There are plenty of ASX dividend stocks to choose from on the local market, but which ones could be buys in April?
Three shares that were recently identified as buys by analysts and tipped to rise strongly from where they currently trade are listed below. Here's what its analysts are saying about them:
Dexus Convenience Retail REIT (ASX: DXC)
The first ASX dividend stock that could be a buy according to analysts is Dexus Convenience Retail REIT. It is a convenience retail and service station focused property company.
Morgans is positive on the company and believes its shares are good value. The broker currently has an add rating and $3.23 price target on them. This implies potential upside of 20% from current levels.
As for dividends, the broker is forecasting dividends per share of 21 cents in both FY 2024 and FY 2025. Based on its current share price of $2.69, this implies dividend yields of 7.8% in both years.
Rio Tinto Ltd (ASX: RIO)
Another ASX dividend stock that could be a buy right now is Rio Tinto. It is one of the largest miners in the world with a portfolio of high-quality assets and operations across multiple commodities. This includes iron ore, copper, and lithium.
The team at Goldman Sachs sees plenty of value in the miner's shares at current levels. It recently put a buy rating and $140.20 price target on them. This suggests potential upside of 16% for investors.
In respect to income, the broker is expecting fully franked dividends per share of US$4.38 (A$6.66) in FY 2024 and then US$4.63 (A$7.04) in FY 2025. Based on the latest Rio Tinto share price of $120.55, this will mean yields of approximately 5.5% and 5.8%, respectively.
Super Retail Group Ltd (ASX: SUL)
Finally, Goldman Sachs also believes that Super Retail could be an ASX dividend stock to buy. It is the retail giant behind the popular BCF, Macpac, Rebel, and Super Cheap Auto brands.
Goldman Sachs is very positive on the retailer and has a buy rating and $17.80 price target on its shares. This implies potential upside of 16% from current levels.
As for dividends, the broker is expecting some good yields from its shares over the next couple of years. Its analysts are forecasting fully franked dividends per share of 67 cents in FY 2024 and then 73 cents in FY 2025. Based on the latest Super Retail share price of $15.30, this will mean dividend yields of 4.4% and 4.8%, respectively.
