When certain ASX shares are beaten up, I think that can be an opportunity to buy them whilst they're cheap.

Not every business that falls is guaranteed to go back up. But, cyclical businesses and consistently-growing businesses can be attractive when their share prices drop.

The announcement of US tariffs caused a lot of volatility, but I see this as a useful discount rather than a time to be fearful of investing.

Now I'll tell you which beaten-up ASX shares I like (and recently invested in myself).

Siteminder Ltd (ASX: SDR)

Siteminder describes itself as a global software business which is a leader for the hotel industry. It helps hoteliers expand and optimise distribution around the world to maximise revenue. Its platform is in eight languages, spanning more than 150 countries.

The business boasts that it has resilient revenue, underpinned by software as a service (SaaS) subscription fees. It has 47,200 subscription properties, with more than 2.3 million rooms.

In the first half of FY25, the business reported annual recurring revenue (ARR) of $216.2 million, up 22% year over year.

Revenue growth looks promising, with the company targeting larger customers (hotels) with greater revenue opportunities. The company also boasts strong unit economics across all regions. Average revenue per user (ARPU) growth is helping the economics, with growth being driven by upselling and product adoption rather than subscription prices. The company believes there are significant monetisation opportunities through its smart platform strategy.

As a software business, I think this company's margins can increase significantly in the coming years, which could help the beaten-up ASX share's profit. The beaten-up ASX share is down 25% in the past year, as the chart below shows.

Elders Ltd (ASX: ELD)

Elders is an ASX share that is heavily involved in the Australian agricultural sector. It works closely with farmers to provide products, marketing options and specialist technical advice across rural, wholesale, agency and financial products and services. It also has a rural and residential property agency and management network.

Agriculture is notoriously cyclical, which regularly affects Elders shares too. I think the low points of the cycle can be a great time to invest in this beaten-up ASX share, in my view.

It's difficult to predict when agricultural conditions will change, but the reduction of interest rates by the Reserve Bank of Australia (RBA) should be helpful for Elders because the high rates have harmed regional residential property demand.

During times of industry weakness, the strongest players can use that time to snap up competitors at a lower price.

Elders has done a few impressive deals in the last few years, such as Delta Agribusiness for a cost of $475 million – it provides similar sorts of services as Elders. Its network of 68 locations adds geographic diversification and is expected to boost earnings per share (EPS) in the "mid-teens" after synergies.

I think the Elders share price is an appealing investment candidate because the beaten-up ASX share has dropped 50% since 11 November 2022. I think it can bounce back in the medium-term, particularly when conditions improve.