There's no denying Commonwealth Bank of Australia (ASX: CBA) is one of the highest-quality companies on the ASX. It is consistently profitable, well-managed, and a cornerstone of many Australian portfolios.
However, with CBA shares rising 145% over the past five years, the dividend yield on offer today is far less compelling than it once was. In addition, analysts across the market have raised concerns that the stock's valuation leaves little room for upside.
That means income investors looking for better value and higher yields in November may want to turn their attention elsewhere. Here are two ASX dividend shares that could offer stronger returns right now.
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Accent Group Ltd (ASX: AX1)
If you're looking for a reliable dividend payer with genuine growth potential, Accent Group could fit the bill.
This footwear retailer, which owns popular chains such as Platypus, The Athlete's Foot, and HypeDC, has built a dominant position in the sports and lifestyle segment. Over recent years, Accent Group has used its scale, exclusive brands, and loyalty programs to deliver solid earnings growth and consistent dividend payouts.
And while FY 2025 was tough because of weak consumer spending, interest rate cuts and the rollout of the Sports Direct brand across Australia are expected to support strong growth in the coming years.
For example, Bell Potter is forecasting fully franked dividends of 7.8 cents per share in FY 2026 and then 9.2 cents per share in FY 2027. Based on its current share price of $1.28, this would mean dividend yields of 6.1% and 7.2%, respectively.
Bell Potter has a buy rating and $1.80 price target on Accent's shares.
Qantas Airways Ltd (ASX: QAN)
At first glance, Qantas might not sound like a classic ASX dividend share, but the Flying Kangaroo is rapidly becoming one again.
After several tough years, the airline has emerged from its post-pandemic recovery with strong cash flow, lower debt, and a clear capital management plan. The company reinstated dividends and has also been active with share buybacks, both of which are positive signals for income-focused investors.
Macquarie is bullish on Australia's flag carrier airline and believes it is positioned to reward shareholders with fully franked dividends of 53.4 cents per share in FY 2026 and then 65 cents per share in FY 2027. Based on its current share price of $10.20, this would mean dividend yields of 5.2% and 6.4%, respectively.
Macquarie has an outperform rating and $12.29 price target on Qantas' shares.
