Thankfully for income investors in this low interest rate environment, there are plenty of ASX dividend shares out there to choose from.
To narrow things down, let's take a look at a couple that analysts at Morgans are bullish on. They are as follows:
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IPH Ltd (ASX: IPH)
Morgans remains positive on this intellectual property (IP) services company despite its disappointing full year results.
The broker thinks it is worth sticking with IPH and feels that a return of organic growth could be the catalyst to a re-rating of its shares. And in the meantime, investors will be rewarded with some generous payouts. It said:
On a like-for-like basis, IPH reported flat FY25 revenue and EBITDA -4% on pcp. Each geography recorded marginal LFL EBITDA pressure, a mix of lower filings (ANZ); cost inflation (Asia); and some temporary issues (CAD). Whilst organic growth is still challenged, the FY26 outlook for each division looks relatively stable or marginal incremental improvement. A cost out program (A$8-10m in FY26) will assist. IPH's valuation is undemanding (<10x FY26F PE), however investor patience is required given the delivery of organic growth looks to be the catalyst for a sustained re-rating.
Morgans is forecasting fully franked dividends of approximately 37 cents per share in FY 2026 and FY 2027. Based on its current share price of $4.59, this would mean dividend yields of 8%.
The broker has a buy rating and $6.05 price target on its shares.
Universal Store Holdings Ltd (ASX: UNI)
This youth fashion retailer could be an ASX dividend share to buy now according to Morgans.
It has been impressed with the company's performance in a tough retail market. As a result, it has boosted its earnings estimates higher for the near term. The broker said:
UNI's FY25 result was slightly below expectations driven by higher costs which offset stronger than expected gross margins. UNI's execution in a tough market has been exemplary, with LFL Universal Store (US) sales up 13%. The strong sales momentum has continued into the start of FY26, despite significantly harder comps, double digit LFL sales in US and Perfect Stranger (PS). We have increased our FY26/27 EBIT forecasts by 1.7%/1.8% respectively driven by higher sales and gross margins, somewhat offset by higher costs. Our valuation increases to $10.80 (from $10.20) and we retain our BUY recommendation.
In respect to income, the broker is forecasting fully franked dividends per share of 41 cents in FY 2026 and 45 cents in FY 2027. Based on its current share price of $8.90, this would mean dividend yields of 4.6% and 5%, respectively.
Morgans has a buy rating and $10.80 price target on its shares.
