Looking for ASX dividend shares for your income portfolio? If you are, then you could check out the three listed below that have been tipped as buys.
Here's what brokers are saying about these shares:
Image source: Getty Images
Dalrymple Bay Infrastructure Ltd (ASX: DBI)
Dalrymple Bay Infrastructure could be an ASX dividend share to buy. It is an infrastructure company and the long-term operator of the Dalrymple Bay Coal Terminal (DBCT).
The team at Citi currently has a buy rating and a $3 price target on its shares.
As for dividends, the broker is forecasting dividends per share of 20.6 cents in FY 2023 and 22 cents in FY 2024. Based on the latest Dalrymple Bay Infrastructure share price of $2.79, this will mean very generous yields of 7.4% and 7.9%, respectively.
Rural Funds Group (ASX: RFF)
Another ASX dividend share that could be a buy according to brokers is Rural Funds. It is an agricultural property company that owns a high-quality portfolio of assets across several categories. This includes orchards, vineyards, cattle, and poultry.
Bell Potter sees a lot of value in its shares at the current level. It has a buy rating and a $2.25 price target on them.
As for income, the broker is forecasting dividends per share of 11.7 cents in FY 2024 and FY 2025. Based on the current Rural Funds share price of $1.78, this will mean yields of 6.6% for investors.
Telstra Group Ltd (ASX: TLS)
A final ASX dividend share that could be a buy is Telstra.
Goldman Sachs is a fan of the telco giant due to the "low risk earnings (and dividend) growth that Telstra is delivering across FY22-25." It describes this growth as "attractive."
The broker has a buy rating and a $4.70 price target on the company's shares.
In respect to dividends, Goldman has pencilled in fully franked dividends per share of 18 cents in FY 2024 and 20 cents in FY 2025. Based on the current Telstra share price of $3.83, this will mean yields of 4.7% and 5.2%, respectively, for investors.
