ASX blue-chip shares could be a strong choice in the current economic climate. Market leaders can be attractive because they can deliver resilient earnings in uncertain times.
I think the right sort of investment could be one that gives both pleasing passive income and the potential for long-term capital gains.
The two ASX shares I'm going to highlight both have pleasing track records of payouts and underlying earnings growth. Let's dive in.
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Centuria Industrial REIT (ASX: CIP)
This first business is a real estate investment trust (REIT) which is Australia's leading pure play industrial REIT.
Industrial properties in well-located areas are in high demand these days, driven by e-commerce adoption, data centres, increased demand for refrigerated space (for medicine and food), the onshoring of supply chains, and more.
The rising rental potential of the properties is boosting the reported rental income. FY26 saw strong like-for-like net operating income growth of 5.2%, The business also reported a 4% increase of the funds from operations (FFO) – the net rental income – to $114.1 million.
Impressively, the ASX blue-chip share experienced 30% positive re-leasing spreads during FY26. That means its newly signed rental leases are generating 30% more rent than the old lease, so it's seeing significant rental growth.
Considering the business has a weighted average lease expiry (WALE) of around seven years and the portfolio is on average 17% under-rented, I think there could be a solid level of rental growth in the next few years as other leases come up for renewal.
It expects to grow its FFO by up to 5.5% in FY27, and the distribution could grow by another 3% to 17.3 cents per unit. That would translate into a forward dividend yield of 6.1% at the time of writing.
JB Hi-Fi Ltd (ASX: JBH)
In my view, JB Hi-Fi is one of the leading ASX retail shares. The company sells a wide range of electronics, including phones, tablets, computers, wearables, and more.
The JB Hi-Fi share price has fallen by more than 40% in the past year, which has significantly boosted the dividend for prospective investors. It's true that economic conditions are weaker than they were a year ago, but I don't think that justifies such a sharp decline in the valuation.
ASX blue-chip share valuations are meant to take into account the long-term potential, not just shorter-term challenges.
In my view, this decline is an opportunistic time to buy into a business with a strong market position. It has the attributes to excel in all economic conditions – it has a very productive sales floor, low costs, very competitive product prices and so on.
In terms of the potential payout, the projection on Commsec suggests the business could pay an annual dividend of $3.35 in FY27. That translates into a grossed-up dividend yield of 7.4%, including franking credits. The forecasts currently suggest the payout could grow in FY28 and again in FY29, so this could be a great time to buy.
Overall, both ASX blue-chip shares offer compelling dividend yields.
