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Date : 01/08/2023

Top 3 ASX Dividend Shares: An In-Depth Analysis

Dividend stocks represent one of the most rewarding ways to ensure regular payouts to supplement your primary source of income. With its diverse range of securities, the Australian Securities Exchange (ASX) offers a wide variety of opportunities to both novice and experienced investors in the hunt for promising dividend shares. Whether it’s blue-chip or mid-cap companies, the array of dividend stocks on the ASX can cater to various investment goals and risk profiles.

This article explores three ASX-listed dividend shares that have been recently identified as potentially lucrative buys. We will dive into each company’s unique offering, the reason behind its selection, and the predicted dividends for the upcoming fiscal years. The stocks under consideration are Stockland Corporation Ltd (ASX: SGP), Westpac Banking Corp (ASX: WBC), and Super Retail Group Ltd (ASX: SUL).

Stockland Corporation Ltd (ASX: SGP)

Initiating our exploration is Stockland Corporation Ltd, a renowned player in Australia’s real estate sector. Stockland wears multiple hats, dabbling in residential and land lease development and managing various retail, logistics, and office real estate properties.

The recent market sentiment surrounding Stockland has been clouded due to potential property price correction concerns. However, financial analysts take a contrary view, suggesting that these fears might be overblown and that the market might undervalue Stockland’s prospects.

Analysts’ primary motivation for championing Stockland is the anticipated dividends from the company’s shares. They project dividends per share to stand at 26.2 cents in FY 2023 and climb slightly to 26.6 cents in FY 2024. At Stockland’s current share price of $4.16, these estimates point to compelling 6.4% and 6.5% yields for the two fiscal years, respectively. Given these prospects, They maintain a ‘buy’ rating for Stockland shares and a target price of $4.60.

Stockland Corporation Ltd shares news

Westpac Banking Corp (ASX: WBC)

Next on the list is Westpac, a prestigious member of Australia’s “Big Four” banks, commanding a significant presence in the country’s financial sector. Our analysts hold Westpac in high regard, specifically due to its perceived capacity to improve its return on equity (ROE) compared to its big bank counterparts.

Several factors underpin this optimistic stance, including Westpac’s enhanced loan origination and processing ability, the successful reduction of costs through divestments and operational cutbacks, the bank’s agility in adapting to a higher interest rate environment, and the dwindling regulatory credit risk intensity of its non-home loan portfolio.

When it comes to dividends, Analysts expect Westpac to dole out fully franked dividends of $1.49 per share in FY 2023 and $1.52 per share in FY 2024. Against Westpac’s current share price of $21.96, these payouts equate to substantial yields of 6.8% and 6.9%, respectively. Consequently, Analysts are bullish on Westpac shares, maintaining an ‘add’ rating and setting a price target of $24.22.

Westpac Banking Corp shares

Super Retail Group Ltd (ASX: SUL)

Rounding off our analysis is the Super Retail Group Ltd, a key player in Australia’s retail sector. Super Retail Group houses several high-profile brands, including Rebel and Super Cheap Auto, establishing a dominant presence, particularly in the auto and sports markets.

Super Retail’s position appears strong, even amidst potential slowdowns in consumer spending. According to our analysts, the company is in a “solid position” due to its strong market foothold in Auto and Sports and the lower cyclicality of these categories. This assessment has led us to confer a ‘buy’ rating on Super Retail shares and establish a price target of $14.50.

Regarding dividends, we foresee Super Retail delivering fully franked dividends per share of 77 cents in FY 2023 and then dropping slightly to 72 cents in FY 2024. With Super Retail’s latest share price at $12.04, these dividends would yield 6.4% and 6% attractive returns, respectively.

Super Retail Group Ltd shares

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