The Australian share market is a great place to generate a passive income.
But which ASX dividend shares could be top picks for income investors right now?
Let's take a look at three that analysts are tipping as buys. They are as follows:
GQG Partners Inc. (ASX: GQG)
GQG Partners could be a top ASX dividend share to buy now. It is an investment company that manages global and emerging market equity portfolios for institutions, advisors, and individuals worldwide.
The team at Macquarie believes it could be positioned to reward shareholders with some big dividends in the coming years. It is forecasting dividends of 15.2 US cents (23 Australian cents) per share in FY 2025 and 16.7 US cents (25.3 Australian cents) per share in FY 2026. Based on its current share price of $2.17, this equates to double-digit dividend yields of 10.6% and 11.7%, respectively.
Macquarie has an outperform rating and $2.90 price target on its shares.
Transurban Group (ASX: TCL)
Another ASX dividend share to buy for passive income could be Transurban.
It is a toll road operator with assets across Sydney, Melbourne, Brisbane, and North America. This includes CityLink in Melbourne, Cross City Tunnel in Sydney, and AirportlinkM7 in Brisbane.
The team at UBS is positive on the company and is forecasting dividends per share of 65 cents in FY 2025 and then 69 cents in FY 2026. Based on its current share price of $13.65, this would mean dividend yields of 4.8% and 5%, respectively.
UBS has a buy rating and $14.85 price target on its shares.
Universal Store Holdings Ltd (ASX: UNI)
Finally, Universal Store could be an ASX dividend share to buy.
It is a fast-growing retailer with a focus on the youth fashion market. Its brands include Universal Store, Thrills, and Perfect Stranger.
The team at Macquarie is also feeling bullish about this passive income option. In fact, it recently named the company as one of its top small-to-mid-cap picks. Macquarie notes that "UNI continues to win market share, with ongoing store roll-out supporting network sales growth."
Macquarie expects this to support fully franked dividends of 33.8 cents per share in FY 2025 and then 39.5 cents per share in FY 2026. Based on its current share price of $8.10, this equates to dividend yields of 4.2% and 4.9%, respectively.
The broker currently has an outperform rating and $9.80 price target on the company's shares.
