Are you on the hunt for some big dividend yields? If you are, then read on.
That's because the three ASX dividend shares listed below have been named as buys and tipped to offer yields of 6%+.
Here's what you need to know about them:
APA Group (ASX: APA)
APA Group owns and operates energy infrastructure assets and businesses, including energy infrastructure, comprising gas transmission, gas storage and processing, and gas-fired and renewable energy power generation businesses.
These businesses have been generating growing income over the last couple of decades. This has allowed the company to consistently increase its dividend for almost 20 years.
The good news is that this trend is expected to continue in the coming years. For example, Macquarie expects an increase to 56 cents per share in FY 2024 and then 57.5 cents per share in FY 2025. Based on the current APA Group share price of $8.74, this equates to 6.4% and 6.6% dividend yields, respectively.
Macquarie has an outperform rating and $9.40 price target on its shares.
Dalrymple Bay Infrastructure Ltd (ASX: DBI)
Another ASX dividend share that could provide income investors with big dividend yields is Dalrymple Bay Infrastructure. As its name implies, it is the long-term operator of the Dalrymple Bay Coal Terminal in Queensland.
Analysts at Morgans are feeling positive about Dalrymple Bay Infrastructure's outlook and believe the company is well-placed to pay some big dividends. They are forecasting dividends per share of 22 cents in FY 2024 and then 22.9 cents in FY 2024. Based on the latest Dalrymple Bay Infrastructure share price of $2.97, this will mean very generous yields of 7.4% and 7.7%, respectively.
Morgans has an add rating and $3.05 price target on its shares.
HomeCo Daily Needs REIT (ASX: HDN)
Morgans is also a big fan of HomeCo Daily Needs and sees it as an ASX dividend share to buy.
It is a property company that invests predominately in metro-located, convenience based assets, across the target sub-sectors of neighbourhood retail, large format retail, and health and services.
Morgans likes the company due to its resilient cashflows. It also sees it as a beneficiary of accelerating click and collect trends.
As for dividends, the broker is forecasting dividends per share of 8 cents in FY 2024 and then 9 cents in FY 2025. Based on the current HomeCo Daily Needs share price of $1.25, this will mean yields of 6.4% and 7.2%, respectively.
Morgans has an add rating and $1.37 price target on its shares.
