2 ASX dividend shares that you can't ignore today

Here's why I think these 2 ASX dividend shares including Wesfarmers Ltd (ASX: WES) are an absolute steal at today's share prices.

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The S&P/ASX 200 Index (ASX: XJO) is having yet another brutal sell-off today, with the index losing another 7.4% today to 4,460.6 points (at the time of writing).

It's a truly nasty day for those of us with capital still in the markets (like we needed another one!).

But for every cloud, a silver lining!

The extreme depression we are seeing in ASX share prices also equates to highly elevated dividend yields you can 'lock-in' by buying at these levels. Now, not all ASX dividend shares are equal – I certainly wouldn't be buying Qantas Airways Limited (ASX: QAN) for the trailing dividend yield of 11.67%. That's a classic dividend trap right there, in my opinion.

But here are two ASX dividend shares that I think offer compelling and (in my view) sustainable yields today.

WAM Research Limited (ASX: WAX)

WAM Research is a Listed Investment Company (LIC) run by income-friendly Wilson Asset Management. It has a long history of paying fat, fully franked dividends funded by successful investing in the ASX mid-cap space.

Today, WAM Research shares offer a trailing dividend yield of 10.03% (or 14.33% grossed-up). That's based on a current share price of 97 cents and an annual payout of 9.8 cents per share. But the best thing is that WAM Research also has a profit reserve of 30.1 cents per share (including the interim dividend of 4.9 cents per share to be paid on April 21, 2020). That means that WAM Research has enough cash in the bank to cover this dividend for around three years (assuming it stays flat).

Great deal? I think so.

Wesfarmers Ltd (ASX: WES)

Wesfarmers is one of the most diversified companies on the ASX – which at a time like this is a massive advantage, in my opinion. It owns the Bunning Warehouse chain, as well as Kmart, Target, a 10% stake of Coles Group Ltd (ASX: COL) and a huge range of other companies ranging from a clothing line to gas suppliers and lithium miners.

Wesfarmers will have a very rough year, as will most ASX companies, but I think the long-term fundamentals for this conglomerate remain strong. On current prices, Wesfarmers shares are offering a 5.1% dividend yield (8.14% grossed-up).

That's too good to ignore in my view. Even if this dividend gets a trim this year, Wesfarmers has shown its commitment to strong shareholder payments over its long history, and I think this will continue well into the future.

Motley Fool contributor Sebastian Bowen owns shares of WAM Research Limited. The Motley Fool Australia owns shares of 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.

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