Wanting some ASX dividend stocks to buy for your income portfolio? Then you may want to check out the two listed below.
Both have been named as buys by analysts and are tipped to offer big dividend yields. Here's what you need to know about them:
Super Retail Group Ltd (ASX: SUL)
The first ASX dividend stock that has tipped as a buy is Super Retail. It is the retailer responsible for popular brands including Rebel and Super Cheap Auto.
While weakening consumer spending is making the retail sector a tough place to be right now, Citi remains positive on Super Retail. It explains:
[Super Retail is] in a very solid position to manage the slowdown in the consumer environment given its excellent market positions in Auto and Sports and relatively low cyclicality of these categories.
Citi has a buy rating and a $14.50 price target on its shares.
In respect to dividends, the broker is forecasting fully franked dividends per share of 77 cents in FY 2023 and then 72 cents in FY 2024. Based on the latest Super Retail share price of $12.10, this will mean generous yields of 6.3% and 6%, respectively.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX dividend stock to consider is youth fashion retailer Universal Store.
Morgans is very positive on the company and appears to believe the recent share price weakness has created a buying opportunity for investors. Particularly given its positive long-term outlook and potential market share gains. It recently said:
UNI will, in our opinion, take share from other fashion retailers with its strong product development pipeline and brand curation.
Morgans has an add rating and a $4.20 price target on its shares.
In addition, the broker is expecting the retailer to pay fully franked dividends per share of 27 cents in both FY 2023 and FY 2024. Based on the current Universal Store of $3.60, this will mean yields of 7.5% in both years.
