Are these ASX dividend shares strong buys for passive income?

Here's what sort of yields you can expect from these shares.

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There are plenty of ASX dividend shares to choose from, but which ones could be buys?

Three shares that were recently identified as buys are listed below. Here's what analysts are saying about them:

Dexus Convenience Retail REIT (ASX: DXC)

The first ASX dividend share that could be a buy is Dexus Convenience Retail REIT. It is a convenience retail and service station property company.

Morgans is positive on the company and believes its shares are good value at current levels. Last week the broker put an add rating and $3.23 price target on its shares.

Its analysts are expecting some big dividend yields in the coming years. They are forecasting dividends per share of 21 cents in both FY 2024 and FY 2025. Based on its current share price of $2.84, this implies yields of 7.4%.

Elders Ltd (ASX: ELD)

Another ASX dividend share for income investors to look at is agribusiness company Elders. It provides livestock, real estate, feed and processing, wool agency services, and grain marketing services to rural and regional customers.

Bell Potter is a fan of the company, particularly given how operating conditions have been more favourable for Elders since the release of its FY 2023 results. It has a buy rating and $9.50 price target on its shares.

As for income, the broker is forecasting dividends per share of 34 cents in FY 2024 and 41 cents in FY 2025. Based on the current Elders share price of $8.99, this will mean yields of 3.8% and 4.55%, respectively.

Orora Ltd (ASX: ORA)

Finally, Goldman Sachs believes that Orora would be a good option for income investors. It designs and manufactures packaging products such as fibre-based packaging, glass bottles, beverages cans, and corrugated boxes.

Goldman likes the company due to its defensive qualities and positive growth outlook. The broker has a buy rating and $3.50 price target on its shares.

In respect to dividends, it expects dividends per share of 14 cents in FY 2024 and 15 cents in FY 2025. Based on the current Orora share price of $2.83, this will mean yields of 4.9% and 5.3%, respectively.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has recommended Elders and Orora. 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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