Buy these ASX dividend shares with 6% to 8% yields: Bell Potter

Man holding a calculator with Australian dollar notes, symbolising dividends.

There are a lot of ASX dividend shares trading on the share market. But which ones could be buys this week?

Three that have been given the seal of approval by analysts at Bell Potter are listed below. Here’s what sort of dividend yields you can expect from them:

Accent Group Ltd (ASX: AX1)

Bell Potter is a big fan of Accent Group and sees it as an ASX dividend share to buy right now.

Accent Group is the footwear focused retailer operating over 800 stores across brands including HypeDC, Sneaker Lab, Platypus, Stylerunner, and The Athlete’s Foot.

Its analysts “remain constructive on AX1 given the scale & exposure in terms of channels, brands & size as the overall industry navigates a challenging retail spend environment in addition to growing a vertical brand strategy (~8% on owned sales) and growth adjacencies.”

Bell Potter expects this to underpin fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $1.83, this represents dividend yields of 7.1% and 8%, respectively.

The broker currently has a buy rating and $2.50 price target on its shares.

Dexus Convenience Retail REIT (ASX: DXC)

Another ASX dividend stock that Bell Potter rates highly is Dexus Convenience Retail REIT.

It owns a portfolio of service station and convenience retail assets located across Australia and concentrated on the eastern seaboard.

Bell Potter is very positive on the company at current prices. Its analysts highlight that “DXC trades at a 27% discount to NTA and screens value to us.”

As for dividends, the broker is expecting Dexus Convenience Retail REIT to provide income investors with very big yields in the coming years. It is forecasting dividends per share of 20.9 cents in FY 2024 and 20.7 cents FY 2025. Based on its current share price of $2.63, this implies yields of 8% and 7.9%, respectively.

Bell Potter has a buy rating and $3.00 price target on its shares.

Rural Funds Group (ASX: RFF)

A third ASX dividend share that has been named as a buy by analysts at Bell Potter is Rural Funds.

It is an agricultural property company that owns and leases almond orchards, macadamia orchards, poultry property and infrastructure, vineyards, cattle properties, cropping properties, cattle and water rights.

Bell Potter feels that its shares are too cheap at current levels. Its analysts note that the “~30% discount to market NAV appears excessive when we consider the material improvement in counterparty profitability indicators in recent months.”

In respect to dividends, the broker is forecasting dividends per share of 11.7 cents in both FY 2024 and FY 2025. Based on the current Rural Funds share price of $1.95, this will mean yields of 6% in both years for investors.

Bell Potter currently has a buy rating and $2.40 price target on its shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Rural Funds Group. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.