Fortunately for income investors, there are plenty of dividend stocks to choose from on the Australian share market.
But two in particular that could be top buys in August are listed below. Here's why brokers say that these could be the ASX dividend stocks to buy this month:
Dexus Industria REIT (ASX: DXI)
The first ASX dividend stock that has been named as a buy by brokers is Dexus Industria.
The team at Morgans is positive on the industrial and office property company. This is because its analysts believe that Dexus Industria is well-placed for growth in the coming years thanks to strong demand in the industrial market.
As for dividends, the broker is forecasting dividends per share of 16.4 cents in FY 2023 and then 16.6 cents in FY 2024. Based on the current Dexus Industria share price of $2.79, this will mean yields of 5.9% and 6%, respectively.
Morgans currently has an add rating and a $3.30 price target on the company's shares. This implies a potential upside of 18% from current levels.
Transurban Group (ASX: TCL)
Analysts at UBS say that Transurban is an ASX dividend stock to buy right now this month.
It is a leading toll road operator with a collection of important roads across Australia and North America.
In respect to income, UBS is expecting the company to pay dividends per share of 57 cents in FY 2023 and then 61 cents in FY 2024. Based on the current Transurban share price of $13.91, this will mean yields of 4.1% and 4.4%, respectively.
The broker currently has a buy rating and a $15.45 price target on its shares. This suggests a potential upside of 11% for investors over the next 12 months.
