There are only a certain number of ASX passive income stocks that could be good dividend payers for the ultra-long term.
There are some services that seem almost certain to be around a decade from now, such as telecommunications. However, while I like Telstra Group Ltd (ASX: TLS) shares, I'm not sure what the technological outlook will be like for Telstra in 2030 and beyond.
It's also hard to say where bank lending margins are going to go in the longer term. And I'm also not sure what commodity prices are going to do from here.
Of course, some names are highly likely to stay in the industry that they currently operate in, such as Commonwealth Bank of Australia (ASX: CBA) and Woolworths Group Ltd (ASX: WOW).
However, I think a couple of names are compelling investment ideas because of their ability to change their underlying businesses.
As well, the following two ASX passive income stocks could have the longevity that some investors are looking for.
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Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
Soul Pattinson is one of the oldest businesses on the ASX. It has been listed since 1903 and has paid a dividend every year since then.
The business operates as an investment house with investments in both listed ASX shares and unlisted assets. Some of its ASX investments include TPG Telecom Ltd (ASX: TPG), Brickworks Limited (ASX: BKW), New Hope Corporation Limited (ASX: NHC), Tuas Ltd (ASX: TUA), and Macquarie Group Ltd (ASX: MQG).
Unlisted investments include farming, financial services, swimming schools, luxury retirement living, and electrical parts.
Soul Pattinson regularly invests in new opportunities with some of its annual investment cash flow, enabling the business to re-focus its portfolio towards future opportunities. It also isn't afraid of selling assets, including its holding in Australian Pharmaceutical Industries (API) and the building that was its headquarters.
The ASX passive income stock has grown its dividend every year since 2000, which is the longest dividend growth record on the ASX.
Its trailing ordinary grossed-up dividend yield is 3.7%.
Wesfarmers Ltd (ASX: WES)
Wesfarmers is another of the oldest businesses on the ASX.
It has changed significantly over the last few decades. The business acquired Bunnings and helped develop it into the retail juggernaut it is today.
Wesfarmers owns a number of other retailers including Kmart, Target, Officeworks, and Priceline. The company also has a few underrated, growing businesses, including chemicals, energy, and fertilisers (WesCEF) as well as industrial businesses.
Wesfarmers management isn't afraid to make big moves. It has made divestments, including Coles Group Ltd (ASX: COL) and its coal exposure. Wesfarmers recently acquired API, which included the Priceline business.
It aims to grow its dividend for investors over the longer term, and its diverse business portfolio could enable that growth. The ASX passive income stock is looking to expand in the sectors of healthcare and beauty.
According to Commsec, Wesfarmers could pay an annual dividend per share of $1.87 in FY23. This would amount to a grossed-up dividend yield of 5.5%.
