Looking for more passive income? Then you may want to check out the ASX dividend stocks listed below.
Both have been named as buys and tipped to provide investors with attractive fully franked yields. Here's what you need to know about them:
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Dicker Data Ltd (ASX: DDR)
The first ASX dividend stock that has been tipped as a buy is Dicker Data.
It is a technology distributor to over 10,000 resellers across the ANZ region. The company distributes a wide portfolio of products from the world's leading technology vendors. This includes Cisco, Citrix, Dell Technologies, Hewlett Packard Enterprise, HP, Lenovo, and Microsoft.
The team at Morgan Stanley is very positive on the company's outlook and is expecting Dicker Data's earnings to be strong enough to underpin some big dividends in the near term.
For example, the broker is forecasting fully franked dividends per share of 43.8 cents in FY 2023 and 48.8 cents in FY 2024. Based on the latest Dicker Data share price of $8.01, this will mean yields of 5.45% and 6.1%, respectively.
Morgan Stanley currently has an outperform rating and $10.00 price target on its shares.
Super Retail Group Ltd (ASX: SUL)
Another ASX dividend stock that has been tipped as a buy is Super Retail. It is the retail conglomerate behind brands such as Macpac, Rebel, and Super Cheap Auto.
Goldman Sachs is a big fan of the company. In fact, just this morning the broker has responded to the company's quarterly update by reiterating its buy rating.
It highlights that "the company's positive trading update continues to display resilience that is built upon its competitive advantage of high loyalty." The good news is that this will soon be "further bolstered in 2H23 as the company launches the Rebel loyalty program and continues to build personalisation capabilities."
Goldman is expecting this to support fully franked dividends per share of 74.1 cents in FY 2023 and then 62.6 cents in FY 2024. Based on the current Super Retail share price of $13.45, this will mean yields of 5.5% and 4.7%, respectively.
Goldman Sachs has a buy rating and $14.90 price target on its shares.
