Fortunately in this low interest rate environment, there are plenty of ASX dividend shares that offer generous yields.
Two that are buy-rated and have big yields are listed below. Here's what you need to know about them:
Centuria Industrial REIT (ASX: CIP)
The first ASX dividend share to look at is Centuria Industrial. It is a leading property company focused on high quality industrial assets. The majority of the company's tenant base is linked to the production, packaging and distribution of consumer staples, telecommunications and pharmaceuticals.
It also recently made a $351.3 million acquisition that expands its exposure across key industrial sub-sectors including distribution centres, cold storage, and transport logistics, and a $129.4 million acquisition for properties within core, tightly held industrial markets.
The team at Macquarie appear to believe that these acquisitions and its existing portfolio have positioned Centuria Industrial REIT for growth in the coming years.
The broker is forecasting a FY 2022 dividend of 17.3 cents per share and a FY 2023 dividend of 18.7 cents per share. Based on the current Centuria Industrial REIT share price of $3.72, this implies yields of 4.65% and 5%, respectively.
Macquarie has an outperform rating and $4.16 price target on the company's shares.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend share to look at is Australia's oldest bank, Westpac.
Its shares could be a good option for income investors after they fell heavily last week following the release of its full year results. Although Westpac doubled its cash earnings in FY 2021, this wasn't enough to offset its weaker than expected net interest margin outlook.
The team at Morgans appear to believe that this could be a buying opportunity for investors. In response, the broker has retained its add rating and lifted its price target to $30.50.
As for dividends, the broker is now forecasting fully franked dividends of $1.23 per share in FY 2022 and then $1.62 per share in FY 2023. Based on the current Westpac share price of $22.52, this will mean yields of 5.45% and 7.2%, respectively.
