The good news for income investors is that there are a lot of dividend shares to choose from on the ASX.
But if you're paralysed by choice, don't worry because listed below are a couple of ASX dividend shares that come highly recommended and have big forecast dividend yields.
Here's why analysts are tipping these shares as buys:
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Charter Hall Retail REIT (ASX: CQR)
The first ASX dividend share that could be a buy is the Charter Hall Retail REIT.
As you might have guessed from the name, this property company has a focus on retail assets. These are predominantly supermarket anchored neighbourhood and sub-regional shopping centres.
The team Citi is positive on the company. This is due to its "defensive net property income growth despite rising interest rate profile." The broker also highlights how Charter Hall Retail REIT is "effective at passing through higher inflation", which is a positive in the current environment.
Citi currently has a buy rating and $4.50 price target on its shares.
As for dividends, Citi is expecting the company to pay dividends of 26 cents per share in both FY 2023 and FY 2024. Based on the current Charter Hall Retail share price of $3.82, this will mean 6.8% dividend yields for investors.
Dicker Data Ltd (ASX: DDR)
Another ASX dividend share that has been named as a buy is Dicker Data.
It is one of the largest distributors of computer hardware and software in the ANZ region.
Morgan Stanley is a fan of the company and currently has an outperform rating and $10.00 price target. Its analysts are positive on Dicker Data's outlook and are forecasting solid earnings and dividend growth in the near future.
In respect to the latter, the broker is expecting 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 $8.40, this will mean dividend yields of 5.2% and 5.9%, respectively.
