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This ASX dividend share has a 15.3% yield right now

ASX dividend shares have been smashed across the board in this ASX stock market crash we’re now living through.

Dividend heavyweights like Woolworths Group Ltd (ASX: WOW), Wesfarmers Ltd (ASX: WES) and Telstra Corporation Ltd (ASX: TLS) have all shed some hefty value over the last month or so.

And let’s not even talk about the big ASX banks like Commonwealth Bank of Australia (ASX: CBA) or Westpac Banking Corp (ASX: WBC).

But there has been one ASX dividend share that’s caught my eye over the past week. And that’s WAM Research Limited (ASX: WAX).

Why WAM Research?

WAM Research is a listed investment company (LIC) run by Wilson Asset Management. It invests in the small- and mid-cap space on the ASX and has built up quite a history of performance – returning an average of 15.4% per annum since 2010 (before fees).

A large chunk of these returns have come in the form of dividend payments. Even before this market crash, WAM Research shares would typically net you a raw dividend yield of 6–7%.

Because of this history, WAM Research typically trades at a substantial premium to the net tangible asset (NTA) value per share of the company.

But we are seeing a rare reversal of this paradigm on the markets this week. At the time of writing, WAM Research shares are asking 91 cents a share – its lowest level since 2013. So as of 29 February, WAX shares had an NTA value of $1.13. I’m sure this has trended lower since then (judging by the broader market’s moves in the same period), but either way, it has become a lot more attractive.

But here’s the real kicker. At these prices, WAM Research shares are offering a dividend yield of 10.71%, based on its last annualised payout of 9.8 cents per share.

That’s enough to turn heads by itself. But this dividend also comes with full franking credits – making its grossed-up yield an astonishing 15.3%.

The cherry on top? WAM Research recently reported that its profit reserves stand at 30.1 cents per share. That means this LIC has enough cash in the bank to fund its current dividend payouts for around 3 years.

Foolish takeaway

For these reasons, I think WAM Research is one of the best dividend stocks on the market right now for pure income. Its dividend payouts alone (if sustained) are enough to put it ahead of the ASX 200’s historical returns. In this era of zero interest rates, I think this stock is a great pick for anyone who loves a good dividend today.

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Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited and WAM Research Limited. The Motley Fool Australia owns shares of and has recommended Telstra 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.