If you're looking for a passive income boost, then you may want to check out the ASX dividend stocks listed below.
Goldman Sachs has tipped these ASX shares to offer big dividend yields this year and next. Here's what you need to know about them:
Super Retail Group Ltd (ASX: SUL)
The first ASX dividend share that has been tipped as a buy is Super Retail. It is the retail group behind popular brands such as Macpac, Rebel, and Super Cheap Auto.
Goldman Sachs is a big fan of the company due to its loyalty program. It explains:
We believe that the company's positive trading update continues to display resilience that is built upon its competitive advantage of high loyalty (~10m active members accounting for >70% of sales) and this will be further bolstered in 2H23 as the company launches the Rebel loyalty program and continues to build personalisation capabilities.
The broker 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 $12.83, this will mean yields of 5.8% and 4.9%, respectively.
Goldman Sachs has a buy rating and $14.90 price target on its shares.
Universal Store Holdings Ltd (ASX: UNI)
Goldman Sachs is also very positive on this youth fashion retailer and believes to could be an ASX dividend stock to buy.
The broker believes Universal Store is a great option due to its exposure to younger consumers and expansion opportunities. In respect to the former, the broker said:
[W]e remain constructive on the outlook for the younger consumer and believe UNI remains very well positioned in the current cycle compared to other discretionary retailers. We expect the FY23 result to be a key catalyst as it should demonstrate the resilience of top line trends.
As for dividends, the broker is forecasting fully franked dividends of 24 cents in FY 2023 and 31 cents in FY 2024. Based on the latest Universal Store share price of $4.61, this equates to yields of 5.2% and 6.7%, respectively.
Goldman Sachs currently has a buy rating and $7.45 price target on its shares.
