Luckily for Australian income investors, the local share market is one of the most generous in the world when it comes to dividends.
Year in, year out, countless listed companies share a portion of their profits with their loyal shareholders.
But which ASX dividend shares could be top buys for income investors when the market reopens? Let's take a look at five that could be buys.
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Accent Group Ltd (ASX: AX1)
The first ASX dividend share to look at is footwear-focused retailer Accent. Bell Potter is a big fan of the HypeDC and The Athlete's Foot owner and has a buy rating and $2.50 price target on its shares.
As for income, the broker is expecting some very attractive dividend yields from its shares in the near term. It is forecasting fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $2.03, this represents dividend yields of 6.4% and 7.2%, respectively.
BHP Group Ltd (ASX: BHP)
Another ASX dividend share that has been named as a buy is the world's largest miner, BHP. Goldman Sachs thinks the Big Australian's shares are in the buy zone right now and has a buy rating and $49.40 price target on them.
In respect to dividends, the broker is forecasting fully franked dividends of approximately ~$2.22 per share in FY 2024 and then $1.96 per share in FY 2025. Based on the current BHP share price of $44.27, this equates to yields of 5% and 4.4%, respectively.
Telstra Group Ltd (ASX: TLS)
Goldman Sachs also sees telco giant Telstra as an ASX dividend share to buy. The broker currently has a buy rating and $4.55 price target on its shares.
Goldman likes the company's low risk earnings and dividend growth over the coming years. It is forecasting fully franked dividends of 18 cents per share in FY 2024 and then 19 cents per share in FY 2025. Based on the current Telstra share price of $3.86, this equates to fully franked yields of 4.65% and 4.9%, respectively.
Transurban Group (ASX: TCL)
Analysts at Citi are tipping toll road operator Transurban as an ASX dividend share to buy. The broker has a buy rating and $15.60 price target on its shares.
Citi believes the company is positioned to pay a dividend ahead of guidance in FY 2024. It is forecasting dividends per share of 63 cents this year and then 65 cents in FY 2025. Based on the current Transurban share price of $13.32, this will mean yields of 4.7% and 4.9%, respectively.
Woodside Energy Group Ltd (ASX: WDS)
Finally, analysts at Morgans are tipping energy giant Woodside as an ASX dividend share to buy. It has an add rating and $34.20 price target on its shares.
As for dividends, the broker is forecasting fully franked dividends of $1.36 per share in FY 2024 and $1.12 per share in FY 2025. Based on the current Woodside share price of $30.50, this equates to 4.4% and 3.7% dividend yields, respectively.
