Commonwealth Bank of Australia (ASX: CBA) shares have been an incredible investment over the long-term. It has done very well in the short-term as well, rising by approximately 30% in the last year, as the chart below shows.
It has done so well that it may now be an uncomfortably large size in some people's portfolios.
The valuation is trading at expensive levels, whether you look at the price/earnings (P/E) ratio, the price to book ratio or the dividend yield. It has fallen more than 8% from its peak in June 2025, but it remains more highly priced than in almost all of its history.
It could be wise to look at other ASX dividend shares offering stronger dividend yields and potentially a more resilient dividend in the coming years. Below are two of those ideas.
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Telstra Group Ltd (ASX: TLS)
Telstra is the leading telecommunications business in Australia, with the most subscribers and the network with the widest coverage, supported by appealing spectrum assets.
Like Telstra, CBA is also a leader in its sector. But CBA's banking competitors are able to offer virtually the same loan and savings products, whereas Telstra's offering is different (and arguably superior, based on the network quality) to the other telcos.
In some ways, I believe Telstra has a stronger economic moat than CBA, making the telco a stronger choice than CBA shares. Plus, Telstra is investing in its 5G network to improve its market position, as well as potentially win some customers from the NBN with its wireless broadband offering.
Pleasingly, the ASX dividend share is steadily growing its payout while that investment is occurring. According to Commsec, it could pay an annual dividend per share of 19 cents in FY25, which translates into a grossed-up dividend yield of 5.5%, including franking credits. The CBA grossed-up dividend yield, including franking credits, is only predicted to be 4.1% in FY25, according to Commsec.
APA Group (ASX: APA)
APA is a large energy infrastructure business on the ASX, with significant investments in gas pipelines across Australia. It transports half of the nation's gas usage, making it an integral player in the Australian economy.
It has a number of other assets including gas processing, gas storage, gas-powered energy generation, solar farms, wind farms and electricity transmission.
Impressively, the ASX dividend share has grown its distribution every year for the last 20 years, which is the second-best record on the ASX.
APA pays its distribution from the cash flow its energy portfolio generates, which is steadily growing thanks to two factors.
First, a very large proportion of its revenue growth is linked to inflation, so there is a regular progression for the top line.
Second, its energy portfolio continues to get bigger, unlocking more cash flow. APA is building various energy assets and it also makes an acquisition every so often.
The ASX dividend share decided on a FY25 distribution of 57 cents per security, which translates into a distribution yield of 6.75%. This is significantly better than the CBA dividend yield. Better still, i'm expecting further distribution growth in the years to come.
