If you're an income investor on the lookout for big returns, then read on.
That's because listed below are three ASX dividend shares that analysts believe could be dirt cheap at current levels.
Here's what they are forecasting from them in the near term:
Clearview Wealth Ltd (ASX: CVW)
Morgans thinks that Clearview Wealth could be an ASX dividend share to buy for big returns. It is a life insurance business that partners with financial advisers to help Australians protect their wealth.
The broker currently has an add rating and 81 cents price target on its shares. This implies potential upside of almost 50% from current levels.
Morgans believes Clearview is well-placed to generate strong earnings growth in the coming years thanks to its transformation program. It also highlights that with its "expectations for ~21% EPS CAGR over the next three years, we see CVW's current ~11x FY25F PE multiple as undemanding."
In respect to dividends, the broker is forecasting fully franked dividends of 3.6 cents per share in FY 2025 and 4.3 cents per share in FY 2026. Based on the current Clearview share price of 54.5 cents, this would mean dividend yields of 6.6% and 7.9%, respectively.
Eagers Automotive Ltd (ASX: APE)
Analysts at Bell Potter continue to believe that Eagers Automative is an ASX dividend share to buy. It is one of the largest automotive retail groups in the Australia and New Zealand region.
Its shares are down 25% year to date and Bell Potter thinks that income investors should be snapping them up while they are out of favour. The broker currently has a buy rating and $13.35 price target on its shares. This implies potential upside of 22% for investors over the next 12 months.
In addition, Bell Potter is forecasting some attractive fully franked dividend yields. It is expecting the company to pay dividends of 66.5 cents per share in FY 2024 and then 73 cents per share in FY 2025. Based on its current share price of $10.92, this represents attractive dividend yields of 6.1% and 6.7%, respectively.
Inghams Group Ltd (ASX: ING)
Another ASX dividend share that could offer big returns is Inghams. It is Australia's leading poultry producer and supplier.
Its shares are also down 25% year to date. Morgans thinks this has created a buying opportunity for investors and recently described Inghams' shares as "undervalued" at current levels. It has an add rating and $3.66 price target on its shares, which suggests that 24% upside is possible.
Morgans is also expecting some great dividend yields in the near term. It is forecasting fully franked dividends of 19 cents per share in both FY 2025 and FY 2025. Based on the current Inghams share price of $2.95, this equates to dividend yields of 6.4% for both years.
