If you're wanting to add some ASX dividend shares to your portfolio, then the two listed below could be ones to consider.
Here's what you need to know about these dividend shares:
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Telstra Corporation Ltd (ASX: TLS)
The first ASX dividend share for income investors to look at is this telco giant.
Telstra's outlook has improved greatly in recent years. So much so, management is forecasting a long-awaited return to growth in FY 2022. It has provided underlying EBITDA growth guidance of 4.5% to 9%.
The good news is that this isn't expected to be a one off. Management appears confident in can deliver further underlying EBITDA growth in FY 2023.
All in all, if the company delivers on this, its dividend cuts are likely to be a thing of the past and dividend increases could become a possibility.
Goldman Sachs is positive on the company. It has a buy rating and $4.30 price target on its shares. The broker is also forecasting fully franked dividends per share of 16 cents through to FY 2023 and then the long-awaited increase to 18 cents in FY 2024.
Based on the current Telstra share price of $3.88, this will mean yields of 4.1% through to FY 2023 and then 4.6% in FY 2024.
Westpac Banking Corp (ASX: WBC)
Another dividend share that could be a top option for income investors is Westpac.
This is thanks to its improving outlook, which is being underpinned by Australia's strong economic recovery from the pandemic, a booming housing market, and its cost reduction plans.
The latter is aiming to reduce its cost base materially, which has the potential to boost profitability and support generous dividend payments.
The team at Citi are very positive on the bank. Citi currently has a buy rating and $30.00 price target on the bank's shares.
It has also pencilled in dividends per share of $1.16 in FY 2021 and then $1.30 in FY 2022. Based on the current Westpac share price of $25.60, this will mean fully franked yields of 4.5% and 5.1%, respectively.
