3 ASX dividend shares offering yields above 5% that most investors have never heard of

DBI, Amcor, and HomeCo Daily Needs REIT are three ASX dividend shares offering yields above 5%. Here's why each deserves a place on your income watchlist.

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Australia has no shortage of ASX dividend stocks.

The problem is that most investors stop looking after the big four banks and Wesfarmers Ltd (ASX: WES).

They miss a layer of income opportunities that offer comparable or higher yields, from businesses most retail investors have never considered.

Here are three worth putting on the radar.

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Dalrymple Bay Infrastructure Ltd (ASX: DBI)

If you have never heard of Dalrymple Bay Infrastructure, you are not alone.

But for income investors, it is one of the most reliable quarterly dividend payers on the entire ASX.

Dalrymple Bay Infrastructure owns and operates the Dalrymple Bay Terminal, the world's largest export metallurgical coal facility, located near Mackay in Queensland.

Critically, Dalrymple Bay Infrastructure is not really a coal company in the traditional sense.

It operates under a regulated access regime, meaning its revenues are set by the Queensland Competition Authority through a pricing framework, not the coal price.

Think of it as a toll road operator that collects fees regardless of what commodity prices do.

The results speak for themselves.

In TY-26/27, Dalrymple Bay Infrastructure raised its distribution guidance by 8.5% to 28.62 cents per security, underpinned by a forecast Terminal Infrastructure Charge of $4.02 per tonne.

At the current share price of approximately $5.54, that implies a forward distribution yield of approximately 5.2%, rising to around 5.7% at the upper end of management's 3% to 7% long-term distribution growth target.

The terminal is fully contracted at 84.2 million tonnes per annum until 30 June 2028, with evergreen renewal options beyond that date.

Distributions are paid quarterly in March, June, September, and December, giving investors four income payments per year.

Amcor Plc (ASX: AMC)

Amcor is not entirely unknown, but it is overlooked far more often than its dividend deserves.

The global packaging giant makes flexible and rigid packaging for food, beverages, healthcare, and consumer goods across more than 200 countries.

People still buy groceries and medicine in a downturn.

That gives Amcor a revenue base that holds up regardless of the economic cycle.

Following the completion of its Berry Global acquisition in 2025, Amcor is now one of the largest packaging companies on the planet, with combined annual sales approaching US$24 billion.

The company pays dividends quarterly in March, June, September, and December, and at the current share price of approximately $55, trades on a trailing yield of approximately 6.8%, unfranked.

Amcor's dividends do not carry franking credits, as the company is domiciled in the United Kingdom.

This reduces the after-tax return for investors in higher Australian tax brackets.

However, for investors holding shares inside superannuation at the 15% tax rate, or those in lower tax brackets, the yield remains very attractive.

In Q3 FY2026, Amcor delivered net sales of US$5.91 billion, up 77% year-on-year, with adjusted EBITDA surging 87% to US$892 million, as Berry Global synergies tracked ahead of schedule.

HomeCo Daily Needs REIT (ASX: HDN)

HomeCo Daily Needs REIT owns more than 50 convenience-based shopping centres across Australia.

Tenants across its portfolio include Woolworths Ltd (ASX: WOW), Wesfarmers, and Coles Ltd (ASX: COL).

These defensive assets generate foot traffic regardless of consumer confidence.

People will still buy groceries, visit the pharmacy, and drop the kids at childcare even in a downturn.

In its first-half FY2026 results, HDN maintained occupancy and cash rent collections above 99%, delivered property NOI growth of 4.6%, and reaffirmed its full-year FY2026 distribution guidance of 8.6 cents per unit.

Most recently, HDN declared a Q3 FY2026 quarterly distribution of 2.15 cents per unit, paid on 22 May 2026, keeping it on track to meet full-year guidance.

At the current share price of approximately $1.24, that annualised distribution implies a forward yield of approximately 6.9%.

Distributions are paid quarterly in February, May, August, and November.

With gearing of 34.6% sitting comfortably within management's 30% to 40% target, HDN has the financial capacity to keep growing its $650 million development pipeline without stretching its balance sheet.

Foolish takeaway

Dalrymple Bay Infrastructure, Amcor, and HomeCo Daily Needs REIT are three very different businesses, but they share a common characteristic.

Each generates predictable, recurring cash flows from assets or contracts that do not depend on economic optimism to keep performing.

For income investors who are tired of fighting over the same bank shares everyone else owns, all three deserve a place on the watchlist.

Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has positions in and has recommended Amcor Plc and Woolworths Group. The Motley Fool Australia has recommended HomeCo Daily Needs REIT and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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