If you are on the hunt for some cheap ASX dividend shares to buy for your income portfolio, then look no further.
That's because top brokers have named the two listed below as cheap buys with the potential to provide big dividend yields.
Let's see what they are saying about these names and what they are forecasting from them in the near term. Here's what you need to know:
Dexus Convenience Retail REIT (ASX: DXC)
Bell Potter thinks that Dexus Convenience Retail REIT could be an ASX dividend share to buy.
It is a property company that owns a high-quality portfolio of Australian service stations and convenience retail assets.
The broker thinks that the company's shares are being undervalued by the market. It highlights that "DXC remains one of our preferred ways to play externally managed REITs given its high distribution yield (c.7.1%), price discovery via asset sales (with >10% of the book recycled last 18m), yet trading at a -20% discount to NTA, despite NTA starting to regrow."
As for income, Bell Potter is forecasting dividends of 20.6 cents per share in FY 2025 and then 20.9 cents per share in FY 2026. Based on the current Dexus Convenience Retail REIT share price of $2.97, this equates to generous dividend yields of 6.9% and 7%, respectively.
The broker currently has a buy rating and $3.35 price target on its shares.
Jumbo Interactive Ltd (ASX: JIN)
Another ASX dividend share that could be a cheap buy according to brokers is Jumbo Interactive.
It is an online lottery ticket seller and lottery platform provider. It is best known for its Oz Lotteries website.
Macquarie points out that its shares have "materially de-rated since the 1H25 result, impacted by market-share losses within Australian lottery retailing."
While this is disappointing for existing shareholders, it could be a buying opportunity for the rest of us according to the broker. It highlights that "Jumbo is trading at a 45% P/E discount to the ASX 300 Industrials, its widest since 2017."
In light of this heavy decline, Macquarie sees potential for some attractive dividend yields in the near term. It is forecasting fully franked dividends of 50.5 cents per share in FY 2025 and then 63 cents per share in FY 2026. Based on its current share price of $9.70, this would mean yields of 5.2% and 6.5%, respectively.
Macquarie has an outperform rating and $13.90 price target on its shares.
