blue chips such as Lendlease Group (ASX:LLC) and…
The post Are these beaten down blue chip ASX shares bargain buys? appeared first on Motley Fool Australia. –

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The likes of Coles Group Ltd (ASX: COL) and Wesfarmers Ltd (ASX: WES) shares may have recorded solid gains in 2020, but not all blue chips have fared as well.

Two blue chip ASX shares which have fallen heavily this year are listed below. Here’s why I think they could be in the buy zone now:

Lendlease Group (ASX: LLC)

The Lendlease share price is down 34% since the start of the year. This has been driven largely by the negative impacts of the pandemic on the international property and infrastructure company’s performance. These impacts led to Lendlease recording a net loss of $310 million in FY 2020.

The good news is that since then, the company has announced the divestment of its engineering business and a new strategy. That strategy is shifting Lendlease’s earnings mix and business model towards that of industrial property giant Goodman Group (ASX: GMG). I think this is a great move by management and believe its shares could re-rate notably higher in the future if the strategy shift delivers results.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

Another beaten down blue chip ASX share to consider buying is Sydney Airport. Since the start of the year, the Sydney Airport share price is down a disappointing 28%. This has of course been driven by the pandemic’s impact on travel and tourism. With the number of passengers passing through its terminals falling materially this year, the airport operator’s earnings have collapsed.

The good news is that the company has gone into a hibernation mode of sorts and is burning through very little cash compared to others in the industry. It also appears extremely well-positioned to ramp up when the tourism market inevitably rebounds. In FY 2021 I expect Sydney Airport to pay shareholders 15 cents per share. After which, I expect this dividend to double the following year if tourism levels improve notably as expected.

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Returns As of 6th October 2020

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers 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.

The post Are these beaten down blue chip ASX shares bargain buys? appeared first on Motley Fool Australia.

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