If you are hunting a combination of major upside and a big dividend yield, then read on
That's because Macquarie Group Ltd (ASX: MQG) has just named one ASX All Ords stock that it believes will deliver both.
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Which ASX All Ords stock?
The stock that Macquarie is feeling bullish about is IPH Ltd (ASX: IPH).
It is an intellectual property (IP) services group with a network of member firms working throughout 26 IP jurisdictions. The ASX All Ords stock notes that it works with a diverse client base of Fortune Global 500 companies and other multinationals, public sector research organisations, small businesses, and professional services firms.
Its group includes leading IP firms AJ Park, Griffith Hack, Pizzeys, ROBIC, Smart & Biggar, and Spruson & Ferguson, as well as online automated trade mark application platform, Applied Marks.
Macquarie notes that data shows that the ASX All Ords stock has been battling tough trading conditions. It said:
IPH's sustained lower filing activity saw market share in Aust 26.5% for September prior to seasoning. IPH PCT filings remain volatile, down -8% YoY in Sep-25. Global activity (12-18mth lead indicator): US PCT activity growth remains negative (-7.1% qtr rolling, -5.0% annual rolling to Jun-25). Allowing for a 12-18mth delay between primary market filings (US) and secondary market filings (Aust), current Aust activity correlates with the historical weak US activity.
However, it is worth noting that things were better than previously expected in recent months. This has led to positive revisions to initial filing estimates for June through to August. Together with its attractive valuation, underlying improvements, and cost outs, Macquarie sees this as a buying opportunity for investors.
Big returns
According to the note, the broker has retained its outperform rating and $5.55 price target on its shares.
Based on its current share price of $3.61, this implies potential upside of 54% for investors between now and this time next year.
But the returns won't stop there. Macquarie is forecasting partially franked dividends of 39.5 cents per share in both FY 2026 and FY 2027. This equates to very generous dividend yields of 10.9% for both years.
Combined with its potential share price gains, this means that a total 12-month return of approximately 64% is on the cards for buyers at current levels.
Commenting on its recommendation, Macquarie said:
Outperform. Despite disappointing operating performance in FY25, the cost-out, underlying improvement in FY26e and cash generation remain attractive. Catalysts: Recovery in filing volumes and improvement in US PCT filings.
