Commonwealth Bank of Australia (ASX: CBA) shares are a popular option for investors. And fortunately, they have delivered the goods in recent years.
However, with brokers tipping major share price declines over the next 12 months and a dividend yield below 3%, investors may get better returns looking beyond the bank's shares. But where?
Two ASX dividend stocks that Bell Potter rates highly are named below. Here's why it is bullish on them:
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Accent Group Ltd (ASX: AX1)
Bell Potter thinks that Accent Group could be an ASX dividend stock to buy now.
It owns and operates footwear focused retailers such as The Athlete's Foot, Platypus, and Hype DC, along with exclusive distribution rights for major global brands such as Skechers.
The broker currently has a buy rating and $1.80 price target on its shares.
After a tricky period, Bell Potter believes that Accent's performance could improve in the near term thanks to interest rate cuts. It said:
In the near term, we expect monetary policy catalysts to drive recovery in the lifestyle segment from 2Q26e, while in the medium-long term, we see a higher growth focus for AX1 leveraging the outperforming sports segment via dominant global partner and key shareholder, FRAS. With the first Sports Direct store opening in mid-November, we anticipate the unlocking of the sizable store roll-out opportunity for the banner in Australia (50-store target over 6 years), while benefiting from a higher relevance to leading brand partners such as Nike backed by FRAS.
In respect to dividends, Bell Potter is forecasting fully franked payouts of 7.8 cents in FY 2026 and then 9.2 cents in FY 2027. Based on its current share price of $1.23, this equates to dividend yields of 6.3% and 7.5%, respectively.
GDI Property Group Ltd (ASX: GDI)
Another ASX dividend stock that gets the thumbs up from Bell Potter is GDI Property Group. Bell Potter has a buy rating and 85 cents price target on its shares.
GDI Property Group is an integrated, internally managed commercial property investor with capabilities in the identification and execution of acquisition opportunities, and then the ownership, management, development, refurbishment, leasing, and syndication of assets.
Bell Potter sees a lot of value in its shares at current levels and highlights the deep discount they trade on compared to their net tangible assets. It said:
No change to our Buy recommendation. GDI continues to trade at a significant -41% discount to NTA which reflects no value for its FM OpCo, and while the Perth office market recovery could be a 'slow burn' with early leasing wins working through for GDI, we do still see upside from current levels which drops straight through to FFO gains.
As for income, the broker is forecasting dividends of 5 cents per share in both FY 2026 and FY 2027. Based on its current share price of 66 cents, this would mean dividend yields of 7.6% for both years.
