If you're wanting to boost your passive income with some dividend shares, then you may want to look at the two named below.
Here's what you need to know about these buy-rated ASX dividend shares:
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Accent Group Ltd (ASX: AX1)
The first ASX dividend share for income investors to look at is footwear and youth fashion retailer Accent.
It owns a growing stable of brands including HypeDC, Platypus, Stylerunner, The Athlete's Foot, and Glue Store.
The team at Bell Potter is positive on the retailer and has put a buy rating and $2.10 price target on its shares. Its analysts were pleased with a recent update, commenting:
Accent Group (AX1) provided a trading update for the first 18 weeks of FY23, Group owned sales +52% on pcp and Gross margins +570bps vs down 700bps in the pcp. We see this as a solid start and expect AX1 to be well positioned as tougher comps are faced in Nov/Dec. We view the performance into the key seasonal period to be supported by the company's healthy inventory position as per company's commentary.
In respect to dividends, Bell Potter is expecting fully franked dividends of 10 cents per share in FY 2023 and then 12 cents per share in FY 2024. Based on the current Accent share price of $1.79, this would mean yields of 5.6% and 6.7%, respectively,
Dalrymple Bay Infrastructure Ltd (ASX: DBI)
Another ASX dividend share to look at is Dalrymple Bay Infrastructure. It is an Australian infrastructure company and the long term operator (99-year lease) of the Dalrymple Bay Coal Terminal (DBCT), which provides terminal infrastructure and services for producers and consumers of Australian coal.
Given the very favourable outlook for Australian coal, Dalrymple Bay Infrastructure appears well-placed to deliver strong earnings in the near term. This is expected to lead to some bumper dividend payments in the coming years.
Morgans is a fan and has an add rating and $2.67 price target on its shares. It recently commented:
DBI holds the 99 year lease to the 85 Mtpa Dalrymple Bay Coal Terminal, of which c.80% of throughput is metallurgical coal (used in steelmaking). DBCT offers the cheapest export route-to-market for users within its Bowen Basin catchment region. DBCT is fully contracted from 2023 to 2028. In the current low interest rate environment, income-oriented investors will be attracted to DBI's high cash yield and commitment to 1-2% [now 3% to 7%] pa DPS growth.
As for dividends, its analysts are forecasting dividends per share of ~21 cents in FY 2022 and FY 2023. Based on the latest Dalrymple Bay Infrastructure share price of $2.40, this will mean yields of 8.75%.
