2 ASX shares that produce powerful passive income!

These stocks are delivering huge payments to investors.

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There are many ASX shares delivering attractive passive income cash flow to investor bank accounts each year. But here, I'm going to focus on two stocks that could pay dividend yields of at least 9%.

Having said that, high dividend yields aren't the only thing to consider when it comes to ASX dividend shares. It's also important to evaluate whether a company has a promising future with regard to profit growth to ensure its dividends are sustainable.

Here are two businesses I think tick the boxes I'm looking for.

GQG Partners Inc (ASX: GQG)

GQG describes itself as a global investment boutique headquartered in the US that focuses on managing active equity portfolios. Its investor clients include many large pension funds, sovereign funds, wealth management outfits, and other financial institutions around the world.

The vast majority of GQG's revenue comes from management fees, with hardly anything from performance fees, so funds under management (FUM) growth is key. In the nine months to 30 September 2023, the company experienced net inflows of US$8.1 billion, compared to US$7.1 billion for the same period in 2022.

GQG also said it continues to see a "reasonable pipeline of client demand across multiple geographies and channels."

The ASX share aims to pay a quarterly dividend of 90% of distributable earnings. Its latest declared dividend was 2.33 US cents. Annualised, that'd be 9.32 US cents or 14.47 AU cents, which equates to a dividend yield of 10.5%. That also suggests GQG is trading at less than 9x its distributable profit.

Accent Group Ltd (ASX: AX1)

Accent is an ASX retail share that operates a wide array of different shoe stores. It owns some brands, like Glue Store and The Athlete's Foot, and acts as the distributor for a number of other brands, including Vans, Skechers, Kappa, and Timberland.

I believe the company has a compelling future due to the strength of the brands it sells and the growth it can deliver from opening new stores.

Accent is planning to open at least 50 new stores in FY24, and sees a "significant further store roll-out opportunity in both its core banners and new businesses over the next five years."

In the first seven weeks of FY24, the ASX share's total sales, including wholesale sales, were up 2.8%, while total retail sales were up 5%. Like-for-like retail sales for the first seven weeks were down 1.8%, though they were up 1% in the three weeks to 20 August 2023. Digital sales were up 20%, which reflected the value of the customer database and integrated digital capability.

In FY24, Accent is also planning to continue improving cost efficiencies and the gross profit margin.

Commsec's FY24 projection suggests the company could pay an annual dividend per share of 12.2 cents, which translates into a forward grossed-up dividend yield of 9%.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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