Do you have space in your income portfolio for some new additions this week? If you do, it could be worth taking a closer look at the ASX dividend stocks in this article.
That's because they have recently been named as top stocks to buy by the team at Macquarie.
Let's see what the broker is saying about them and what sort of dividend yields it is forecasting in the near term:
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Jumbo Interactive Ltd (ASX: JIN)
The first ASX dividend stock that could be a buy according to analysts at Macquarie is Jumbo Interactive.
It is an online lottery ticket reseller operating the Oz Lotteries app and website, as well as the Powered by Jumbo lottery platform.
The team at Macquarie believes that the company's shares are being undervalued by the market following a material de-rating since its half year results. It explains:
Jumbo is trading at a 45% P/E discount to the ASX 300 Industrials, its widest since 2017, following a significant de-rate at the 1H25 result, whereby earnings were impacted by jackpot activity (which will normalise) and market share losses, which if reversed, will be a key re-rating catalyst.
As for income, Macquarie 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 $9.99, this would mean dividend yields of 5% and 6.3%, respectively.
Macquarie currently has an outperform rating and $13.90 price target on its shares.
Telstra Group Ltd (ASX: TLS)
Another ASX dividend stock that Macquarie thinks could be a top buy is Telstra.
It is of course Australia's largest telco, providing around 22.5 million retail mobile services and 3.4 million retail bundle and data services across the country.
Macquarie has become very positive on the company's outlook since the release of its Connected Future 30 strategy. Commenting on the strategy, it said:
Underlying ROIC expansion to 10% by FY30, driven by operating leverage. MSD cash EPS CAGR to FY30, with multiple cost-out options. Scope for further capital mgmt. Improving EPS profile and strong cash generation drives scope for growing dividend and/or buybacks. Network as a Product (NaaP) supports sales growth. Improving value proposition supports ARPU increases through mix, price & new revenue.
In respect to dividends, Macquarie is forecasting fully franked payouts of 19.9 cents per share in FY 2025 and then 22 cents per share in FY 2026. Based on its current share price of $4.93, this equates to dividend yields of 4% and 4.45%, respectively.
The broker currently has an outperform rating and $5.28 price target on its shares.
