Are you on the hunt for some ASX dividend shares to buy in September? If you are, then it could be worth listening to what analysts at Morgans are saying about the two in this article.
They are feeling bullish about these stocks and see plenty of upside and some attractive dividend yields from them over the next 12 months.
Without further ado, let's see which stocks Morgans is tipping as buys for income investors:
Accent Group Ltd (ASX: AX1)
The broker remains positive on this leisure footwear retailer and thinks it is an ASX dividend share to buy. Morgans has an add rating and $2.40 price target on its shares.
Its analysts see a post-results selloff as a buying opportunity for investors. Particularly given their belief that its earnings will recover this year. They said:
AX1 achieved positive growth in sales in FY24, despite the challenging retail environment and a poor wholesale performance. Earnings were down yoy due to sales growth tracking below the rate of cost inflation (as well as material non-recurring costs relating to Glue), but this was in line with the guidance given in July. An improving retail and wholesale sales trajectory, moderating cost inflation and the elimination of some of the losses in Glue, will combine to see earnings recover in FY25.
The broker is forecasting fully franked dividends per share of 14 cents in FY 2025 and then 15 cents in FY 2026. Based on its current share price of $2.03, this will mean generous dividend yields of 6.9% and 7.4%, respectively.
Cedar Woods Properties Limited (ASX: CWP)
Another ASX dividend share to look at is Cedar Woods. Morgans has put an add rating and $6.50 price target on the property company's shares.
Its analysts were pleased with its FY 2024 results this month and also its guidance for the year ahead. They said:
CWP announced FY24 NPAT of $40.5m, up 28% (vs pcp) and above both the guidance range of $36m – $39m and our prior forecast of $37.8m. The key contributor was the sale of the William Land Shopping Centre, with lot revenue and gross profit broadly stable. Looking forward, the signs are positive, with guidance for +10% NPAT growth in FY25, supported by favorable operating conditions in most key states.
The broker is forecasting dividends per share of 27 cents in FY 2025 and then 31.7 cents in FY 2026. Based on its current share price of $5.66, this equates to 4.8% and 5.6% dividend yields, respectively.
